Sendai, Miyagi — Office Cap Rates & Price per Sqm
8 transactions from J-REIT timely disclosures｜Last updated: November 1, 2026 (refreshed weekly)
Transactions
8
Median deal cap rate (all time)
4.15%
Deal cap rate range (last 3 years)
4.00–4.20%
Avg. price (all time)
¥4.43bn
Properties appraised
16
Median appraisal cap rate
4.50%
Appraisal cap rate range
3.6–5.3%
Period ends
2025/09–2026/06
Cap rates at transaction
From acquisition/disposition notices, as of each deal (dates vary by deal)
2 transactions were disclosed in the last 12 months. The all-time median cap rate across 6 deals is 4.15%.
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 |
|---|---|---|
| Aoba, Sendai | 7 | 4.15% |
| Miyagino, Sendai | 1 | — |
All transactions (8)
| Ward | Source | |||||
|---|---|---|---|---|---|---|
| 2026.03 | Jozendori Square Building | Aoba | ¥3.31bn | 4.00% | 1987 · 38 yrs | REIT-IR ↗ |
| 2025.12 | Sen Shin Building | Aoba | ¥1.71bn | 4.20% | — | REIT-IR ↗ |
| 2025.01 | Sendai Nikko Building | Aoba | ¥2.58bn | 4.00% | — | REIT-IR ↗ |
| 2024.03 | Solara Garden Office | Aoba | ¥1.13bn | 4.10% | 2010 · 16 yrs | REIT-IR ↗ |
| 2022.11 | MI Terrace Sendai Hirose-dori | Aoba | ¥2.02bn | — | 1991 · 35 yrs | REIT-IR ↗ |
| 2022.07 | Sendai MT Building | Miyagino | ¥15.80bn | — | — | REIT-IR ↗ |
| 2022.04 | Sendai Honcho Building | Aoba | ¥6.36bn | 4.60% | 1984 · 41 yrs | REIT-IR ↗ |
| 2020.12 | Toryo Building | Aoba | ¥2.50bn | 4.20% | 1996 · 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)
Sendai · Office: 16 properties · period ends 2025/09–2026/06 · median 4.50% (3.6%–5.3%)
Number of properties per 0.1% cap rate band. The dark bar is the band containing the median.
Click a heading to sort
| Source | ||||
|---|---|---|---|---|
| 青葉通プラザJapan Excellent, Inc. | 4.1% | ±0 | 2026/06 | Filing ↗ |
| 損保ジャパン仙台ビルJapan Prime Realty Investment Corporation | 4.5% | – | 2026/06 | Filing ↗ |
| HF仙台一番町ビルディングHeiwa Real Estate REIT, Inc. | 4.3% | +10 | 2026/05 | Filing ↗ |
| HF仙台本町ビルディングHeiwa Real Estate REIT, Inc. | 5.1% | ±0 | 2026/05 | Filing ↗ |
| MIテラス仙台広瀬通りMirai Corporation | 4.2% | – | 2026/04 | Filing ↗ |
| KDX仙台本町ビルKDX Realty Investment Corporation | 4.4% | ±0 | 2026/04 | Filing ↗ |
| いちご仙台イーストビルIchigo Office REIT Investment Corporation | 4.8% | ±0 | 2026/04 | Filing ↗ |
| KDX仙台ビルKDX Realty Investment Corporation | 4.9% | ±0 | 2026/04 | Filing ↗ |
| AERJapan Real Estate Investment Corporation | 3.6% | ±0 | 2026/03 | Filing ↗ |
| JRE仙台本町ホンマビルJapan Real Estate Investment Corporation | 4.7% | ±0 | 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 Sendai · Office as a list →
FAQ
What is the average Office cap rate in Sendai, Miyagi?
The median cap rate across 6 J-REIT disclosed transactions (all time) is 4.15% (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.