The Real Capital Analytics Global Cities Commercial Property Price Index rose 1.2% in the fourth quarter of 2017 and was up 8.4% year over year.

Flat-to-declining results in four of six U.S. markets covered by RCA contributed to the lowest quarter of commercial property price appreciation in 2017. However, the index's overall growth in 2017 was due to strong price appreciation in the Asia-Pacific and continental Europe markets.

RCA reported that the New York commercial property market recorded its first quarterly decline in the current cycle, with price trends in Manhattan falling for two consecutive quarters, while Europe saw a trend of fewer but larger deals in 2017. Of the six U.S. markets covered by RCA, San Francisco posted the largest price gains.

The U.K. reclaimed its position as Europe's most active investment market, but price growth in London fell behind cities in continental Europe and was flat in the quarter.

German "A" cities and Amsterdam led the way in the European market with double-digit price increases. German prices have only risen 22% over the past decade and Amsterdam’s current prices still sit 30% below the prior peak, leaving plenty of room for future growth, RCA noted.

Hong Kong and Sydney were the stars of the Asia-Pacific market in 2017, according to RCA. Sydney's commercial property prices rose more than 25% in 2017, while Hong Kong's prices rose 21%.