Transaction volume across the five asset classes within commercial real estate declined in Q2, continuing a downward trajectory. In a recent report, Ten-X said total deal volume for the five sectors reached $101.2B in Q2—a 12.7% decline compared to the year-ago quarter. “Deal flow is down pretty much across the board in all the property segments,” Ten-X Research chief economist Peter Muoio (pictured) tells Bisnow. “Cap rates are also down—which is good to different degrees. Treasuries have been supportive in their decline over the course of the year, enabling cap rates to drop down in different segments.” Last quarter alone deal volume dropped 7.4%, according to data from Real Capital Analytics—that’s the lowest quarterly total in two years. Despite the cooling in CRE markets, transaction volume still amounted to more than $100B, a sign of continued confidence in US real estate, Ten-X reports.