In another indication the current real estate market cycle may be near or at its peak, global annual fundraising volume for private equity real estate funds decreased in 2016 after six consecutive years of expansion. Fundraising activity totaled $98.7 billion in 2016, a 10.5 percent decline from the $110.0 billion raised in 2015, according to Institutional Real Estate, Inc.’s FundTracker database.

Fundraising activity topped out in 2008 with a total of $134.9 billion, before taking a post–global financial crisis nosedive to a low of $41.9 billion in 2009. In the succeeding years, as financial markets and real estate markets slowly recovered, fundraising volume climbed steadily until reversing last year.

In 2016, funds with a global or multiregional strategy attracted the most capital, recording a total of $36.4 billion. Funds focused on North America (primarily the United States) accounted for $32.0 billion of the 12-month total. Europe-focused funds represented $1