Osaka, Osaka — Office Cap Rates & Price per Sqm
44 transactions from J-REIT timely disclosures｜Last updated: November 1, 2026 (refreshed weekly)
Transactions
44
Median deal cap rate (last 12 months)
3.40%
Deal cap rate range (last 3 years)
2.90–5.00%
Avg. price (all time)
¥7.82bn
Properties appraised
50
Median appraisal cap rate
3.70%
Appraisal cap rate range
2.9–8.1%
Period ends
2025/10–2026/07
Cap rates at transaction
From acquisition/disposition notices, as of each deal (dates vary by deal)
3 Office transactions in Osaka, Osaka were disclosed in the last 12 months, with a median cap rate of 3.40%. That is 10bps 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 |
|---|---|---|
| Kita, Osaka | 17 | 3.30% |
| Chuo, Osaka | 14 | 3.90% |
| Nishi, Osaka | 5 | 4.10% |
| Minato, Osaka | 3 | 3.90% |
| Higashiyodogawa, Osaka | 1 | 3.40% |
| Yodogawa, Osaka | 1 | 4.30% |
| Naniwa, Osaka | 1 | 4.10% |
All transactions (44)
| Ward | Source | |||||
|---|---|---|---|---|---|---|
| 2026.07 | PMO Umeda (30% undivided interest) | Kita | ¥3.30bn | 2.90% | 2025 · 1 yrs | REIT-IR ↗ |
| 2026.03 | JPR Dojima West (1F Section, 141.50 m2) | Kita | ¥0.11bn | 3.70% | 1996 · 30 yrs | REIT-IR ↗ |
| 2025.12 | Lucid Square Shin Osaka | Higashiyodogawa | ¥9.72bn | 3.40% | 1990 · 36 yrs | REIT-IR ↗ |
| 2025.08 | Lucid Square Semba | Chuo | ¥4.72bn | 3.40% | 1992 · 34 yrs | REIT-IR ↗ |
| 2025.06 | Kyomachibori Square | Nishi | ¥3.39bn | 3.60% | — | REIT-IR ↗ |
| 2025.04 | Ichigo Nishihonmachi Building | Nishi | ¥4.20bn | 4.20% | 1990 · 36 yrs | REIT-IR ↗ |
| 2025.02 | Meiji Yasuda Life Osaka Umeda Building | Kita | ¥24.13bn | 2.90% | 2000 · 26 yrs | REIT-IR ↗ |
| 2024.10 | KDX Kitahama Building | Chuo | ¥1.66bn | 4.60% | — | REIT-IR ↗ |
| 2024.10 | JRE Dojima Tower | Kita | ¥16.37bn | — | 1995 · 31 yrs | REIT-IR ↗ |
| 2024.09 | Osaka Bay Tower (Additional Acquisition) | Minato | ¥21.10bn | 3.90% | 1993 · 33 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)
Osaka · Office: 50 properties · period ends 2025/10–2026/07 · median 3.70% (2.9%–8.1%)
Number of properties per 0.1% cap rate band. The dark bar is the band containing the median.
Click a heading to sort
| Source | ||||
|---|---|---|---|---|
| 本町橋タワーStar Asia Real Estate Investment Corporation | 4.0% | ±0 | 2026/07 | Filing ↗ |
| Grand Front Osaka (Umekita Hiroba / South Building)Japan Prime Realty Investment Corporation | 3.0% | – | 2026/06 | Filing ↗ |
| Grand Front Osaka (North Building)Japan Prime Realty Investment Corporation | 3.1% | – | 2026/06 | Filing ↗ |
| Grand Front Osaka (North Building)Japan Excellent, Inc. | 3.2% | ±0 | 2026/06 | Filing ↗ |
| JPR心斎橋ビルJapan Prime Realty Investment Corporation | 3.5% | – | 2026/06 | Filing ↗ |
| JPR心斎橋ウエストJapan Prime Realty Investment Corporation | 3.6% | – | 2026/06 | Filing ↗ |
| JPR堂島ビルJapan Prime Realty Investment Corporation | 3.6% | – | 2026/06 | Filing ↗ |
| JPR堂島ウエストJapan Prime Realty Investment Corporation | 3.7% | – | 2026/06 | Filing ↗ |
| 三井住友銀行高麗橋ビルNippon REIT Investment Corporation | 3.8% | ±0 | 2026/06 | Filing ↗ |
| I・S南森町ビルNippon REIT Investment Corporation | 3.9% | ±0 | 2026/06 | 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 Osaka · Office as a list →
FAQ
What is the average Office cap rate in Osaka, Osaka?
The median cap rate across 3 J-REIT disclosed transactions in the last 12 months is 3.40% (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.