New York remains the most sought after real estate market in the US, according to the Pension Real Estate Association (PREA).

The Investment Intentions Survey, carried out with INREV and ANREV, found that the East Coast city was the most preferred market for 86.3% of institutional investors in 2015.

Among non-US capital, the Big Apple was also preferred, with 95% of non-US investors expecting to invest there this year.

PREA said non-US investors continue to target major US markets, while domestic investors are spreading capital more widely.

”In general, US-based investors are targeting investments on a more widespread basis across the US than are non-US investors, who continue to be most interested in the major, primary markets,” PREA said.

Boston, Chicago, San Francisco and Los Angeles are also high on investors’ wishlists, with two-thirds expected to place capital in the four cities in 2015.

Fund managers have a stronger interest than investors in major West Coast markets such as San Francisco, Los Angeles, Texas and Florida.

For domestic investors, Texas is tied with Boston as the top US destination for domestic capital in 2015, with 71% of US-based investors.

However, amongst non-US investors, there is far less interest in either Texas, Florida or other markets outside the largest and most liquid.

PREA said that, compared to last year’s survey, investor perception of US opportunistic investment performance had improved, while the perception of core has declined.

Most investors and fund managers believe that value-add investments currently have the best risk-adjusted performance potential.

More than one-quarter of investors (one-third of managers) picked core as the best performing investment style.

Overall, half of investors expected to make core investments in the US in 2015.