Japan Real Estate Market Quarterly Review-Second 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 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.

日付	タイトル	執筆者	媒体
2025/01/08	FRB利下げで米商業用不動産市場はまだら模様の回復へ	佐久間誠	ニッセイ年金ストラテジー
2024/11/13	Japan Real Estate Market Quarterly Review-Third Quarter 2024	佐久間誠	不動産投資レポート
2024/11/08	成約事例で見る東京都心部のオフィス市場動向（2024年上期）－「オフィス拡張移転DI」の動向	佐久間誠	基礎研マンスリー
2024/09/12	本社移転は従業員満足度にプラス効果をもたらすか？	佐久間誠	基礎研レポート

日付

タイトル

執筆者

媒体

2025/01/08

FRB利下げで米商業用不動産市場はまだら模様の回復へ

佐久間誠

ニッセイ年金ストラテジー

2024/11/13

Japan Real Estate Market Quarterly Review-Third Quarter 2024

佐久間誠

不動産投資レポート