Peter Muoio is the chief economist for Ten-X.

Investment volumes overall are trending lower this year compared to 2018. According to a new report from Ten-X Commercial, second quarter sales volumes increased over the sluggish first quarter; however, overall, investment volumes are down over last year. For experts, the trend isn't a surprise. 2018 was marked by an increase in merger-and-acquisition activity, which helped to drive substantial increases in year-over-year investment sales.

"Last year was so backed up by merger and acquisition activity, so the 2018 numbers were really supercharged," Peter Muoio, chief economist at Ten-X Commercial, tells GlobeSt.com. "It wasn't surprising to us that in 2019, coming off of that merger and acquisition activity, the numbers would be lower. From an overview perspective, the numbers are too far off of where they were before the M-and-A activity. They are at a high level, and it only looks odd compared to the second half of 2018."

While investment volumes have slowed, pricing has remained flat since 2017. "Pricing is the real story," says Muoio. "We have plateaued at a high level, and there are some slight differences between asset classes, but overall, pricing hit its peak in 2017 and has been treading water since. I think there is a combination that is keeping this equilibrium. We are well into the longest economic expansion in modern history, and buyers and sellers are wondering when it is going to end. It is human nature."