Kobe, Hyogo — Logistics Cap Rates & Price per Sqm
15 transactions from J-REIT timely disclosures｜Last updated: November 1, 2026 (refreshed weekly)
Transactions
15
Median deal cap rate (all time)
4.50%
Deal cap rate range (all time)
4.10–5.40%
Avg. price (all time)
¥3.96bn
Properties appraised
15
Median appraisal cap rate
4.20%
Appraisal cap rate range
3.6–4.5%
Period ends
2026/02–2026/07
Cap rates at transaction
From acquisition/disposition notices, as of each deal (dates vary by deal)
1 transactions were disclosed in the last 12 months. The all-time median cap rate across 9 deals is 4.50%.
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 |
|---|---|---|
| Nada, Kobe | 6 | — |
| Nishi, Kobe | 4 | 4.50% |
| Suma, Kobe | 2 | 4.85% |
| Higashinada, Kobe | 2 | 4.10% |
| Hyogo, Kobe | 1 | 5.10% |
All transactions (15)
| Ward | Source | |||||
|---|---|---|---|---|---|---|
| 2025.12 | Kawasaki Robot Service Kobe-Tsuzushi Business Office | Nishi | ¥1.09bn | 5.40% | — | REIT-IR ↗ |
| 2024.03 | IIF Kobe Logistics Center (Quasi-co-ownership 25%) | Nada | ¥2.13bn | — | — | REIT-IR ↗ |
| 2024.01 | IIF Kobe Logistics Center | Nada | ¥3.41bn | — | — | REIT-IR ↗ |
| 2024.01 | IIF Kobe Logistics Center (Undivided Co-ownership 40%) | Nada | ¥3.41bn | — | — | REIT-IR ↗ |
| 2023.07 | IIF Kobe Logistics Center (32% Co-ownership) | Nada | ¥2.73bn | — | — | REIT-IR ↗ |
| 2023.04 | IIF Kobe Logistics Center | Nada | ¥8.52bn | — | 2001 · 25 yrs | REIT-IR ↗ |
| 2023.04 | IIF Kobe Logistics Center (Jun-kyoyu Mochibun 3%) | Nada | ¥0.26bn | — | — | REIT-IR ↗ |
| 2022.12 | Prologis Park Kobe 3 | Nishi | ¥9.58bn | 4.30% | 2022 · 4 yrs | REIT-IR ↗ |
| 2021.12 | Prologis Park Kobe 5 | Nishi | ¥9.50bn | 4.50% | 2021 · 5 yrs | REIT-IR ↗ |
| 2021.08 | Kobe Seishin Logistics Center | Suma | ¥1.92bn | 4.60% | 1995 · 30 yrs | 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)
Kobe · Logistics: 15 properties · period ends 2026/02–2026/07 · median 4.20% (3.6%–4.5%)
Number of properties per 0.1% cap rate band. The dark bar is the band containing the median.
Click a heading to sort
| Source | ||||
|---|---|---|---|---|
| IIF神戸地域冷暖房センターIndustrial & Infrastructure Fund Investment Corporation | 4.4% | ±0 | 2026/07 | Filing ↗ |
| Logi Square Kobe-NishiCRE Logistics REIT Investment Corporation | 4.2% | ±0 | 2026/06 | Filing ↗ |
| プロロジスパーク神戸Nippon Prologis REIT Investment Corporation | 4.2% | ±0 | 2026/05 | Filing ↗ |
| プロロジスパーク神戸2Nippon Prologis REIT Investment Corporation | 4.2% | ±0 | 2026/05 | Filing ↗ |
| プロロジスパーク神戸3Nippon Prologis REIT Investment Corporation | 4.2% | ±0 | 2026/05 | Filing ↗ |
| プロロジスパーク神戸4Nippon Prologis REIT Investment Corporation | 4.2% | ±0 | 2026/05 | Filing ↗ |
| プロロジスパーク神戸5Nippon Prologis REIT Investment Corporation | 4.2% | ±0 | 2026/05 | Filing ↗ |
| 六甲アイランドDCMirai Corporation | 4.5% | – | 2026/04 | Filing ↗ |
| GLP Rokko IIIGLP Investment Corporation | 3.6% | ±0 | 2026/02 | Filing ↗ |
| GLP Rokko IVGLP Investment Corporation | 3.9% | ±0 | 2026/02 | 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 Kobe · Logistics as a list →
FAQ
What is the average Logistics cap rate in Kobe, Hyogo?
The median cap rate across 9 J-REIT disclosed transactions (all time) is 4.50% (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.