EXPECTED YIELDS FOR LOGISTICS FALL TO NEW LOW WHILE OFFICE YIELDS MAINTAIN RECORD LOW


CBRE’s latest quarterly cap rate survey showed that expected yields in Tokyo fell q-o-q for logistics (Tokyo bay area) and retail (Ginza Chuo-dori); remained unchanged q-o-q for offices (Otemachi), studio-type apartments, and hotels (management contract); and rose q-o-q for multi-room apartments. For logistics, expected yields fell to a new all-time low since the survey began in 2009, while offices and studio-type apartments remained at their current all-time low levels.