Japan Real Estate Market Quarterly Review-Fourth 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 2.1% q-o-q (annualized 8.5%) in Q4 2020, but likely to slip into negative growth in Q1 2021, due to its second COVID state of emergency.
Economic recovery is expected to be moderate. Japan’s real GDP is expected to recover its cyclical peak (Q3 2019) in FY2023.

Real Estate Market

Tokyo grade-A office rents declined by 8.9% q-o-q in Q4 2020, falling to the same level in Q4 2017.
Tokyo multifamily rents remained resilient, but pockets of weakness have been seen in urban residential areas.
Amidst the COVID third wave, headwinds for hotels and retails are becoming stronger.
Logistics rents have continued to increase in Q4 2020 driven by robust occupier demand from e-commerce.

Capital Market

J-REIT Index increased by 3.3% q-o-q in Q4 2020 and declined 16.9% y-o-y in 2020.
J-REITs acquired property assets totaling JPY1,393 billion in 2020, which remained at the same level as the previous years, underpinned by acquisitions of logistics properties.

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
2025/06/23	インフレ時代にオフィス市場で普及が進むと期待されるCPI連動条項	佐久間誠	不動産投資レポート
2025/05/13	Japan Real Estate Market Quarterly Review-First Quarter 2025	佐久間誠	不動産投資レポート
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

日付

タイトル

執筆者

媒体

2025/06/23

インフレ時代にオフィス市場で普及が進むと期待されるCPI連動条項

佐久間誠

不動産投資レポート

2025/05/13

Japan Real Estate Market Quarterly Review-First Quarter 2025

佐久間誠

不動産投資レポート