Total sales volume in 2019 Q3 rose at a modest pace of 3% from a year ago. Sales growth has moderated since 2017 compared to the almost 10 percent growth per year since 2012 through 2016.
By asset class, respondents reported strong sales in apartment and industrial markets. The median going-in cap rates for all property types was 6.6%, with apartment properties having the lowest median cap rate, at 5.9%, followed by industrial warehouse, at 6.5%. Retail strip centers had the highest cap rate, at 7.1%. Cap rates continue to decline, especially for apartments and industrial properties given the demand for these types of properties (falling cap rates = rising prices).