Japan Cap Rate Survey September 2026

According to CBRE's quarterly investor survey on expected yields (CBRE Cap Rate Survey), expected NOI yields for Tokyo prime assets (averages) were unchanged from the previous quarter across all asset types in Q3 2026, maintaining their historical lows. In the office sector, expected yields compressed in several regional markets outside Tokyo. Expected yields for retail (Ginza) and residential apartment (studio-type) remained unchanged for the eighth consecutive quarter, while residential apartment (family-type) remained flat for the ninth consecutive quarter.