The real estate market is hovering at the peak for the current cycle. The US economy is in its seventh year of growth, the second longest expansion on record. The growth has been in asset values (stocks and real estate), not jobs. Job growth has been the slowest since WW II. Here in LA the growth rate in prices and rents have already peaked. Real estate prices are still rising, but slower. Rents are still rising in 2016 but at a slower rate than last year. Sales volume peaked in 2013 in commercial real estate has been slower since then. In this climate investors are acting with caution and much as with a desire for growth.