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Office Transactions & Cap Rates in Minato

92 transactions from J-REIT timely disclosuresLast updated: July 18, 2026 (refreshed weekly)

Transactions

92

Median CR (last 12 months)

3.10%

CR range (last 3 years)

2.3–4.8%

Avg. price (all time)

98.6×¥100M

16 Office transactions in Minato were disclosed in the last 12 months, with a median cap rate of 3.10%. That is 30bps lower than a year earlier.

Cap rate trend (monthly median)

2.0%3.0%4.0%5.0%6.0%2024202520262023/11: 3.50%(1)2023/12: 3.80%(1)2024/02: 3.30%(3)2024/03: 3.05%(2)2024/04: 3.85%(2)2024/10: 3.40%(1)2025/03: 3.20%(4)2025/04: 3.10%(1)2025/05: 4.80%(1)2025/06: 3.50%(1)2025/07: 4.50%(1)2025/09: 2.90%(1)2025/10: 3.10%(1)2025/12: 2.50%(1)2026/01: 3.60%(1)2026/03: 3.40%(3)2026/04: 3.20%(2)2026/06: 2.30%(1)2026/07: 3.00%(1)3.00%4.80%2.30%

Calculated from disclosed cap rates (appraisal NOI yield). See the table below for individual sources.

All transactions (92)

DatePropertyPriceCap rateAgeSource
2027/10Akasaka Park Building134.4×¥100M3.10%34REIT-IR
2027/04Akasaka Park Building134.4×¥100M3.10%34REIT-IR
2026/10Akasaka Park Building134.4×¥100M3.10%33REIT-IR
2026/07BIZCORE Akasaka Mitsuke64.5×¥100M3.00%8TDnet
2026/06Sumitomo Densetsu Building100.0×¥100M2.30%35REIT-IR
2026/04Mori Hills REIT255.8×¥100M41TDnet
2026/04ICON PLACE SHIBAKOEN92.0×¥100M3.30%36REIT-IR
2026/04Akasaka Park Building134.4×¥100M3.10%33REIT-IR
2026/03Hamamatsucho PREX71.5×¥100M3.40%3REIT-IR
2026/03Daiwa Azabudai Building22.4×¥100M3.80%42REIT-IR
2026/03renga Pro No. 6 LLC Beneficial Interest12.3×¥100M8REIT-IR
2026/03Akasaka Intercity AIR55.5×¥100M2.60%9TDnet
2026/01Minami-Azabu Building51.0×¥100M3.60%34REIT-IR
2025/12Toranomon Hills Mori Tower96.7×¥100M2.50%11REIT-IR
2025/10Akasaka Park Building134.4×¥100M3.10%32REIT-IR
2025/09Aoyama Suncrest Building68.0×¥100M2.90%47REIT-IR
2025/07Toranomon Hills Mori Tower78.2×¥100M4.50%11REIT-IR
2025/06HF Hamamatsucho Building25.0×¥100M3.50%34REIT-IR
2025/05Artisa Kawasaki EAST10.8×¥100M4.80%REIT-IR
2025/04Akasaka Park Building134.8×¥100M3.10%32REIT-IR
2025/03(Kashi) Shinagawa Konan PJ82.0×¥100M3.40%1REIT-IR
2025/03Shiba NBF Tower321.0×¥100M3.00%39REIT-IR
2025/03Ichigo Tameike Building49.4×¥100M3.50%18REIT-IR
2025/03TOKYU REIT Toranomon Building48.9×¥100M3.00%37REIT-IR
2025/01NBF Toranomon Building (Main Building)8.6×¥100M62REIT-IR
2024/12Landic Dai 2 Shinbashi Building33.3×¥100M46REIT-IR
2024/10Kowa Nishishinbashi Building B (Additional Acquisition)0.6×¥100M3.40%30REIT-IR
2024/04Round Cross Akasaka30.5×¥100M4.10%47REIT-IR
2024/04MG Shirokanedai Building87.8×¥100M3.60%27REIT-IR
2024/03Panasonic Tokyo Shiodome Building67.0×¥100M3.20%21REIT-IR
2024/033rd MINAMI AOYAMA210.0×¥100M2.90%1REIT-IR
2024/02Grand Park148.5×¥100M3.30%28REIT-IR
2024/02Round Cross Shibadaimon48.0×¥100M4.10%22REIT-IR
2024/02Toranomon Hills Business Tower84.3×¥100M2.50%4REIT-IR
2023/12Seavans Building S (Additional Acquisition)22.9×¥100M3.80%32REIT-IR
2023/11NBF Shiba Park Building85.0×¥100M3.50%33REIT-IR
2023/03S-GATE Akasaka14.0×¥100M3.40%8REIT-IR
2023/03My Square Building36.0×¥100M4.40%37REIT-IR
2023/03S-GATE Akasaka14.0×¥100M9REIT-IR
2023/03Kamiyacho Trust Tower237.0×¥100M3REIT-IR
2023/02the ARGYLE Aoyama239.0×¥100M2.70%3REIT-IR
2022/12Akasaka Kawase Building7.8×¥100M34REIT-IR
2022/11Ruogo Shiodome18.2×¥100M3.50%18REIT-IR
2022/10Sunny Life Shibaura62.8×¥100M3.80%2REIT-IR
2022/06Tokyu Toranomon Building (Annex)17.2×¥100M1REIT-IR
2022/04PMO Hamamatsucho II55.0×¥100M3.30%2REIT-IR
2022/03Akasaka Yonchome Building (Tokyu Agency Headquarters Building)98.2×¥100M19REIT-IR
2022/02Ichigo Akasaka 5-chome Building17.2×¥100M3.90%34REIT-IR
2021/12Aoyama Oval Building188.0×¥100M2.90%33REIT-IR
2021/10TO-1968.0×¥100MREIT-IR
2021/10Tamachi East Building68.0×¥100M3.40%18REIT-IR
2021/09S-GATE Akasaka14.0×¥100M4.60%6REIT-IR
2021/08S-GATE Akasaka14.0×¥100M7REIT-IR
2021/08Toranomon Hills Mori Tower78.7×¥100M2.80%7REIT-IR
Show transactions older than 5 years (38)
DatePropertyPriceCap rateAgeSource
2021/07Tokyo Shiodome Building139.8×¥100M3.30%16REIT-IR
2021/07Kamiyacho Trust Tower139.8×¥100M2.60%1REIT-IR
2021/03Shinagawa Season Terrace65.2×¥100M3.30%6REIT-IR
2021/03NBF Minamiaoyama Building316.0×¥100M1.70%26REIT-IR
2021/02Almost Blue21.6×¥100M3.10%REIT-IR
2021/02Tensho Shinbashi 5-chome Building12.0×¥100M4REIT-IR
2020/12Shinagawa Season Terrace187.2×¥100M6REIT-IR
2020/12Alphabet Seven21.0×¥100M3.50%30REIT-IR
2020/09Toranomon Hills Mori Tower122.2×¥100M2.60%6REIT-IR
2020/01Seabance Building S54.0×¥100M3.90%29REIT-IR
2018/09Toranomon Hills Mori Tower260.7×¥100M3.00%4REIT-IR
2018/09Oranda Hills Mori Tower45.7×¥100M3.80%13REIT-IR
2018/03Oranda Hills Mori Tower24.3×¥100M3.60%13REIT-IR
2018/03Toranomon Hills Mori Tower50.7×¥100M3.00%4REIT-IR
2017/03Oak Minami-Azabu24.6×¥100M4.50%32REIT-IR
2017/03TO-16188.0×¥100MREIT-IR
2017/02Oak Minami Azabu24.6×¥100M33REIT-IR
2016/12TO-12209.0×¥100MREIT-IR
2016/04Alphabet Seven17.3×¥100M4.30%26REIT-IR
2016/04六本木ヒルズ森タワー(25・26・27・29階 追加取得)461.0×¥100MREIT-IR
2015/07Toranomon Sakura Building41.2×¥100M33REIT-IR
2015/07La Verite AKASAKA20.0×¥100M29REIT-IR
2015/02Shiba Park 3-chome Building74.0×¥100M35REIT-IR
2015/02Hiroo Replyx Bldg.28.3×¥100M29REIT-IR
2014/04Green Oak Takanawa22.6×¥100M5REIT-IR
2014/04FORECAST Mita18.0×¥100M6REIT-IR
2014/01TO-1038.0×¥100MREIT-IR
2013/11Granpark114.9×¥100M18REIT-IR
2013/04TO-856.5×¥100MREIT-IR
2012/06TO-487.9×¥100MREIT-IR
2012/06TO-623.4×¥100MREIT-IR
2011/11Urbanet Azabu Building50.0×¥100M20REIT-IR
2011/11Urbanet Mita Building103.0×¥100M25REIT-IR
2011/03Atago Green Hills420.9×¥100M11REIT-IR
2008/09Akasaka Tameike Tower439.3×¥100M9REIT-IR
2006/03Ark Mori Building624.8×¥100M21REIT-IR
2002/09Landock Dai 2 Shinbashi Building70.5×¥100M25REIT-IR
2002/09Landock Shinbashi Building63.4×¥100M21REIT-IR

FAQ

What is the average cap rate for Office in Minato?

The median cap rate across 16 J-REIT disclosed transactions in the last 12 months is 3.10% (as of July 18, 2026, appraisal NOI yield basis).

What is the data source?

Disclosure PDFs from TDnet (Tokyo Stock Exchange timely disclosure) and official J-REIT IR pages. Every record links to its source.

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