Despite the declines, Ten-X notes that total volume across the five major property sectors remained above its 10-year average by a comfortable margin of 16.22%. On a sector by sector basis, industrial and retail fared best, with Q1 volumes of 30.2% and 26.7%, respectively, above their averages. Multifamily and office surpassed their long-term averages by, respectively, 17.3% and 14.6. Only hotel underperformed its historical average, with the Q1 tally coming in 21.3% below the 10-year average.

Commercial property pricing was up 7.2% year-over-year as of March, per the Moody's/RCA Commercial Property Price Index. However, the Ten-X All Property Nowcast, which measures national pricing through a combination of proprietary and third-party data, continues to be droopy, with pricing contracting slightly in May after gaining 1% in the previous month. That drove pricing to levels 10.2% higher than a year earlier, according to the Nowcast, just below the peak of 10.6% achieved in April.

The All-Property Nowcast showed pricing growth in just two of five sectors. Putting in the worst showing was retail, down 1.2% from the previous month, while industrial and hotel pricing fell 0.6% and 0.2%, respectively, compared to April.

Office pricing rose by 0.3% during May, and is now up 22.3% Y-O-Y, although Ten-X points out that its high annual gains stem largely from a lackluster early '16, and the index has actually been comparatively flat over the past seven months. Apartment pricing has been more consistent in terms of increases, with values in the sector up 15.2% from a year ago.

That being said, office is currently the only sector at an all-time peak price index, as measured by the Moody's CPPI Index. It's up 20.5% over the prior peak, while apartment and industrial each have fallen modestly since setting their own all-time highs over the past few months.