Shinagawa, Tokyo — Office Cap Rates & Price per Sqm
21 transactions from J-REIT timely disclosures｜Last updated: November 1, 2026 (refreshed weekly)
Transactions
21
Median deal cap rate (all time)
3.60%
Deal cap rate range (last 3 years)
3.10–3.90%
Avg. price (all time)
¥10.01bn
Properties appraised
40
Median appraisal cap rate
3.70%
Appraisal cap rate range
3.0–4.2%
Period ends
2026/02–2026/07
Cap rates at transaction
From acquisition/disposition notices, as of each deal (dates vary by deal)
2 transactions were disclosed in the last 12 months. The all-time median cap rate across 18 deals is 3.60%.
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 (21)
| Source | |||||
|---|---|---|---|---|---|
| 2026.09 | Higashi-Gotanda Square (Additional Acquisition) | ¥2.40bn | 3.10% | 2009 · 17 yrs | REIT-IR ↗ |
| 2026.04 | Togoshi Ginza Round Building | ¥3.15bn | — | 1992 · 34 yrs | REIT-IR ↗ |
| 2025.08 | Lead-C Gotenyama Building | ¥1.17bn | 3.70% | 1989 · 37 yrs | REIT-IR ↗ |
| 2025.08 | FORECAST Shinagawa | ¥2.70bn | 3.70% | 1989 · 37 yrs | REIT-IR ↗ |
| 2025.05 | KDX Higashi-Shinagawa Building | ¥5.57bn | 3.90% | 1993 · 33 yrs | REIT-IR ↗ |
| 2025.03 | Shinagawa Seaside West Tower | ¥12.44bn | 3.90% | 2004 · 22 yrs | REIT-IR ↗ |
| 2024.05 | Ichigo Gotanda West Building | ¥3.95bn | 3.50% | 1985 · 41 yrs | REIT-IR ↗ |
| 2024.04 | Osaki Bright Tower and Osaki Bright Plaza | ¥13.10bn | 3.20% | 2015 · 11 yrs | REIT-IR ↗ |
| 2024.02 | Sea Fort Square/Center Building | ¥13.00bn | — | — | REIT-IR ↗ |
| 2024.01 | A-8 Shinagawa Seaside TS Tower | ¥16.10bn | 3.40% | 2003 · 23 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)
Shinagawa · Office: 40 properties · period ends 2026/02–2026/07 · median 3.70% (3.0%–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 | ||||
|---|---|---|---|---|
| Togoshi Ginza Round BuildingTokyu REIT, Inc. | 3.6% | – | 2026/07 | Filing ↗ |
| TK五反田ビルNippon REIT Investment Corporation | 3.5% | ±0 | 2026/06 | Filing ↗ |
| オーバルコート大崎マークウエストJapan Prime Realty Investment Corporation | 3.7% | – | 2026/06 | Filing ↗ |
| 大森ベルポートD館Japan Excellent, Inc. | 3.7% | ±0 | 2026/06 | Filing ↗ |
| FORECAST五反田WESTNippon REIT Investment Corporation | 3.8% | ±0 | 2026/06 | Filing ↗ |
| 西五反田8丁目ビルNippon REIT Investment Corporation | 3.8% | ±0 | 2026/06 | Filing ↗ |
| 藤和東五反田ビルNippon REIT Investment Corporation | 3.8% | ±0 | 2026/06 | Filing ↗ |
| 五反田さくらビルNippon REIT Investment Corporation | 4.0% | ±0 | 2026/06 | Filing ↗ |
| Lead-C Meguro Fudo-maeNippon REIT Investment Corporation | 4.1% | ±0 | 2026/06 | Filing ↗ |
| Meguro Tokyu BuildingActivia Properties Inc. | 3.0% | ±0 | 2026/05 | 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 Shinagawa · Office as a list →
FAQ
What is the average Office cap rate in Shinagawa, Tokyo?
The median cap rate across 18 J-REIT disclosed transactions (all time) is 3.60% (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.