Japan Real Estate Market Quarterly Review-Fourth Quarter 2023

佐久間誠

Summary

Macro Economy

Japan’s real GDP is expected to increase by 0.2% q-o-q (annualized 0.9% decrease) in Q4 2023, the first positive growth in two quarters.
Japan’s real GDP is expected to expand by 1.5% in FY2023, 1.3% in FY2024, and 1.1% in FY2025.

Real Estate Market

Tokyo office market shows signs of bottoming out, but too early to tell if rents will rebound
In Tokyo 23-ku, multifamily rents continue to increase in all types
Retail sales continue to increase driven by inbound consumption and high-end spending
Population inflow trends to Tokyo recovered to the pace slightly below 2019 levels
The number of guests exceeded the level pre-COVID, driven by strong inbound demand
Vacancy rates are rising in both Greater Tokyo and Greater Osaka

Capital Market

J-REIT Index decreased by 2.8% q-o-q in Q4 2023, trading at a price to NAV ratio of 0.89x, dividend yield at 4.3%, and dividend and JGB spread at 3.7% in December 2023
In 2023, J-REIT's acquisitions increased by 25% y-o-y, exceeding the ¥1 trillion mark for the first time in two 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