New capital flows to real estate from U.S. investors are projected to total $51 billion in 2016, according to 2016 Institutional Real Estate Trends, the 20th annual investor survey conducted jointly by Institutional Real Estate, Inc. and Kingsley Associates.

The survey, which tracks both forecast and actual capital flows to real estate, has seen investors underestimate their real estate commitments for the past several years. In the 2015 survey, investors forecast $46 billion in capital flows to real estate; in actuality, U.S. investors committed $63 billion to the asset class.

Commitments to U.S. core real estate made up a much larger percentage of capital flows in 2015 than investors had projected in the previous year’s survey. U.S. survey respondents had expected U.S. core to make up 23 percent of capital flows; instead the segment represented 37 percent of 2015 real estate commitments. Investors expect core real estate to account for 34 percent of 2016 r