The global transaction volume for completed sales of commercial properties was $873 billion in 2017, matching the total registered in 2016, according to Real Capital Analytics. Increases in Asia Pacific (up 6 percent) and Europe (up 8 percent) offset a decline in the United States. The past two years saw transaction volumes decline from 2015, which was the most active for completed property sales in the past decade.

“Europe as a whole lagged behind the U.S. and the Asia Pacific markets in terms of the post–financial crisis investment cycle,” said Simon Mallinson, RCA’s executive managing director for EMEA and Asia Pacific, in a statement. “Economic growth is accelerating as low interest rates and central bank liquidity feed through into activity, prompting investors from across the globe to target opportunities in the Continent for rental growth and capital appreciation.”

RCA tracked $314 billion of transactions in Europe in 2017, while Asia Pacific transac