Global real estate transaction volumes fell in first quarter 2016 on weaker market sentiment, according to JLL’s preliminary data on global capital flows. Some regions did experience growth, however, with expectations for 2016 activity to stay broadly in line with 2015.

First-quarter real estate investment volumes dropped 17 percent, year-on-year, to $128 billion. This compares with transaction volume of $154 billion in the first three months of 2015, which was the strongest start to a year in the current six-year cycle.

“Nonetheless, recovery has been particularly quick, equity markets are back to early-January levels, and credit spreads have narrowed again,” said David Green-Morgan, JLL’s global capital markets research director, in a statement. “Capital remains unspent, and more is likely to be deployed as we move through the year, leading us to believe that 2016 activity will be broadly in line with 2015 at around $700 billion.”

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