The market is being hampered by buyers who aren't willing to accept historically low cap rates at a time when interest rates are rising, says Welsh, principal of the recently formed Welsh Commercial Inc. On the other side, sellers want the low cap rates and continue to hold out for high prices.

Still, the overall sales velocity should pick up in the second half of the year, which will bring the total sales volume on par with last year, he says. For example, he notes that four multifamily rental sales already have closed in July and August, compared with only five in the first six months of the year.

The report shows 38 retail properties sold this year for a price of$155.12 per sf, for a total of $315.1 million. There were 19 office sales at an average of $120.48 per sf for a total of $228.1 million. The five apartment communities sold for an average of $53,527 per unit, for a total of $73.8 million, while 36 industrial properties sold for an average of $64.26 per sf, for a total of $147.5 million.