New York City has recaptured the top spot as the market attracting the most commercial property investment worldwide with a total of $39.8 billion recorded in the past 12 months, according to a new report by Savills LLC, one of the world’s largest real estate services firms. New York last topped the list five years ago in 2006.

The total invested in New York City commercial real estate represented a 165% increase year over year. London’s total of $34.9 billion placed it as the runner-up to New York.

“With investors seeking to stay risk-averse, global conditions are drawing buyers into cities such as New York and London, reinforcing the perceived stability offered by core investments in these gateway cities,” said Gerard V. Mason, executive managing director for Savills. He added that smaller American markets, including cities in Texas, Kentucky, the Carolinas and Tennessee, are attracting more investment dollars as well.

Beijing, Shanghai and Tokyo rounded out the top five on the list. 

London remains the top city for overseas property investment, with one in every two dollars spent on real estate investment there over the past 12 months coming from abroad. London was followed by Paris, New York, Singapore and Beijing as preferred destinations for overseas buyers.

New York saw several eye-catching deals in the last year, including Spanish retailer Inditex's purchase of a retail condo at 666 Fifth Ave, for $324 million.  Savills represented Inditex on the transaction. Another noteworthy deal was a Kuwaiti investment fund’s $485 million purchase of 750 Seventh Avenue.  But much of the transaction volume involved real estate investment trusts and pension funds purchasing unremarkable office towers with mid-size price tags.