Japan Real Estate Market Quarterly Review-Third Quarter 2020

金融研究部主任研究員佐久間誠

Summary

Macro Economy

Japan’s real GDP is expected to expand by 3.8% q-o-q (annualized 16.1%) in Q3 2020, unlikely to recover the pre-pandemic level.
Economic recovery is expected to be moderate going forward. GDP is expected to contract by 5.8% in FY2020, followed by 3.6% growth in FY2021.

Real Estate Market

Tokyo grade-A office rents declined by 2.1% q-o-q in Q3 2020. Tokyo multifamily rents also seemed to hit the peak
Hotel and retail sectors seeing signs of recovery, while outlook remain gloomy in both sectors as the second wave of COVID-19 infections picking up.
Amid the steady market fundamentals, logistics rents have continued to increase in Q3 2020.

Capital Market

J-REIT Index increased by 3.6% q-o-q in Q3 2020, underperforming TOPIX for fourth consecutive quarters..
J-REITs acquired property assets totaling JPY266 billion in Q3 2020, decreasing by 8% y-o-y.

This report includes data from various sources and NLI Research Institute does not guarantee the accuracy and reliability. In addition, this report is intended only for providing information, and the opinions and forecasts are not intended to make or break any contracts.

日付	タイトル	執筆者	媒体
2025/03/07	ホテル市況は一段と明るさを増す。東京オフィス市場は回復基調強まる－不動産クォータリー・レビュー2024年第4四半期	佐久間誠	基礎研マンスリー
2025/02/26	成約事例で見る東京都心部のオフィス市場動向（2024年下期）－「オフィス拡張移転DI」の動向	佐久間誠	不動産投資レポート
2025/02/14	Japan Real Estate Market Quarterly Review-Fourth Quarter 2024	佐久間誠	不動産投資レポート
2025/02/12	ホテル市況は一段と明るさを増す。東京オフィス市場は回復基調強まる－不動産クォータリー・レビュー2024年第４四半期	佐久間誠	不動産投資レポート

日付

タイトル

執筆者

媒体

2025/03/07

ホテル市況は一段と明るさを増す。東京オフィス市場は回復基調強まる－不動産クォータリー・レビュー2024年第4四半期

佐久間誠

基礎研マンスリー

2025/02/26

成約事例で見る東京都心部のオフィス市場動向（2024年下期）－「オフィス拡張移転DI」の動向

佐久間誠

不動産投資レポート