2022年08月10日

Japan Real Estate Market Quarterly Review-Second Quarter 2022

佐久間 誠

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Summary

Macro Economy
 
  • Japan’s real GDP is expected to increase by 0.8% q-o-q (annualized 3.2% increase) in Q2 2022, driven by the rebound of consumption after the lift of the quasi-state of emergency.
  • Japan’s real GDP is expected to expand by 2.0% in FY2022 and 1.7% in FY2023.

Real Estate Market
 
  • In the Tokyo Grade-A office market, rents continued to decline, but the q-o-q decline decelerating.
  • The decline in multifamily rents appears to have bottomed out in Tokyo.
  • The lift of the quasi-state of emergency led to the recovery of hotels and retails.
  • In Greater Tokyo logistics markets, the supply-demand balance is expected to continue to ease.

Capital Market
 
  • J-REIT Index declined by 1.8% q-o-q in Q2 2022, trading at price to NAV ratio at 1.02x, dividend yield at 3.7%, and dividend and JGB spread at 3.5%.
  • J-REITs acquired property assets totaling JPY112 billion in Q2 2022 (51% 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.

(2022年08月10日「不動産投資レポート」)

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    【Japan Real Estate Market Quarterly Review-Second Quarter 2022】【シンクタンク】ニッセイ基礎研究所は、保険・年金・社会保障、経済・金融・不動産、暮らし・高齢社会、経営・ビジネスなどの各専門領域の研究員を抱え、様々な情報提供を行っています。

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