Reading History is always interesting - here is something from 2009 about Cap Rap Decompression. If long-term rates are increased, the NOI growth rates will need to keep up. "What was driving me nuts was that the cap rates that buyers would accept kept dropping, meaning, more importantly for my purposes, buyers would pay more money than made sense to me. When my buddy told me that higher prices were the result of a cap rate compression, what he was really saying was that the investment community saw investment real estate as a low-risk, high-reward asset class - to be purchased with less immediate return given its obvious upside potential." https://lnkd.in/dUUwt-b5