That can be a disaster: utility prices are volatile and tenants waste utilities when they don't pay for them.

Practically, I can make a solid case that condo rents are not in perpetuity (more volatile than say, C Class apartment rents) as they require some level of negative cash flow (repairs) to maintain the rent-level. 

More speculative markets like Singapore, Malaysia, Hong Kong and even Canada tend to be far more volatile.

Volatility numbers seem to bear this out.

Except in very volatile markets, you should have some idea the direction things are taking over the next several months.

OR investing in high yield, low volatility property that is a little more crash-safe while you wait for the market to be more opportune for an appreciation play.

In other words, the volatility of a given market has more of an affect on cap rates than the actual performance of the asset itself. 

I think buying in volatile markets in 2019 (read: anything on the west coast + most major cities nationwide) just means you're paying someone else's appreciation check while helping them get out at the right time before things get softer.

(hint: the answer should be 'yes')Are you comfortable with 401k volatility?

Volatility and risk in the product type coupled with an economic slowdown... investors just aren't and won't be looking to place capital in the retail sector when other areas like multifamily and office remain hot.