Japan Cap Rate Survey March 2026

CBRE’s quarterly Cap Rate Survey found that expected NOI yields (averages) for Tokyo prime assets in Q1 2026 rose by 2 bps q-o-q to 3.15% for offices (Otemachi). While yields fell for the first time in three years in the previous quarter, the results this quarter showed a return to previous levels. Logistics (LMT in Tokyo Bay area) yields rose 1 bps, while hotel (five central wards of Tokyo, management contract) yields fell 5 bps, establishing a new record low. Residential apartment (both studio and family-type) yields remained unchanged q-o-q.