Japanese Property Market Quarterly Review, Fourth Quarter 2013-10 Million Foreign Visitors and Bright J-REIT Market-

■Summary

"Abenomics," which aims to create a positive economic cycle, has gradually affected employment after stimulating manufacturing activities and individual consumption. The housing market has been robust, with housing starts growing for the fourth consecutive year. The number of condominium units sold in the Tokyo metropolitan area hit 50k for the first time in six years and the transaction volume in the secondary condominium market posted a record high for the second consecutive year. Land prices have been rising in major cities.
Office demand has increased steadily in Tokyo, though the market spent some time in a standstill after a significant improvement in the first quarter. The rents of Grade-A and other office buildings have recovered after bottoming out. Residential rents in Tokyo have been recovering. Hotel occupancy rates remained high and the number of foreign visitors surpassed 10 million for the first time. Logistics vacancy rates remain low with strong demand though sizable supply continues.
The J-REIT market was bright in 2013 on the back of "Abenomics" and Tokyo winning the bid to host the 2020 Olympic Games. The annual 35.9% appreciation of the TSE J-REIT index, the total 2.2 trillion JPY amount of J-REITs’ asset acquisition and the 7.6 trillion JPY of year-end J-REIT market value were all record highs. Transacted CAP rates for popular sectors and areas have been smaller than those during the previous peak, which might suggest an overheated market.

金融研究部不動産調査室長

岩佐浩人（いわさひろと）

研究領域：不動産

研究・専門分野
不動産市場・投資分析

【職歴】
　1993年　日本生命保険相互会社入社
　2005年　ニッセイ基礎研究所
　2019年4月より現職

【加入団体等】
　・一般社団法人不動産証券化協会認定マスター
　・日本証券アナリスト協会検定会員

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