Global real estate investment totaled $292B the first half of the year, a 10% drop compared to the prior year. And that could slow even more (JLL is projecting a 15% decrease from the previous year) as investors are being more cautious following the Brexit referendum.

The UK’s surprise decision to leave the EU has sparked much discussion among economists about its effects on the commercial real estate industry, and JLL’s global research team reports the British exit has caused increased uncertainty in the top real estate markets.

Investment in London took a huge hit this year, and the city brought in its lowest numbers for the first half of the year since 2011—down 39% to $13.2B.

But the US may benefit. London’s rival market, New York, nearly doubled those levels with $24.4B the first half of 2016. NY has seen a $10B increase in investments so far this year, and gained more traction than any other city. Los Angeles followed close behind London with $10B in investments, an 11% gain. [JLL]