Japan Cap Rate Survey June 2026

CBRE's quarterly investor survey on expected yields (CBRE Cap Rate Survey) found that expected NOI yields for Tokyo prime assets (averages) in Q2 2026 fell by 5 bps q-o-q for offices (Otemachi), reaching 3.10%. Expected office yields also declined in many major cities outside Tokyo. For hotels (Tokyo 5 wards, management contract), expected yields fell by 5 bps q-o-q to 4.15%. Both offices and hotels set new record lows. For logistics (Tokyo Bay area), expected yields had risen by 1 bps q-o-q in Q1 2026 but fell again by 1 bps q-o-q in Q2 2026 to 3.65%. Expected yields for retail (Ginza) and residential apartments (both studio and family-type) were unchanged q-o-q.