Sapporo, Hokkaido — Office Cap Rates & Price per Sqm
13 transactions from J-REIT timely disclosures｜Last updated: November 1, 2026 (refreshed weekly)
Transactions
13
Median deal cap rate (last 12 months)
3.60%
Deal cap rate range (last 3 years)
3.60–4.30%
Avg. price (all time)
¥6.97bn
Properties appraised
13
Median appraisal cap rate
3.80%
Appraisal cap rate range
3.6–4.4%
Period ends
2026/02–2026/06
Cap rates at transaction
From acquisition/disposition notices, as of each deal (dates vary by deal)
4 Office transactions in Sapporo, Hokkaido were disclosed in the last 12 months, with a median cap rate of 3.60%. That is 30bps lower than a year earlier.
Transaction cap rate trend (each deal + quarterly median)
Last 5 years. Grey dots are individual deals; the red line is the quarterly median. The segment into the quarter in progress (deals so far) is dashed. Use the number of dots to spot quarters with few deals. Calculated from cap rates disclosed in acquisition/disposition notices (appraisal NOI yield at the time of each deal). These differ from periodic appraisals (current valuations), shown separately below. See the table below for individual sources.
Breakdown by ward
| Ward | Transactions | Cap rate |
|---|---|---|
| Chuo, Sapporo | 9 | 3.90% |
| Kita, Sapporo | 4 | 3.60% |
All transactions (14)(1 scheduled, excluded from statistics)
| Ward | Source | |||||
|---|---|---|---|---|---|---|
| 2027.01Scheduled | Sapporo Otemachi Building | Chuo | ¥4.80bn | 3.80% | — | REIT-IR ↗ |
| 2026.07 | NBF Sapporo Minami 2-jo Building | Chuo | ¥1.90bn | 4.30% | 1990 · 35 yrs | REIT-IR ↗ |
| 2026.06 | HF Kita-Jujo Building | Kita | ¥1.76bn | 3.60% | — | REIT-IR ↗ |
| 2026.03 | Sapporo Arch Building (Ownership 100%) | Chuo | ¥8.18bn | — | — | REIT-IR ↗ |
| 2025.11 | CONNECT SAPPORO | Chuo | ¥13.80bn | 3.60% | 2024 · 2 yrs | REIT-IR ↗ |
| 2025.10 | The Link Sapporo (Ownership 100%) | Kita | ¥21.34bn | — | 2023 · 3 yrs | REIT-IR ↗ |
| 2025.08 | NW SQUARE | Kita | ¥1.70bn | 3.70% | 2022 · 3 yrs | REIT-IR ↗ |
| 2025.06 | Park East Sapporo | Chuo | ¥1.44bn | 3.90% | — | REIT-IR ↗ |
| 2025.03 | Park East Sapporo | Chuo | ¥2.70bn | 3.90% | 1985 · 40 yrs | REIT-IR ↗ |
| 2024.06 | Kita 2-jo Building | Chuo | ¥1.54bn | 3.90% | — | REIT-IR ↗ |
Periodic appraisals (current valuations)
Each property’s latest period-end appraisal. Aligned in time, so current levels can be compared
Periodic appraisals (period-end valuations)
Sapporo · Office: 13 properties · period ends 2026/02–2026/06 · median 3.80% (3.6%–4.4%)
Number of properties per 0.1% cap rate band. The dark bar is the band containing the median.
Click a heading to sort
| Source | ||||
|---|---|---|---|---|
| NW SQUARENippon REIT Investment Corporation | 3.7% | ±0 | 2026/06 | Filing ↗ |
| Sapporo Otemachi BuildingJapan Excellent, Inc. | 3.8% | ±0 | 2026/06 | Filing ↗ |
| SE札幌ビルJapan Excellent, Inc. | 4.1% | ±0 | 2026/06 | Filing ↗ |
| HF北二条ビルディングHeiwa Real Estate REIT, Inc. | 3.9% | ±0 | 2026/05 | Filing ↗ |
| Park East SapporoHeiwa Real Estate REIT, Inc. | 3.9% | ±0 | 2026/05 | Filing ↗ |
| KDX札幌ビルKDX Realty Investment Corporation | 4.4% | ±0 | 2026/04 | Filing ↗ |
| KDX札幌北口ビルKDX Realty Investment Corporation | 4.4% | ±0 | 2026/04 | Filing ↗ |
| THE PEAK SAPPOROGlobal One Real Estate Investment Corporation | 3.6% | ±0 | 2026/03 | Filing ↗ |
| サッポロアーチビルJapan Real Estate Investment Corporation | 3.7% | – | 2026/03 | Filing ↗ |
| 8・3スクエア北ビルJapan Real Estate Investment Corporation | 3.8% | -10 | 2026/03 | Filing ↗ |
Direct capitalization rates from each property’s latest period-end appraisal, for properties of the same use in the same city/ward (period ends within the last year; from J-REIT annual securities reports and results materials). These differ from acquisition cap rates (chart and deal list above) and compare current valuations regardless of deal timing. Values for the same property can differ by appraiser or ownership share. Reference information only, not a recommendation.
See appraisals in Sapporo · Office as a list →
FAQ
What is the average Office cap rate in Sapporo, Hokkaido?
The median cap rate across 4 J-REIT disclosed transactions in the last 12 months is 3.60% (as of November 1, 2026, appraisal NOI yield basis).
What is the data source?
Timely-disclosure PDFs published on each J-REIT official IR page. Every record links to its source.