New York City is not only the largest global real estate market for the third consecutive year, but it also experienced the highest degree of growth, with volumes rising 39 percent to $49.2 billion.

That is the conclusion of Cushman & Wakefield’s third annual Winning in Growth Cities report. The report measures the world’s largest and fastest-growing cities in terms of investment and price differential as well as cross-border demand and activity.

London ranked second, though experiencing only a 6 percent increase in investment volume, bringing its total through the year to $32.3 billion. Los Angeles showed the fastest growth among top 25 cities, moving past Tokyo to capture third place. Paris saw the biggest regression of any city on the list, falling from fourth to eighth place because of a decline in large deals.

According to the report, the global real estate investment market saw volumes increase by 16.7 percent to $649 billion