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
2025/03/21	Ｊ-ＲＥＩＴ市場の動向と収益見通し。財務負担増加が内部成長を上回り、今後５年間で▲７％減益を見込む～シナリオ別のレンジは「▲20％～+10％」となる見通し～	岩佐浩人	基礎研レポート
2025/02/07	Jリート市場回復の処方箋	岩佐浩人	基礎研マンスリー
2025/01/24	Jリート市場回復の処方箋	岩佐浩人	研究員の眼
2024/12/04	Jリートの不動産運用で問われる「インフレ対応力」	岩佐浩人	ニッセイ年金ストラテジー

日付

タイトル

執筆者

媒体

2025/03/21

岩佐浩人

基礎研レポート

2025/02/07

岩佐浩人

基礎研マンスリー