As values of commercial properties skyrocketed in large cities, investors turned their attention — and dollars — to cities such as Richmond, Charlotte, N.C., Raleigh, N.C., and Nashville, Tenn., according to three panelists who spoke Wednesday at the Eighth Annual Commercial Real Estate Forum hosted by Commonwealth Commercial, a commercial real estate firm in Henrico County.

“Secondary markets are showing great returns on a risk-adjusted basis,” said panelist Ronald Lamontagne, managing director of Partners Group Inc., a Switzerland-based global private markets investment manager.

Small cities such as Richmond offer a low cost of living, which is attractive to companies that want to do business in those cities, said Lamontagne, who works in New York.