Not long ago, industrial was the CRE darling. Valuations were high, as was demand. Rents kept escalating as problems with global supply chains and a rapid expansion of e-commerce drove unending demand.

Well, unending until now. Unusual situations that act as drivers are almost by definition temporary and will begin to relax. When they do, the extraordinary demand will probably slack. JLL's Q3 U.S. industrial outlook observations of a collapse in capital market activity suggests that finally might be the case.

Year-to-date industrial transaction volume at $50.7 billion is down 52% from last year's $106.3 billion at this point. And that's with the second quarter seeing the Prologis $3.1 billion acquisition of assets from Blackstone. Without it, the drop would have been 55.2%.