CBRE released the results of its survey into expected yields for Japanese real estate investors.
The survey showed a trend of expected yield at major locations in Tokyo for each sector. Change of expected yield (NOI cap rate) for office was flat. Indicating that an upward yield trend that continued for five consecutive quarters since July 2008 has slowed down. Multi-family residential building was nearly flat, being relatively stable for the recent few quarters. Although other three sectors showed a slight increase from last quarter, it’s margin was very mild.
Rising yields in certain areas (Nagoya and Osaka) show that there is still downwards pressure on pricing.
http://www.cbre.co.jp/EN/Media_Centre/Pages/Release091210.aspx
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