... rise even with no inflation whatever, as interest rates decline in a zero-inflation environment. Property values certainly increased in 2003–04 when interest rates and inflation were at very ... office building, a blue-chip stock, or even a T-note, will involve substantial risk, since a small decline in the asset’s value will cause a much larger decline in one’s investment in it. However, ... investment through which investors can be wiped out by tenant defaults or declines in prop-erty values. And, they surmise that if real estate investing is risky, then REIT investing also must be risky....