While the U.S. housing market continues to lag, the commercial real estate sector has shown a strong recovery from the recession. However, industry leaders are beginning to warn that the sector may be recovering too quickly, adding that a crash may occur once again.

According to Investment News, the total return for the fiscal year ending June 30 was 16.7 percent - with much of that coming from heightened property values - well above the -1.48 percent noted a year earlier.

Jacques Gordon, global strategist at LaSalle Investment Management, told the source that across the globe, prices are continuing to overtake real estate fundamentals.

"We're getting an earlier-than-expected return to development, value-added real estate investment and leasing," Gordon told the source. "We're shifting back to value-added ahead of real improvement in the economy."

Last week, however, Deloitte's Commercial Real Estate Outlook pointed to improved fundamentals - along with capital availability and price discovery - as driving growth in U.S. commercial real estate.

Still, with uncertainty stressing markets throughout the world, it's not difficult to see why improvements in the real estate market are being viewed with some caution.