All CRE asset classes saw volume increases in August on a month-to-month basis, but volume was down year over year by 15%, according to a Colliers report penned by Aaron Jodka, the firm's research director for capital markets. Future volume is expected to rebound as the Fed is likely to further reduce rates after its 50 bps cut in September.

The number of properties traded came at a new cyclical low in August, according to the report, but in aggregate, prices rose on a year-over-year basis.

The office sector may have found a bottom in terms of volume, the report said. The sector posted back-to-back months of stronger volume compared to the same time last year, ending August with $4.2 billion in volume. Although total transactions remain low, activity is increasing in the $100 million and above price category.