Japan Cap Rate Survey March 2025

CBRE’s Q1 2025 Cap Rate Survey of Tokyo prime assets found that expected NOI yields (averages) remained unchanged for a tenth successive quarter for offices (Otemachi). Expected yields for retail (Ginza Chuo-dori) and residential apartments (both studio and family-type) were also unchanged from Q4 2024. For logistics facilities (LMT in Tokyo Bay area) and hotels (five central wards of Tokyo, management contract), expected yields fell q-o-q by 2bps and 5bps respectively.