Cushman & Wakefield’s latest Great Wall of Money report has found that there is still a large amount of new investment capital targeting commercial real estate around the world but also shows that the lower aggregate amount for 2017 of $435 billion (€405 billion) — still the second-highest figure recorded — is 2 percent lower than last year primarily because of a lower level of available debt.

With the US dollar strong at present, the report shows that equity and debt capital targeting EMEA was down by 9 percent in US dollar terms to $130 billion. Cushman & Wakefield says that “with close to 80 percent of funds targeting Europe reporting in either euros or pounds, the currency context of reported volumes is a key component.”

The Americas attracted $173 billion, an increase of 2 percent and a new record; Asia Pacific saw a small increase to $132 billion.

The Top Three markets targeted are the United States, China and the United Kingdo