Japan Real Estate Market Quarterly Review-Fourth Quarter 2021

2022年02月07日

(佐久間 誠) 不動産市場・不動産市況

Summary

Macro Economy
 
  • Japan’s real GDP is expected to grow by 1.4% q-o-q (annualized 5.6%) in Q4 2021 driven by a strong rebound of private consumption after the lift of state of emergency.
  • Japan’s real GDP is expected to expand by 2.7% in FY2021, 2.5% in FY2022 and 1.7% in FY2023.

Real Estate Market
 
  • In Tokyo Grade-A office market, the rise in vacancy rates has paused, but rents continued to fall, reaching the level of Q4 2014.
  • Multifamily rents in Tokyo declined modestly as Tokyo population outflow continued.
  • Hotels and retails recovered sharply following the lift of the state of emergency declaration.
  • In major logistics markets, supply-demand balance remained favorable.

Capital Market
 
  • J-REIT Index declined by 0.3% q-o-q in Q4 2021, trading at price to NAV ratio at 1.1x, dividend yield at 3.5% and dividend and JGB spread at 3.4%.
  • J-REITs acquired property assets totaling JPY1,597billion in 2021 (15% 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.

金融研究部   主任研究員

佐久間 誠(さくま まこと)

研究領域:不動産

研究・専門分野
不動産市場、金融市場、不動産テック

経歴

【職歴】  2006年4月 住友信託銀行(現 三井住友信託銀行)  2013年10月 国際石油開発帝石(現 INPEX)  2015年9月 ニッセイ基礎研究所  2019年1月 ラサール不動産投資顧問  2020年5月 ニッセイ基礎研究所  2022年7月より現職 【加入団体等】  ・一般社団法人不動産証券化協会認定マスター  ・日本証券アナリスト協会検定会員

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