• EXPECTED YIELDS FOR LOGISTICS FALL TO NEW LOW

The most recent quarterly cap rate survey conducted by CBRE found that expected yields in Tokyo fell q-o-q for logistics facilities (multi-tenant) and residential apartments (single), reaching new record lows. Offices (Otemachi) and residential apartments (family-type) were unchanged q-o-q, while retail (Ginza Chuo-dori) and hotels (management contract) registered increases from the previous survey. Expected yields for hotels reached 5% for the first time since 2016.