Japan Real Estate Market Quarterly Review-Third Quarter 2021

金融研究部主任研究員佐久間誠

Summary

Macro Economy

Japan’s real GDP is expected to contract by 0.2% q-o-q (annualized 0.9%) in Q3 2021 dragged by the continued state of emergency and global chip shortage.
Japan’s real GDP is expected to expand by 3.1% in FY2021 and 2.0% in FY 2022.

Real Estate Market

Tokyo Grade-A office rents are hovering from Q4 2020 to Q3 2021, after declining to the same level of Q4 2017.
Multifamily rental growth appearing to have hit their peak in Tokyo as net migration slowed.
Hotels and retails are continuing to struggle due to continued state of emergency.
In major logistics markets, demand remained resilient, while large supply weighed on some submarkets in Tokyo.

Capital Market

J-REIT Index declined by 3.7% q-o-q in Q3 2021, trading at price to NAV ratio at 1.12x, dividend yield at 3.5% and dividend and JGB spread at 3.4%.
J-REITs acquired property assets totaling JPY486 billion in Q3 2021 (82% increase 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
2025/08/29	成約事例で見る東京都心部のオフィス市場動向（2025年上期）－「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
2025/06/23	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

日付

タイトル

執筆者

媒体

2025/08/29

成約事例で見る東京都心部のオフィス市場動向（2025年上期）－「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

2025/06/23

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