New capital targeting commercial real estate globally grew to reach a new record of $443 billion in 2015, according to a report out from Cushman&Wakefield.

According to the 12th edition of the Great Wall of Money report released by DTZ, which tracks the amount of newly-raised capital targeting real estate at a global level, the flow of capital is unrestricted as investors seek opportunities in all markets across the world.

However, despite investment activity approaching record levels in many markets, the pace of growth in capital is slowly rising, with the 2015's 3 percent increase much weaker than the 21 percent growth recorded in 2014, it said.

"As global equity markets face increased uncertainties, factors such as quantitative easing and lower-for-longer interest rates will sustain the relative attractiveness of commercial real estate, helping to bolster the continued flow of capital into real estate and related funds," said Carlo Barel di Sant'Albano, Chief Executive of Cushman & Wakefield's Global Capital Markets & Investor Services business.

"With available capital at record levels, effective deployment becomes a critical concern for investors. This will benefit the large and liquid markets of the US, China, UK, Japan and Germany. We also expect the strong momentum of cross border flows to continue as investors seek to diversify across markets."

"As opinion on the future of the markets becomes increasingly divided, we anticipate there will be a further transformation in the way in which capital is allocated," Barel di Sant'Albano said.

"Investors will focus on de-risking decisions and will favor preferred managers with strong track records. In addition, given the significant capital allocated to real estate, investors will evaluate joint venture and platform deals as a route to deploy capital more easily in the market."

According to the report, more than half (58 percent) of investors are concentrated on a single geography, whereas multi-country funds represent 42 percent of capital.