Some $101.2 billion was invested in U.S. commercial real estate in deals of $10 million or greater in the second quarter, according to Real Capital Analytics, a 28 percent increase from the same period in 2014 but a drop of 14 percent from the $118.2 billion invested in first quarter 2015. In the first half of the year, $219.4 billion has been invested in the United States, putting the nation on track to exceed the $358.1 billion in transaction activity recorded in 2014.

The largest investment volumes were in global gateway cities. New York City had investment volume of $14.3 billion, followed by $5.7 billion in Chicago, $5.1 billion in Los Angeles and $5.0 billion in Washington, D.C.

But activity may be slowing in tech darling San Francisco. The market had volume of $1.7 billion, a 70 percent drop from the previous quarter’s $5.8 billion — which had made it the second-most active market in the United States, behind only New York City. The lackluster second quarter