Japan Real Estate Market Quarterly Review-Second Quarter 2023

金融研究部主任研究員佐久間誠

Summary

Macro Economy

Japan’s real GDP is expected to increased by +0.8% q-o-q (annualized 3.1% increase) in Q2 2023, bolstered by robust exports in both goods and services.
Japan’s real GDP is expected to expand by 1.0% in FY2023, and 1.6% in FY2024.

Real Estate Market

The office market's stability remains uncertain amid increasing new supply.
Tokyo multifamily are seeing renewed acceleration.
Retail sales rebounds, supported by solid consumption of inbound tourists.
Population inflow to Tokyo approaching to pre-COVID levels.
The hotel market anticipates complete recovery as Chinese group travels return.
In Greater Tokyo logistics markets, vacancy rates remain elevated due to large supply.

Capital Market

J-REIT Index increased by 4.3% q-o-q in Q2 2023, trading at a price to NAV ratio of 0.93x, dividend yield at 4.1%, and dividend and JGB spread at 3.7% in June 2023.
J-REITs acquired property assets totaling JPY240 billion in Q2 2023 (115% 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.

日付	タイトル	執筆者	媒体
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
2025/02/26	成約事例で見る東京都心部のオフィス市場動向（2024年下期）－「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

日付

タイトル

執筆者

媒体

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