Good news for Andrew Farkas and others in the real estate business — global commercial real estate sales rose 47 percent in the second quarter compared to last year’s numbers. Sales finished out at $101 billion for the second quarter and are set to reach at least $440 billion for the year. Though a $440 billion year would show a vast improvement from the last years of the economic recession, the industry would still be short of its totals in 2006 and 2007 when sales reached a height of over $700 billion. But this quarter marks the highest sales total for a single quarter since 2007, and many are attributing the jump to a strengthening of lending markets, allowing necessary debt financing for transactions.

The world saw the largest increase in direct investment in the Americas at $49 billion. Europe, the Middle East and Asia came in at $34 billion, which was only a slight increase from last year, but still marked an upswing from previous quarters. Though Russia and the Nordic countries saw increased sales, investors have been cautious in European countries, especially those in the euro zone in light of economic crises in Greece, Ireland and Portugal.

This spike in sales gives world economists — and real estate professionals like Andrew Farkas — a good reason to be optimistic for the future of the commercial real estate industry.