Dallas was followed by Atlanta, Los Angeles and Phoenix.

Absorption totaled 109.5 million square feet in the quarter, the third largest quarterly volume on record.

Any initial rises in interest rates are expected to be offset by spread compression and new sources of capital entering the market.

The top-ranking places enjoy strong job and population growth and tend to have major research universities, burgeoning tech sectors, and a vibrant cultural scene.

Commercial real estate returns tend to be viewed as a hedge against inflation, and a Cushman analysis of historical CRE returns show a strong positive trend.

"While legacy chains are focusing on holding on to what they have, certain QSR rising stars are forging ahead."

On-time collection rates in gateway markets surged by 211 bps last month.

YardiMatrix predicts that rents will still remain elevated, with gains of around 4.8% over the course of the year.