The CCIM/Landauer Investment Trends Quarterly reports investors paid an average of $34.3 million for hotel properties, a jump of 54% over the first-quarter average. Meanwhile, retail properties commanded an average price of $13.4 million, a 30% jump over the first quarter. The retail sector also accounted for nearly 22% of the total transactions studied in the CCIM/Landauer survey, its best showing since 1996.

Meanwhile, commercial real estate capitalization rates have remained remarkably steady over time, according to CCIM/Landauer. The average cap rate has dropped from 10.4% in 1995 to 9.5% in the second quarter, which would translate into a 9% change.

"Real estate is not exempt from the economic cycle, by any means, but it has structural characteristics that moderate and delay cyclical effect," says Cynthia Shelton, CCIM, president of CCIM Institute. "This gives investors a time-cushion to work with."