Japan Real Estate Market Quarterly Review-First Quarter 2022

金融研究部主任研究員佐久間誠

Summary

Macro Economy

Japan’s real GDP is expected to decline by 0.5% q-o-q (annualized 2.1% decline) in Q1 2022, dragged by the quasi-state of emergency and a decrease in net export.
Japan’s real GDP is expected to expand by 2.1%, revised downward by 0.4% from the previous forecast due to Russia's invasion of Ukraine

Real Estate Market

In the Tokyo Grade-A office market, vacancy rates remained flat, but rents continue to fall amidst the concerns over large supply in 2023.
Multifamily rents in Tokyo declined modestly in single-type but rose in family-type.
Recovery in hotels and retails remained stagnant, weighed by a quasi-state of emergency.
In Greater Tokyo logistics markets, the supply-demand balance started to ease.

Capital Market

J-REIT Index declined by 3.1% q-o-q in Q1 2022, trading at a price to NAV ratio of 1.06x, dividend yield at 3.7%, and dividend and JGB spread at 3.5%.
J-REITs acquired property assets totaling JPY360 billion in Q1 2022 (19% decrease 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