Japan Real Estate Market Quarterly Review-Second Quarter 2024

金融研究部主任研究員佐久間誠

Summary

Macro Economy

In Q2 2024, Japan’s real GDP is expected to increase by 0.8% q-o-q (annualized 3.0% increase), the first positive growth in two quarters
Japan’s real GDP is expected to expand by 0.7% in FY2024, and 1.1% in FY2025

Real Estate Market

In the Tokyo office market, there are clear signs that rents have bottomed out
In Tokyo 23-ku, multifamily rents are steadily increasing
Retail sales are continuously increasing due to the strong growth in inbound consumption
The vacancy rate in the Greater Tokyo logistics market remains high due to the impact of new supply
Although domestic tourists demand has stagnated, inbound demand is driving the number of guests to exceed pre-COVID levels

Capital Market

J-REITs remained weak towards the end of the period, amid heightened caution about rising interest rates
J-REITs acquired property assets totaling JPY238 billion in Q2 2024 (-0.7% decrease 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
2024/09/10	賃料重視へのノルム転換	佐久間誠	研究員の眼
2024/09/06	成約事例で見る東京都心部のオフィス市場動向（2024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
2024/08/14	Japan Real Estate Market Quarterly Review-Second Quarter 2024	佐久間誠	不動産投資レポート
2024/07/16	日本のオフィス市場のコナンドラム－賃貸・売買・J-REIT市場の不整合	佐久間誠	不動産投資レポート

日付

タイトル

執筆者

媒体

2024/09/10

賃料重視へのノルム転換

佐久間誠

研究員の眼

2024/09/06

成約事例で見る東京都心部のオフィス市場動向（2024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