CBRE's latest cap rate survey found that average expected yields in Tokyo for hotels (management contract) rose by 29bps q-o-q—the third consecutive quarterly rise—while those for retail (Ginza Chuo-dori), logistics (bay area), and residential (multi-family) fell by 2bps–5bps. Yields were unchanged for offices (Otemachi) and residential (studio-type apartment). Expected yields for offices in regional cities rose by 4bps q-o-q in Osaka and Sendai.  Fukuoka recorded two consecutive quarterly rise, which was the first since July 2008, 12 years ago.