NEW YORK CITY-According to a just released quarterly report from market research firm Real Capital Analytics, year-to-date sales volume is ahead of activity seen in 2010, despite the uncertain economic climate.

Sales volume for the quarter topped out at $49.8 billion—a 38% increase compared to the same period a year earlier. Still, however, the Q3 volume was well below that seen mid-year.

Most notable, however, the RCA data shows that investors are moving beyond major markets—with markets like DC and Boston falling out of favor—and more investor interest shown in outlying areas. RCA founder and president Robert White says that this is a positive trend.

“You can’t have a recovery when only a handful of markets are experiencing the price appreciation and everything else is left out,” White says. “The recovery is becoming more inclusive.”

White thinks this widening interest is a result of “the hunt for yield” and the abundance of capital out there, searching for a home. “If there is one solid factor about the markets right now, it’s that there is plenty of equity capital,” he says. “We’re not lacking for buyers.”

A look at RCA’s top deals for Q3 2011 back this up. Within the top 20, for example, is the sale of Pittsburgh, PA’s PPG Place, which sold for $193 million to Highwoods Properties.

White says that far more deals were seen in areas outside top tier gateway cities, “whether they were in Houston, Pittsburgh or Minneapolis,” as investors moved away from their DC, San Francisco and Boston focus.

GlobeSt.com readers can download the full RCA Q3 “Big Picture” report here. This overview summarizes the latest volume and cap rate numbers, along with trends in distressed commercial property. It also includes lists of the quarter’s top buyers, sellers, brokers and US commercial real estate deals.