The commercial real estate market may face gradual softening with signs that investors are proceeding more cautiously on new investment. Exclusive research results from the third quarter NREI / Marcus & Millichap Investor Sentiment Survey show a gradual cooling trend on investor sentiment. The investor sentiment index edged slightly lower to 150 as compared to 153 in the fourth quarter. The sentiment index has been tapering since peaking at 179 in 2014. “It looks like 2014 may have been the peak of sentiment. That doesn’t mean that we won’t see it push upward again. But right now, we are seeing a modest softening in investor perspective,” says John Chang, first vice president of research services at Marcus & Millichap.