Shinjuku, Tokyo — Office Cap Rates & Price per Sqm
23 transactions from J-REIT timely disclosures｜Last updated: November 1, 2026 (refreshed weekly)
Transactions
23
Median deal cap rate (last 12 months)
3.40%
Deal cap rate range (last 3 years)
3.10–4.20%
Avg. price (all time)
¥15.25bn
Properties appraised
42
Median appraisal cap rate
3.45%
Appraisal cap rate range
2.4–4.0%
Period ends
2025/10–2026/07
Cap rates at transaction
From acquisition/disposition notices, as of each deal (dates vary by deal)
5 Office transactions in Shinjuku, Tokyo were disclosed in the last 12 months, with a median cap rate of 3.40%. That is 5bps lower 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 (23)
| Source | |||||
|---|---|---|---|---|---|
| 2026.04 | Nishi-Shinjuku Mitsui Building (Additional Acquisition) | ¥0.25bn | 4.20% | 1999 · 27 yrs | REIT-IR ↗ |
| 2026.04 | Shintoshin Maruzen Building | ¥2.07bn | 4.00% | — | REIT-IR ↗ |
| 2026.04 | Comoresque Yotsuya (Additional Acquisition) (Ownership 7.1%) | ¥15.54bn | 3.20% | 2020 · 6 yrs | REIT-IR ↗ |
| 2026.03 | Kagurazaka Plaza Building | ¥4.75bn | 3.40% | 1992 · 33 yrs | REIT-IR ↗ |
| 2026.03 | Shinjuku Eastside Square (Additional Acquisition) (Ownership 9%) | ¥20.35bn | 3.20% | 2012 · 14 yrs | REIT-IR ↗ |
| 2025.07 | FORECAST Shinjuku SOUTH | ¥10.00bn | 3.30% | 1980 · 46 yrs | REIT-IR ↗ |
| 2025.03 | FORECAST Shinjuku SOUTH | ¥10.00bn | 3.30% | 1980 · 46 yrs | REIT-IR ↗ |
| 2025.03 | Comoresque Yotsuya (Ownership 13.5%) | ¥29.05bn | — | 2020 · 6 yrs | REIT-IR ↗ |
| 2025.01 | KDX Shinjuku 286 Building | ¥2.89bn | — | — | REIT-IR ↗ |
| 2024.12 | KDX Shinjuku 286 Building | ¥2.89bn | 3.60% | 1989 · 37 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)
Shinjuku · Office: 42 properties · period ends 2025/10–2026/07 · median 3.45% (2.4%–4.0%)
Number of properties per 0.1% cap rate band. The dark bar is the band containing the median.
Click a heading to sort
| Source | ||||
|---|---|---|---|---|
| TOKYU REIT新宿ビルTokyu REIT, Inc. | 3.1% | ±0 | 2026/07 | Filing ↗ |
| TOKYU REIT第2新宿ビルTokyu REIT, Inc. | 3.2% | ±0 | 2026/07 | Filing ↗ |
| アーバンセンター新宿Star Asia Real Estate Investment Corporation | 3.3% | ±0 | 2026/07 | Filing ↗ |
| 高田馬場アクセスStar Asia Real Estate Investment Corporation | 3.6% | ±0 | 2026/07 | Filing ↗ |
| 新宿センタービルJapan Prime Realty Investment Corporation | 3.0% | – | 2026/06 | Filing ↗ |
| FORECAST市ヶ谷Nippon REIT Investment Corporation | 3.3% | ±0 | 2026/06 | Filing ↗ |
| FORECAST新宿AVENUENippon REIT Investment Corporation | 3.3% | ±0 | 2026/06 | Filing ↗ |
| ビッグス新宿ビルJapan Prime Realty Investment Corporation | 3.4% | – | 2026/06 | Filing ↗ |
| 飯田橋リープレックス・ビズNippon REIT Investment Corporation | 3.4% | ±0 | 2026/06 | Filing ↗ |
| 30山京ビルNippon REIT Investment Corporation | 3.5% | ±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 Shinjuku · Office as a list →
FAQ
What is the average Office cap rate in Shinjuku, Tokyo?
The median cap rate across 5 J-REIT disclosed transactions in the last 12 months is 3.40% (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.