CBRE recorded total CRE investment transactions of €50.3 billion in Q1 2016, down 16.9% on Q1 2015, but still the third best first quarter on record.
The biggest year-on-year increases were seen in Russia, Netherlands and Finland, all with turnover up by more than €1 billion.
The UK followed by France and Germany were the markets where market activity was down by the greatest margin compared to Q1 2015.
The industrial sector bucked the trend, with investment up 58% on Q1 last year. Investment fell back in all other sectors, though this was less marked in office than in retail and hotels.