Average cap rates on transactions involving U.S. retail properties hit a four-year low in the second quarter, at 7.48 percent, according to just released research from CBRE’s valuation group. The figure represents a 37 basis points decrease compared to the first quarter of the year and an 84 basis points drop from average cap rates a year ago.

What’s more, average retail cap rates fell in every region of the country in the second quarter. Cap rates on properties located in Eastern and Western states registered the most sizeable decreases, to 6.94 percent and 7.07 percent respectively. That’s a 135 basis points drop year-over-year for properties in the East, and a 101 basis points drop year-over-year for properties in the West.