Japan Real Estate Market Quarterly Review-First Quarter 2025

金融研究部主任研究員佐久間誠

Summary

Macro Economy

In Q1 2025, Japan’s real GDP is expected to decrease by 0.2% q-o-q (annualized 0.9% decrease), as a surge in imports dragged down net exports.
Japan’s real GDP is expected to expand by 1.1% in FY2025, and 1.2% in FY2026.

Real Estate Market

Tokyo office rents are rising faster, signaling recovery; other major cities also remain on a recovery path.
In Tokyo 23-ku, multifamily rents gaining upward momentum, supported by rising sale prices and wage growth.
In the retail sector, domestic demand remains subdued and inbound spending is slowing due to a stronger yen and global concerns.
Vacancy trends in logistics markets are diverging between Tokyo and Osaka.
Hotel stays up on inbound demand, but high rates limit domestic travel.

Capital Market

J-REITs gained on buying interest driven by perceived undervaluation.
J-REITs acquired property assets totaling JPY380 billion in Q1 2025 (-25% 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
2025/05/13	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
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

日付

タイトル

執筆者

媒体

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