The all-real estate deal volume through the first three quarters of 2015 has reached €185.7bn and will be a cause of concern for some given that it’s a mere €10bn short of the YTD volume recorded in the heady-days of 2007 (the peak of the former cycle). Nonetheless, in ’07 offices dominated real estate acquisitions (55%) and hotel deals had amounted to a proportionally shallow €5.2bn – 3% of the all-real estate total. Fast forward to 2015 and the hotel volume has more than trebled to €16.1bn and accounts for 9% of capital invested into real estate, rising above its industrial counterpart.