In a low rate environment, opportunities for income are scarcer. However, alternative assets, such as transport, direct lending, infrastructure, and real estate can provide income opportunities, as shown in the left chart. The chart on the right shows vacancy rates of real estate properties. While vacancies have experienced slight upticks in retail, office, and apartments due to the pandemic, industrial real estate remains a popular and growing sector. On the bottom chart, household utility spending tends to be relatively inelastic despite recessions, making the case for real assets and infrastructure even during a downturn.