2023年05月15日

Japan Real Estate Market Quarterly Review-First Quarter 2023

佐久間 誠

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Summary

Macro Economy
 
  • Japan’s real GDP is expected to increase by +0.1% q-o-q (annualized 0.3% increase) in Q1 2023, with steady private consumption offsetting the downward pressure from sluggish exports.
  • Japan’s real GDP is expected to expand by 1.2% in FY2022, 1.0% in FY2023, and 1.6% in FY2024.

Real Estate Market
 
  • Tokyo grade-A office rents continue to decline. The vacancy is expected to increase due to new supply.
  • Multifamily rents in Tokyo increase modestly or level off depending on the size.
  • The hotel market recovered to the pre-COVID level.
  • Retail sales are recovering, driven by solid consumption of inbound tourists.
  • Population inflow to Tokyo recovered to the pre-COVID level.
  • Logistics markets eased due to the large supply in both Greater Tokyo and Greater Osaka.

Capital Market
 
  • J-REIT Index declined by 5.7% q-o-q in Q1 2023, trading at a price to NAV ratio of 0.90x, dividend yield at 4.2%, and dividend and JGB spread at 3.9% in March 2023.
  • J-REITs acquired property assets totaling JPY367 billion in Q1 2023 (2% 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.

(2023年05月15日「不動産投資レポート」)

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    【Japan Real Estate Market Quarterly Review-First Quarter 2023】【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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