Report | Intelligent Investment

Japan Cap Rate Survey September 2025

November 4, 2025 5 Minute Read

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The most recent quarterly cap rate survey of Tokyo prime assets conducted by CBRE in Q3 2025 showed that expected NOI yields (averages) remained unchanged for a 12th successive quarter for offices (Otemachi). Expected yields for retail (Ginza Chuo-dori) and residential apartments (both studio and family-type) were also unchanged from Q2 2025. For both logistics facilities (LMT in coastal Greater Tokyo) and hotels (five central wards of Tokyo, management contract), expected yields fell by 3 bps q-o-q, setting new record lows.