After a blazing second quarter with U.S. commercial property sales growth of 27.5 percent year-over-year, third quarter sales settled into a brisk 12.3 percent gain over third quarter 2013.

Those numbers, collected by Real Capital Analytics, are likely a sigh of relief to observers who have expressed concerns that commercial real estate was getting too bubbly for its own good.

Some 2,977 commercial properties priced at $10 million or more sold during the third quarter for $86.4 billion, or an average price of $29.0 million. That compares to 3,167 properties sold during the third quarter of 2013 for $76.9 billion, an average sales price of $24.3 million.

New York City flexed its muscle yet again, accounting for $14.1 billion of the quarter’s sales total, blowing away the second most active market, Los Angeles at $5.8 billion. The average Big Apple property changed hands for $59.8 million. By way of contrast, the average San Francisco property sold for a whoppin