San Diego ranks 24th among the world’s 25 largest markets for commercial property investment dollar volume, according to a report by brokerage company Cushman & Wakefield Inc.

The local region had more than $7.19 billion in property sales transactions for the year ending June 30, up 47.4 percent from the prior 12-month period. The report tracks investment in office, industrial, retail, hospitality and multifamily properties.

“The San Diego marketplace is becoming a preferred alternative to gateway cities for institutional investors,” said Brunson Howard, managing director in Cushman & Wakefield’s San Diego office, in a statement.

New York City ranked first in the global report, topping $55.4 billion in investments, up 10.9 percent from the prior year. The top five were rounded out by London, Tokyo, Los Angeles and San Francisco.

Also making the top 10 were Paris, Chicago, Washington, D.C., Dallas and Hong Kong.