Japan Real Estate Market Quarterly Review-Fourth 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 0.3% q-o-q (annualized 1.0% increase) in Q4 2022, led by private consumption and foreign demand.
Japan’s real GDP is expected to expand by 1.4% in FY2022, 1.0% in FY2023, and 1.6% in FY2024.

Real Estate Market

Tokyo grade-A office rents have risen, but it's too early to tell if they have bottomed out
Multifamily market in Tokyo exited an adjustment phase after the COVID-19 pandemic
Hotel market recovered to pre-COVID level in December 2022
Retail sales are recovering due to the recovery of people flow in urban areas
Logistics markets in Greater Tokyo continue to ease, while Greater Osaka remains tight.

Capital Market

J-REIT Index declined by 2.6% q-o-q in Q4 2022, trading at a price to NAV ratio of 0.96x, dividend yield at 3.9%, and dividend and JGB spread at 3.5% in December 2022.
Annual J-REITS acquisitions decreased to JPY878 billion in 2022, falling below JPY1 trillion for the first time in 10 years

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