Veteran investors in Asian institutional real estate might paraphrase 2017 as the year when, “It was the best of times; it was the most cautioning of times.” From the nadir that was the global financial crisis of 2008, Asian institutional property has reached historic zeniths, offering solid appreciation and yields at a time when some rival investments, as exemplified by Japanese government bonds, offered almost nothing.

In a world bulging with capital, in an environment of low-single-digit bond yields and ever-erratic stock and commodity markets, Asian commercial property has been both a rich opportunity and a refuge.

But no bull market lasts forever, and every global economic recovery has eventually cycled into recession. Yet Asian real estate is often remarkably priced. With prices setting records from Beijing to Singapore to Hong Kong, seasoned property investors are flying yellow flags.

“Investors who start today face a much tougher challenge than the