Report | Intelligent Investment

Japan Cap Rate Survey June 2025

August 1, 2025 5 Minute Read

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CBRE’s Q2 2025 quarterly cap rate survey of Tokyo prime assets showed that expected NOI yields (averages) remained unchanged for an 11th consecutive quarter for offices (Otemachi). Expected yields for retail (Ginza Chuo-dori), logistics facilities (LMT in the Tokyo Bay area), and residential apartments (both studio and family-type) were also unchanged from Q1 2025, while those for the hotel sector (Tokyo central 5 wards, management contract) fell by 5bps q-o-q.