Net-lease investment volume increased by 34.6% to $78.9 billion for the year ending Q1 2020—the highest four-quarter total on record—as investors sought attractive yield at lower risk than other commercial real estate assets. Q1 volume ticked up 1.0% year-over-year to $13.2 billion. However, volume is expected to drop in Q2 due to the economic fallout from COVID-19. Washington, D.C. was the most-favored investment market in Q1, while New York City, Los Angeles and San Jose had the most volume over the past four quarters. Investors also were increasingly attracted to net-lease investment opportunities in high-growth secondary and tertiary markets, with some of the largest four-quarter percentage gains occurring in Kansas City, the Inland Empire, San Diego, Austin, Indianapolis and Cincinnati.