Down even more significantly was industrial, which has posted declines in four of the past five months. September saw the Ten-X Industrial Nowcast fall by 1.6%. Although pricing for industrial properties is still up by 1.3% Y-O-Y, this marks the slowest annual growth the sector has seen since 2012. This month, the index was weighed down by a 6.5% drop in the Northeast, with other regions experiencing more modest declines.

However, Ten-X says September's relatively steep monthly drop in Northeastern industrial pricing may be an anomaly, just as the region's substantial increase in office pricing for August may also have been anomalous. Office saw pricing remain flat in September, putting its annual growth at 5.5%, the slowest annual growth pace office has seen since early '16.

Although its gains were meager, retail fared better than some of the other property segments. The sector's 0.4% increase in September marked its fourth consecutive month of rising prices. Pricing for retail is now up 6.7% Y-O-Y. It's likely, says Ten-X, that pricing gains in the segment are transitory and muted, because the headwinds facing the retail sector, especially the challenges of e-commerce to brick-and-mortar operators, haven't abated.

Hotels posted the largest gain of any sector, with pricing up by 0.9% for September. Even so, Ten-X's Hotel Nowcast is up just 0.6% from the year-ago level, as hotel sector fundamentals remain weak. Similar to the e-commerce effect on retail, hotel continues to struggle with a heavy supply pipeline in many markets and continuing competition from AirBnB.

“September data confirms the commercial real estate market remains in a turbulent state, especially as it can no longer rely on breakneck growth in the apartment sector to buoy pricing,” says Muoio. “Until one or more segment of the industry can sustain consistent growth or investors align on the where the overall market is heading, it is likely that pricing will continue to drift.”