NEW YORK CITY—Even as demand and liquidity remain healthy and commercial property fundamentals still trend positive for the most part, both sales volume and growth in pricing and leasing metrics continue to decelerate, says Keefe, Bruyette & Woods. This could eventually have an impact on comps.

Citing data from Real Capital Analytics, KBW points out that transaction volume through October was down 7% year over year in terms of value and 1% in the number of properties that traded. In the third quarter, the decline was 5% for value, although the number of properties that traded was up by 3.5% Y-O-Y.

By property type, the year-to-date decline includes 7% for office, 9% for apartments, 19% for retail and 24% for hotel. Conversely, industrial volume is up 25%, reflecting the growth of e-commerce. Single-asset volume is down 7% YTD in value. Markets with the most significant volume declines include New York City, Chicago, Miami, San Francisco and Denver while Washington, DC. Houston, Dallas, San Jose, Charlotte and the Inland Empire have seen increases.