Foreign investor activity shows apprehension mostly due to perceived end-cycle risk, pricing and lack of preferable assets according to real estate research firms Real Capital Analytics and Prequin. Investor activity is down 4% since the 4Q16, RCA Senior Vice President, Jim Costello notes that there is pull-back seen from both buyers and sellers due to uncertainty. According to RCA, foreign investors are moving towards more diverse structures such as partial interest transactions and joint-venture investments. The firm has also seen that foreign investors have begun exploring value-add opportunities in light of current market, and economic conditions, but still prefer gateway cities. Andy Moylan, head of real estate products at Prequin, noted that deals are harder to find now than a year ago, pricing has become increasingly difficult, deal flow has slowed, and there are widespread mixed-views on the current market, including institutional investors.