Shibuya, Tokyo — Office Cap Rates & Price per Sqm
15 transactions from J-REIT timely disclosures｜Last updated: November 1, 2026 (refreshed weekly)
Transactions
15
Median deal cap rate (all time)
3.25%
Deal cap rate range (last 3 years)
3.00–3.60%
Avg. price (all time)
¥9.79bn
Properties appraised
69
Median appraisal cap rate
3.20%
Appraisal cap rate range
2.5–4.2%
Period ends
2025/08–2026/07
Cap rates at transaction
From acquisition/disposition notices, as of each deal (dates vary by deal)
3 transactions were disclosed in the last 12 months. The all-time median cap rate across 12 deals is 3.25%.
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 (15)
| Source | |||||
|---|---|---|---|---|---|
| 2026.09 | Hulic Shibuya 1-chome Building | ¥6.50bn | — | — | REIT-IR ↗ |
| 2026.09 | Ichigo Shibuya Bunkamura-dori Building | ¥4.88bn | 3.00% | 2012 · 14 yrs | REIT-IR ↗ |
| 2026.03 | Prime Sendagaya Building | ¥19.40bn | 3.30% | 2009 · 17 yrs | REIT-IR ↗ |
| 2025.08 | H¹O Aoyama | ¥4.70bn | 3.10% | 2022 · 4 yrs | REIT-IR ↗ |
| 2024.12 | NMF Shinjuku South Exit Building | ¥13.50bn | 3.20% | 1974 · 52 yrs | REIT-IR ↗ |
| 2024.10 | JPR Sendagaya Building | ¥16.30bn | 3.60% | 2009 · 17 yrs | REIT-IR ↗ |
| 2022.12 | Field Kita-Sando | ¥3.75bn | 3.10% | 2008 · 18 yrs | REIT-IR ↗ |
| 2022.12 | Daiwa SHIBUYA EDGE | ¥7.31bn | 3.40% | 2006 · 20 yrs | REIT-IR ↗ |
| 2022.08 | BIZCORE Shibuya | ¥6.64bn | 3.10% | 2020 · 6 yrs | REIT-IR ↗ |
| 2022.01 | Tokyo Tatemono Higashi Shibuya Building | ¥11.30bn | 3.60% | — | 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)
Shibuya · Office: 69 properties · period ends 2025/08–2026/07 · median 3.20% (2.5%–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 | ||||
|---|---|---|---|---|
| Aoyama Oval BuildingTokyu REIT, Inc. | 2.5% | -10 | 2026/07 | Filing ↗ |
| TOKYU REIT恵比寿ビルTokyu REIT, Inc. | 2.9% | ±0 | 2026/07 | Filing ↗ |
| TOKYU REIT渋谷宮下公園ビルTokyu REIT, Inc. | 2.9% | ±0 | 2026/07 | Filing ↗ |
| TOKYU REIT渋谷RビルTokyu REIT, Inc. | 3.0% | ±0 | 2026/07 | Filing ↗ |
| 東急桜丘町ビルTokyu REIT, Inc. | 3.0% | -10 | 2026/07 | Filing ↗ |
| アーバンセンター渋谷サウスStar Asia Real Estate Investment Corporation | 3.1% | ±0 | 2026/07 | Filing ↗ |
| 渋谷道玄坂スカイビルTokyu REIT, Inc. | 3.1% | ±0 | 2026/07 | Filing ↗ |
| 東急南平台町ビルTokyu REIT, Inc. | 3.2% | -10 | 2026/07 | Filing ↗ |
| アーバンセンター渋谷イーストStar Asia Real Estate Investment Corporation | 3.3% | ±0 | 2026/07 | Filing ↗ |
| アミューズメントメディア学院本館Star Asia Real Estate Investment Corporation | 3.6% | +10 | 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 Shibuya · Office as a list →
FAQ
What is the average Office cap rate in Shibuya, Tokyo?
The median cap rate across 12 J-REIT disclosed transactions (all time) is 3.25% (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.