I have always found Boulder's reports--as well as Marcus & Millichap's overviews on the sector--essential reads and excellent indicators for what's going on in the net market.
In the most recent edition, Boulder finds that cap rates onassets are continuing to compress, primarily because of the intense competition taking place in acquiring core properties. In addition, improving conditions on the lending side of the equation are also fueling the fall in cap rates. In fact, Boulder recorded falls in cap rates on every property type it looks at. Also of interest is the fact that the supply of properties put on the market rose as well.
The entire report is embedded below. You can also download it here.