Investors are picking the U.S. over Europe when it comes to commercial real estate, a new report shows.

Allocations among international investors for commercial real estate in the U.S. were up by 6% over a year ago, while European investments declined by 5%, according to a survey by the Association For International Real Estate Investors.

Within the U.S., New York City was investors' top choice to invest, rising back up the ranks after landing in fifth place last year. AFIRE has 175 member organizations from 25 countries and approximately $3T of assets under management.

The 6% growth in investor interest in the U.S. is a sign of stability for the market, but overall sentiment is muted, the survey found.

London stayed in the top spot among global cities, but New York returned to second place globally and took back its historical top spot in the U.S., the report found. Boston was the No. 2 city in the U.S. and No. 4 in the world, while Atlanta finished third and fifth, respectively.

The Northeast’s return to the top spots displaced last year’s investor favorites, when Sun Belt cities Austin and Atlanta swooped in to nab the top spots and placed New York sixth on the list.

The top cities could face a shake-up in the years to come, the report implies: Climate change was a larger worry for many investors, 86% of whom said they don't believe that climate risks were yet reflected in asset valuations.

Multifamily and industrial remained preferred asset classes, per AFIRE: 94% said multifamily had increased in attractiveness, while 83% said the same for industrial and 43% voiced similar beliefs about hospitality. But other asset classes are up against a dicier backdrop, with 50% of investors saying retail was less attractive and 77% saying office was less appealing than before.

The report also predicted a significant change in the lending landscape, with banks, alternative lending platforms and commercial-mortgage backed securities expected to become less prevalent as lenders. In their place, 58% of lenders predicted that debt funds’ participation would increase, while a little over 40% also anticipated more lending from nonbank and noninstitutional lenders.