Rising interest rates raise concerns about the potential impact on U.S. commercial real estate property values and investment performance. Real estate investors fear that rising interest rates will cause property values to fall and total returns to weaken. Historical data show that higher interest rates have not necessarily derailed real estate total return performance. In fact, property performance has often remained resilient in the face of rising rates. Furthermore, there are a number of factors that may provide protection to overall property performance in a rising interest rate environment.