For institutional fund strategies, Minato Mirai 21 carries the strongest investor flag in Yokohama, with prime yields around 3.8%.

  • Trophy submarket (Minato Mirai 21) carries the strongest investor flag.
  • Prime yield: 3.8%.
  • Core funds buy income; value-add buys repositioning of secondary stock.
  • Cap-rate spread between trophy and secondary has widened post-2022.

Yokohama office fund strategy and flag

For institutional fund strategies, Minato Mirai 21 carries the strongest investor flag in Yokohama, with prime yields around 3.8%.

TL;DR

  • Trophy submarket (Minato Mirai 21) carries the strongest investor flag.
  • Prime yield: 3.8%.
  • Core funds buy income; value-add buys repositioning of secondary stock.
  • Cap-rate spread between trophy and secondary has widened post-2022.

Where core funds buy

Core capital concentrates in trophy stock with long-WAULT income. In Yokohama, that's Minato Mirai 21 and assets like Yokohama Landmark Tower, Nissan Global Headquarters.

Where value-add looks

Value-add capital looks at secondary Class A and convertible Class B with repositioning angle. The trophy/secondary cap-rate spread has widened post-2022, which has reopened the value-add basis for repositioning plays.

Key facts

cityYokohama
countryJapan
regionAPAC
classARentLocal31000 JPY/sqft/yr
classARentUsd$248/sqft/yr
vacancy6.8%
typicalLeaseYears5
typicalRentFreeMonths6
submarkets5
primeYieldPct3.8%
primeYield3.8%
trophyAnchorMinato Mirai 21

Frequently asked questions

Where do core funds buy in Yokohama?
Trophy submarket — Minato Mirai 21 — and the most defensible long-WAULT assets within it.

Editorial provenance

Reviewed by Class A Atlas Editorial Desk — House byline · global editorial team. Last updated 2026-04-15. See our methodology and editorial standards.

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