Japan Real Estate Market Quarterly Review-First Quarter 2024

金融研究部主任研究員佐久間誠

Summary

Macro Economy

In Q1 2024, Japan’s real GDP is expected to decrease by 0.4% q-o-q (annualized 1.6% decrease), the first negative growth in two quarters
Japan’s real GDP is expected to expand by 1.3% in FY2023, 1.0% in FY2024, and 1.1% in FY2025

Real Estate Market

Tokyo office market emerges from adjustment phase, showing signs of recovery
In Tokyo 23-ku, multifamily rents continue to rise steadily
Retail sales continue to increase, driven by robust inbound consumption, particularly in department stores
The number of guests has consistently remained above pre-pandemic levels, resulting in significant improvements in hotel revenues
Vacancy rates in Greater Tokyo logistics markets reached the highest level in 12 years since 2012

Capital Market

J-REIT Index decreased by 0.7% q-o-q in Q1 2024, trading at a price to NAV ratio of 0.89x, dividend yield at 4.4%, and dividend and JGB spread at 3.7% in March 2024
J-REITs acquired property assets totaling JPY509 billion in Q1 2024 (39% 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
2025/03/07	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
2025/02/14	Japan Real Estate Market Quarterly Review-Fourth Quarter 2024	佐久間誠	不動産投資レポート
2025/02/12	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	不動産投資レポート

日付

タイトル

執筆者

媒体

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