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Yes. I was very fortunate 2 years ago to pick up a very AAA-grade commercial building on a corner block. At the time, the "net yield" was 3.9%. But after the tenant vacated in 1 day (the tenant was also the vendor), I increased the rent and I had around 6 offers of people wanting to rent it...

Depends where, what segment of the market and what the purpose of the land is. Obviously having higher yields protects you. But some of the best properties I've seen sell for 1-2% yields