Merger and acquisition activity across the CRE spectrum is likely to continue to be high, though deals will likely be concentrated across the industrial and residential sectors, according to Deloitte.

"Pent-up demand, ready access to capital, a low-interest environment at least for the near term, and abundant private equity dry powder should have investors clamoring for properties" in those asset classes, despite sky-high pricing, the firm notes in a new research report. "Optimism appears to be growing for a moderate uptick in the office and hospitality sectors, and retail's surprising fourth-quarter performance may be an indicator of better times ahead."

Industrial buyers will face several challenges: high valuations and tight competition for assets, to name a few. Inventory remains low to warehouse and distribution facilities, leading to continued supply and demand imbalances. Data centers and cell towers will likely see a plethora of "willing buyers," but fewer able ones, as such assets are quite complicated.