In fact, Gerard Sansosti, executive managing director and debt and loan sales platform leader for JLL, says the big equity providers are the ones growing in this environment.

"The folks that are in the market have been in the market, have a great track record and are the people that can raise equity funds," Sansosti says. "I think it's one of those 'the rich get richer' situations with the Blackstone's, the Brookfield's, the Starwood's and the JP Morgan's. They can go out and raise money because they've done multiple funds and they have multiple investors that want to reinvest."

In this environment, Sansosti says it's hard for new entrants to emerge. "It's very challenging to go out and try to raise a fund," he says. "I think people are really sticking to companies that they have done business with, that they know and that they have had success with. So, I think it will be challenging for newer players to come into that market." While the large players stand out, Paul M. Fried, executive managing director and head of equity capital markets for Greystone Co., sees one route for more small-scale investors to provide equity in commercial real estate.

"I think that the crowdfunding-type approaches that allow retail investing seemed to have found some solid footing," he says. "It may not expand greatly, but it looks like it's here to stay."