According to PwC, Cap rates on class-A+ malls fell to 6.30 percent in the first quarter--a 15 basis point improvement from the first quarter. Overall, mall cap rates are down 110 basis points from a peak of 7.40 percent in the fourth quarter of 2009.

Meanwhile, cap rates on class-B+ malls came in at 8.05 percent in the second quarter, down 13 basis points from the first quarter. Cap rates are down 83 basis points from a peak of 8.88 percent in the fourth quarter of 2009.

Lastly, cap rates on strip centers fell to 7.33 percent in the first quarter, a 16 basis point improvement from the previous quarter. Cap rates on strip centers are down from a peak of 8.53 percent in the fourth quarter of 2009.

Source: PwC Real Estate Investor Survey.