Chuo, Tokyo — Office Cap Rates & Price per Sqm
49 transactions from J-REIT timely disclosures｜Last updated: November 1, 2026 (refreshed weekly)
Transactions
49
Median deal cap rate (last 12 months)
3.70%
Deal cap rate range (last 3 years)
3.20–4.20%
Avg. price (all time)
¥5.92bn
Properties appraised
90
Median appraisal cap rate
3.60%
Appraisal cap rate range
2.4–4.4%
Period ends
2025/08–2026/07
Cap rates at transaction
From acquisition/disposition notices, as of each deal (dates vary by deal)
7 Office transactions in Chuo, Tokyo were disclosed in the last 12 months, with a median cap rate of 3.70%. That is 5bps higher 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.
All transactions (50)(1 scheduled, excluded from statistics)
| Source | |||||
|---|---|---|---|---|---|
| 2026.12Scheduled | FORECAST Ningyocho | ¥2.60bn | 3.60% | 1990 · 36 yrs | REIT-IR ↗ |
| 2026.07 | Tsukiji Front | ¥1.25bn | 3.70% | 1991 · 35 yrs | REIT-IR ↗ |
| 2026.06 | Ichigo Ningyocho Building | ¥2.65bn | 3.70% | 1984 · 42 yrs | REIT-IR ↗ |
| 2026.03 | Nihonbashi Honcho M-SQUARE | ¥32.11bn | 3.20% | — | REIT-IR ↗ |
| 2026.03 | CIRCLES Nihonbashi Hamacho | ¥3.49bn | 3.30% | 2024 · 2 yrs | REIT-IR ↗ |
| 2026.03 | Harumi Island Triton Square Office Tower Z | ¥8.60bn | 3.70% | 2001 · 25 yrs | REIT-IR ↗ |
| 2026.01 | Shinkawa 1-chome Building (OT-26) | ¥2.13bn | — | — | REIT-IR ↗ |
| 2025.11 | Daiwa Tsukishima Building | ¥2.94bn | 3.80% | 1996 · 30 yrs | REIT-IR ↗ |
| 2025.05 | Daiwa Tsukishima Building | ¥2.94bn | 3.80% | 1996 · 30 yrs | REIT-IR ↗ |
| 2025.05 | FORECAST Shin-Tokiwabashi | ¥2.70bn | 3.80% | — | 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)
Chuo · Office: 90 properties · period ends 2025/08–2026/07 · median 3.60% (2.4%–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 | ||||
|---|---|---|---|---|
| 日本橋浜町パークビルStar Asia Real Estate Investment Corporation | 4.2% | ±0 | 2026/07 | Filing ↗ |
| 東京スクエアガーデンJapan Prime Realty Investment Corporation | 2.4% | – | 2026/06 | Filing ↗ |
| 銀座三和ビルJapan Prime Realty Investment Corporation | 2.8% | – | 2026/06 | Filing ↗ |
| CIRCLES日本橋浜町Nippon REIT Investment Corporation | 3.2% | – | 2026/06 | Filing ↗ |
| 兼松ビルJapan Prime Realty Investment Corporation | 3.3% | – | 2026/06 | Filing ↗ |
| BIZCORE TsukijiJapan Excellent, Inc. | 3.4% | ±0 | 2026/06 | Filing ↗ |
| JPR人形町ビルJapan Prime Realty Investment Corporation | 3.5% | – | 2026/06 | Filing ↗ |
| グリーンオーク茅場町Nippon REIT Investment Corporation | 3.5% | ±0 | 2026/06 | Filing ↗ |
| FORECAST人形町Nippon REIT Investment Corporation | 3.6% | ±0 | 2026/06 | Filing ↗ |
| FORECAST茅場町Nippon REIT Investment Corporation | 3.7% | ±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 Chuo · Office as a list →
FAQ
What is the average Office cap rate in Chuo, Tokyo?
The median cap rate across 7 J-REIT disclosed transactions in the last 12 months is 3.70% (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.