While most cap rates remain unchanged, cap rates for logistics assets are still compressing, notes CBRE’s Asia Pacific Cap Rate Survey March 2021, which was conducted between 1 March and 12 March.

Between CBRE’s September 2020 and March 2021 surveys, the lowest cap rates for citywide institutional-grade logistics assets remain in Hong Kong (3.00–4.00), Taipei (3.50–4.00), Tokyo (3.50–4.00) and Osaka (3.50–4.30). Of these locations, Hong Kong and Osaka have compressed further between the two surveys, and CBRE projects Tokyo will do so in the next few months.

The highest logistics cap rates remain in the Indian cities of Gurgaon, Mumbai and Bangalore, all at 8.00–8.75 in the March 2021 survey. Of the 18 Asia Pacific cities in the report, CBRE expects cap rates in 12 of them to compress in the next three months, while six cities are expected to stay the same.

According to the report, data centre yield will be influenced by logistics yield com