Depends on who you talk to, however the short answer is NO and here's why.
Each are affected differently, and following is a brief description.
The market value of commercial real estate is determined by the state of employment and interest rates. Commercial real estate is a business with a profit and loss statement. Hopefully, that profit and loss number is positive and provides cash flow. That number is then transitioned into a capitalization rate and is used as a comparison against other yields of equities and debt.
The value of residential property is also determined by employment and interest rates. However, there is no profit and loss statement for residential real estate and it is not a business. The state of employment and interest rates affect the supply/demand relationship of residential property. That supply/demand relation is stabilized by comparisons between the cost of owning versus the cost of renting.
Currently on the residential side there is a large disparity in rent versus owning and until that number inches closer it is likely we will continue to stay in a Buyer's Market. If landlords raise rents, then likely the demand for residential homes will rise thus causing a Seller's Market.
Most of the commercial investments are based on cash on cash return - for the amount down, how much do I receive annually? Typically an investment at an 8-9 cap rate will be financed around 7% and actually create a cash on cash return of around 10-15%. No matter what market we are in investors will be interested in these returns as they cannot get this from stocks, bonds or mutual funds with any sort of guarantee.