Commercial real estate prices have started to level off following six years of rising transaction prices. The Moody’s/RCA Commercial Property Price Indices tracked a national all-property price decline of 0.3 percent in January 2016.

The falling prices in the commercial property index, which measures repeat-sales transactions, were led by the office and industrial sectors, which each saw prices decline more than 1 percent. Transaction prices increased for retail (up 1.1 percent) and multifamily (up 0.7 percent).

In a statement on the index performance, Moody’s Investors Service noted, “The price slippage in January follows flat performance in December. These results indicate that price growth has paused six years into the post-crisis recovery. This is a significant milestone that signals that a shift in sentiment among commercial property investors is under way.”

The price decline was greater in the major markets (defined as the six gateway metros of Bos