Investment activity in European commercial real estate rose by 15% in Q4 2011 over the previous quarter to €32bn, with turnover increasing by 4% in 2011 to €115bn, according to CBRE.

France saw the highest improvement during Q4 over Q3 as investment rose 65% followed by the Benelux region at 42% and the Nordics at 40%.

Jonathan Hull, head of EMEA Capital Markets at CBRE, said: “Despite the uncertain economic climate, 2011 European property investment topped activity levels seen in 2010, buoyed by a strong year end. Investors are still targeting prime assets in liquid markets, and final quarter numbers confirm that France, Germany, the UK and the Nordics are key to core strategies.”

The French real estate investment market recorded €6.5bn of activity in Q4 2011, the highest quarterly turnover for France since Q3 2007 and ahead of all the other markets in Europe during Q4 2011 except the UK, which saw an estimated €8.3bn of investment activity. Investment activity in France was heavily biased towards the Paris office sector and included large portfolio and single-asset deals.

Sweden and Denmark performed particularly well in the Nordic region with regards investment activity during Q4 2011, as the Nordics benefited from being a safe haven due to their position outside of the eurozone.