CBRE's latest cap rate survey found that average expected yield in Tokyo for hotels (management contract), retail (Ginza, Chuo-dori) and residential (studio-type) rose between 5bps and 20bps q-o-q. Hotels (management contract) registered a second consecutive quarterly rise. The last time expected yield for a major asset in Tokyo rose for two quarters running was in 2009. Other asset types (offices, logistics facilities, residential/multi-family) were unchanged q-o-q, remaining at record lows. In regional cities, expected yield for offices fell q-o-q in Osaka and Sendai, registering new record lows, but rose in Fukuoka by 2bps q-o-q.