Minato, Tokyo — Office Cap Rates & Price per Sqm
76 transactions from J-REIT timely disclosures｜Last updated: November 1, 2026 (refreshed weekly)
Transactions
76
Median deal cap rate (last 12 months)
3.20%
Deal cap rate range (last 3 years)
2.40–4.40%
Avg. price (all time)
¥10.09bn
Properties appraised
101
Median appraisal cap rate
3.30%
Appraisal cap rate range
2.4–4.2%
Period ends
2025/11–2026/07
Cap rates at transaction
From acquisition/disposition notices, as of each deal (dates vary by deal)
15 Office transactions in Minato, Tokyo were disclosed in the last 12 months, with a median cap rate of 3.20%. That is 20bps 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 (77)(1 scheduled, excluded from statistics)
| Source | |||||
|---|---|---|---|---|---|
| 2027.01Scheduled | Toranomon Sakura Building | ¥5.00bn | 3.10% | 1983 · 43 yrs | REIT-IR ↗ |
| 2026.09 | Odaiba Garden City Building | ¥10.70bn | 3.90% | — | REIT-IR ↗ |
| 2026.07 | BIZCORE Akasaka Mitsuke | ¥6.45bn | 3.00% | — | REIT-IR ↗ |
| 2026.06 | Sumitomo Densetsu Building | ¥10.00bn | 3.50% | 1991 · 35 yrs | REIT-IR ↗ |
| 2026.06 | Hulic Kamiyacho Building | ¥6.03bn | — | — | REIT-IR ↗ |
| 2026.04 | ICON PLACE SHIBAKOEN | ¥9.20bn | 3.30% | 1990 · 36 yrs | REIT-IR ↗ |
| 2026.04 | Akasaka Park Building | ¥13.44bn | 3.10% | 1993 · 33 yrs | REIT-IR ↗ |
| 2026.03 | Hamamatsucho PREX | ¥7.15bn | 3.40% | 2023 · 3 yrs | REIT-IR ↗ |
| 2026.03 | Daiwa Azabudai Building | ¥2.24bn | 3.80% | 1984 · 42 yrs | REIT-IR ↗ |
| 2026.03 | Akasaka Intercity AIR | ¥5.55bn | 2.60% | — | 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)
Minato · Office: 101 properties · period ends 2025/11–2026/07 · median 3.30% (2.4%–4.2%)
Number of properties per 0.1% cap rate band. The dark bar is the band containing the median.
Click a heading to sort
| Source | ||||
|---|---|---|---|---|
| Toranomon Hills Mori TowerMori Hills REIT Investment Corporation | 2.4% | – | 2026/07 | Filing ↗ |
| 六本木ヒルズ森タワーMori Hills REIT Investment Corporation | 2.6% | – | 2026/07 | Filing ↗ |
| 東急虎ノ門ビルTokyu REIT, Inc. | 2.8% | ±0 | 2026/07 | Filing ↗ |
| アークヒルズサウスタワーMori Hills REIT Investment Corporation | 3.0% | – | 2026/07 | Filing ↗ |
| アーク森ビルMori Hills REIT Investment Corporation | 3.0% | – | 2026/07 | Filing ↗ |
| オランダヒルズ森タワーMori Hills REIT Investment Corporation | 3.0% | – | 2026/07 | Filing ↗ |
| 赤坂溜池タワーMori Hills REIT Investment Corporation | 3.0% | – | 2026/07 | Filing ↗ |
| 麻布アメレックスビルStar Asia Real Estate Investment Corporation | 3.4% | ±0 | 2026/07 | Filing ↗ |
| 六本木ファーストプラザMori Hills REIT Investment Corporation | 3.4% | – | 2026/07 | Filing ↗ |
| 六本木ビュータワーMori Hills REIT Investment Corporation | 3.5% | – | 2026/07 | 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 Minato · Office as a list →
FAQ
What is the average Office cap rate in Minato, Tokyo?
The median cap rate across 15 J-REIT disclosed transactions in the last 12 months is 3.20% (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.