Direct commercial real estate transaction volumes in Europe came to $46 bn (€33 bn) in the first quarter of 2014, up 14% on the same period last year, according to JLL.

Direct commercial real estate transaction volumes in Europe came to $46 bn (€33 bn) in the first quarter of 2014, up 14% on the same period last year, according to JLL.

The growth was helped by the previously illiquid markets of Ireland, the Netherlands, Spain and Portugal, which all saw significant growth year-on-year. Whilst the UK and France were up slightly, activity in Germany was 50% higher than a year ago, as major portfolio deals have returned in force, with international and domestic groups seizing on opportunities in Europe’s largest economy.

The surge in investment volumes was even more marked in the Americas, JLL said. The Americas Q1 volume increased by 61% to $61 bn, boosted by the surging US market where domestic and foreign capital are joining and competing for opportunities. JLL said that the year-on-year growth also reflected the slower period of transactional activity a year ago when the US market was faced with debt ceilings, changes in taxes and political challenges.

On a global level, real estate transaction volumes reached $130 bn (€94 bn) in the first quarter of 2014, up 23% on the same period last year.

Arthur de Haast, lead director at JLL's international capital group, said: 'The driver of this continued growth in investments is the spreading of activity to more locations globally, partly due to investors looking for greater returns but also due to the increased amount of capital targeting direct commercial real estate. While the major cities of the world continue to see strong demand, the increasing investor interest in secondary and smaller locations that we first reported on 12 months ago has now turned into transactional activity.'