This project examines the performance of commercial buildings as investment assets. Its purpose is to enhance commercial real estate performance within both operational and investment contexts through the development of a model designed to support improved decision making. A risk adjusted discounted cash flow model will be developed and applied to assess operational and investment performance within the commercial office property sector. This research is unique in that it focuses on the accuracy of the input variables required for the model which are determined through the use of market-based research. The project considers probability-based risk analysis techniques which also require market-based assessment. Four of Queenslands Department of Public Works properties will initially be used as case studies however results will also be relevant to privately owned commercial property assets.