Japanese Property Market Quarterly Review, Fourth Quarter 2014 - J-REITs Soar for Third Year and Office Demand Expands-

金融研究部不動産調査室長岩佐浩人

■Summary

Following negative GDP growth　numbers in the second and third quarters, the government decided to suspend the next consumption tax hike and the Bank of Japan prepared additional monetary loosening measures. Despite the recent recovery in corporate activity and labor markets, the housing market remains stagnant. Housing starts decreased for the first time in five years and both new condominium sales and secondary condominium transactions shrank in 2014. On the other hand, land price appreciation expanded from the three major metropolitan areas to other cities.
Office vacancy rates in Tokyo have improved significantly pushed by strong demand, and office rents have also been on an ascending trend. Residential rents in Tokyo have gradually been rising. Foreign visitor arrivals increased by 29% to 13.4 million in 2014, resulting in the maintaining of very high hotel occupancy rates. Logistics vacancy rates have been stable at a very low level.
The TSE REIT Index rose by 25.3% in 2014 for the third consecutive year of significant appreciation. J-REITs acquired property assets of 1.6 trillion JPY and market value expanded to 10.5 trillion JPY with 49 J-REITs listed. Property investments have been active, with transaction volumes exceeding 4 trillion JPY for the second consecutive year.

日付	タイトル	執筆者	媒体
2024/07/04	今年上期のJリート市場は▲4.6％下落。金利動向を睨んで投資家は様子見姿勢を継続～金融政策正常化に伴う金利上昇の影響は第２幕へ	岩佐浩人	研究員の眼
2024/06/07	東京オフィス市場は調整局面を脱する。ホテル市場は一段と改善－不動産クォータリー・レビュー2024年第1四半期	岩佐浩人	基礎研マンスリー
2024/05/10	東京オフィス市場は調整局面を脱する。ホテル市場は一段と改善－不動産クォータリー・レビュー2024年第1四半期	岩佐浩人	不動産投資レポート
2024/05/09	Jリート市場の分配金は今後5年間で5%減少の見通し－シナリオ別の分配金レンジは「▲18%～+7%」となる見通し	岩佐浩人	基礎研マンスリー

日付

タイトル

執筆者

媒体

2024/07/04

岩佐浩人

研究員の眼

2024/06/07

岩佐浩人

基礎研マンスリー