Preliminary figures released by Jones Lang LaSalle’s Capital Markets Research reveals that global direct commercial real estate investment volumes totalled just under $90 bn (EUR 62 bn) in the first quarter of 2011. This figure is down 20% from the previous quarter but up nearly 38% from Q1 2010, indicating the continued appeal of commercial property to a broad range of investors.

Arthur de Haast, Head of the International Capital Group at Jones Lang LaSalle said: 'We continue to see strong interest for core product in gateway cities from institutional and private investors. However, investors are only moving into riskier markets and products on a selective basis, with many waiting to see more bank-released product or stronger fundamentals first.'

In Europe and the Middle East, activity slowed compared to the last three months of 2010, but was up nearly a quarter year-on-year. Richard Bloxam, director of Jones Lang LaSalle’s EMEA Capital Markets, commented: 'The seasonal slowdown after the end of year rush was expected, particularly after a closing quarter with a number of large, high profile transactions. However, compared to the start of 2010 all major markets have seen an increase in volumes, particularly Germany, Poland, Russia and the UK.'