Japan Cap Rate Survey December 2023

CBRE’s latest quarterly cap rate survey for Q4 2023 found that expected yields in Tokyo declined from Q3 2023 for logistics facilities (multi-tenant type, Tokyo Bay area) and hotels (management contract-type, Tokyo 5 wards) but remained unchanged for all other sectors. In terms of offices in regional cities, expected yields rose slightly in Sapporo and fell slightly in Nagoya, but remained unchanged everywhere else.​