Japan Real Estate Market Quarterly Review-Fourth Quarter 2024

佐久間誠

Summary

Macro Economy

In Q4 2024, Japan’s real GDP is expected to increase by 0.3% q-o-q (annualized 1.0% increase), marking the third consecutive quarter of expansion.
Japan’s real GDP is expected to expand by 0.4% in FY2024, 1.1% in FY2025, and 1.2% in FY2026.

Real Estate Market

Tokyo office market sees solid demand, boosting rental growth expectations.
In Tokyo 23-ku, multifamily rents rise over 5% across all unit types, driven by continued urban population influx.
Retail sector remains resilient as inbound demand supports stable sales.
Logistics markets in Greater Tokyo sees elevated vacancy rates amid new supply.
Hotel market strengthens further amid expanding inbound demand.

Capital Market

J-REIT declines as rising interest rates and foreign investor selling weigh on sentiment.
J-REITs acquired property assets totaling JPY231 billion in Q4 2024 (+16% 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
2025/08/29	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