Report | Intelligent Investment

Japan Cap Rate Survey December 2025

February 2, 2026 5 Minute Read

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CBRE’s most recent quarterly cap rate survey of Tokyo prime assets showed that expected NOI yields (averages) recorded a decline of 2bps for offices (Otemachi), falling to 3.13%. This marked the first time in around three years that expected yields have fallen for the office sector, and established a new record low. Expected NOI yields remained unchanged from the previous quarter for all other asset types.