The Monthly Edition
Transactions: 2020
Staying Afloat
Transaction volume up, difference among sectors conspicuous
Occupier Market
Offering Flexible Conditions
Rent decreases in nine areas of Tokyo and Kanagawa
Market Knowledge
Apartment Rents Down But Investment Up
Leasing Management Consulting: "Unit Price per Tsubo and Key Money for Rental Apartments in Five Major Wards of Central Tokyo (End of November 2020)"
Deals Roundup
AXA acquires rental residences in Tokyo for Y70bn
Relocation Update | News Digest

Local Markets: Fukuoka
Deregulation for Regeneration
City grants more FAR, pushes developers to design 'corona-free' buildings
Analyst Survey
Forecasting the New Normal
Office space demand will weaken, but rate of decline will slow
Market Knowledge
Listed REIT AUM Exceeds 20 Trillion Yen
The Association for Real Estate Securitization (ARES): "Monthly Report (November 2020)"
Deals Roundup
Blackstone acquires 18 properties from PAG for Y110bn
Relocation Update | News Digest

Under Construction Survey
Medium-Sized Office Projects Stay Strong
Construction starts for 74 projects in Tokyo and 51 projects in Yokohama
Market Knowledge
Changing Relocation Dynamics
Xymax Real Estate Institute: "Investigation on the Relocation Trend of Companies"
Deals Roundup
GLP J-REIT to acquire Yokohama property for Y24.27bn
Relocation Update | News Digest

Area in Focus: Ginza
Changing Retail Cityscape
Tenants move out, store rents turn downward
Transactions: 3Q 2020
Unclear Outlook
Recovery in sales transactions led by logistics
Occupier Market
Necessity Versus Need
Shibuya-ku rents fall as tenants shrink office footprints
Interview
Act on Subleased Rental Housing
Q&A with attorney Masahito Saeki
Market Knowledge
Potential Office Vacancy Nearly 5%
Commercial Property Research Institute: "Office Market Vacancy Rate Report"
Deals Roundup
Toyobo Building in Osaka transferred from PGIM to Gaw Capital
Relocation Update | News Digest

Topics: Retail Market
Changing Store Opening Strategies
Sought-after specs and locations in post-COVID era
Occupier Market
99% Occupancy at New Completions
Sense of slowdown for ongoing developments
Market Knowledge
90% of Owners Receive Rent Reduction Requests
Daiwa Real Estate Appraisal: "Survey Results on Rent Reduction/Exemption Requests"
Deals Roundup
Mitsui's logistics REIT to acquire Ibaraki City property for Y58.9bn
Relocation Update | News Digest

Local Markets: Nagoya
Demand Shift Under Pandemic
Store rents decrease, development site transactions in Meieki area
Under Construction Survey
111 Starts in Tokyo and Yokohama
Senkyaku Banrai Facility project in Toyosu Market launched
Topics
Q&A on Emergency Rent Support Program
Interview of Mori Hamada & Matsumoto attorney Masahito Saeki
Market Knowledge
Ginza Retail Rents Finally Decrease
Cushman & Wakefield: "Q2 2020 Retail MarketBeat"
Deals Roundup
AXA IM and ESR fund acquires Amazon occupied logistics facility
Relocation Update | News Digest

Transactions: 2Q 2020
Diverse Impact
COVID-19 hits market, sales amount decreased by 60% YoY
Topics
Caution Ahead
Seven indicators point to trouble in residential market in a year
Occupier Market
Telework Influencing Market
Vacancy rate increases conspicuously in Shibuya Ward
Market Knowledge
Signs of Recovery
Daiwa Real Estate Appraisal: "Leading Indicator of Real Estate Transaction Market (Change in Number of Inquiries for Appraisal)"
Deals Roundup
Apparel company Sanyo to sell Ginza flagship store
Relocation Update | News Digest

Local Markets: Osaka
Major Deal After Major Deal
Office transactions quietly strong despite uncertainty
Analyst Survey
Forecasts Dramatically Change
Inevitable market deterioration in 2021, but no significant fall in rent
Topics: Coronavirus
Who Bears the Cost?
Owners worry as tenants call for rent reductions
Market Knowledge
Real Estate Prices Amid COVID-19
Sumitomo Mitsui Trust Research Institute: "Understanding the Fluctuation of Real Estate Prices in March 2020 from Daily PPI - Impact of COVID-19 -"
Deals Roundup
AXA acquires Nagoya rental residence for Y20bn
Relocation Update | News Digest

Survey
New Peak of Office Supply Around 2025
Development underway for 96 buildings, 10.22 million m2 GFA
Under Construction Survey
Large Developments Commence
Construction starts for 1.67 million m2 GFA in 17 projects
Market Knowledge
COVID-19 Impact on 2020 Investment Policies
CBRE: "Japan Investment Major Report - Investor Intentions Survey 2020"
Deals Roundup
Goldman private REIT purchases Shibaura office building
Relocation Update | News Digest

Transactions: 1Q 2020
Sales Transactions at Five Year High
Sense of caution over REIT market conditions
Occupier Market
Woes Yet to Come
Rent increased in 12 areas
Market Knowledge
Private Fund Market Surpasses 20 Trillion Yen
Sumitomo Mitsui Trust Research Institute: "Survey on Private Real Estate Funds in Japan January 2020 - Results"
Deals Roundup
Prologis private fund to acquire four logistics facilities for Y50bn
Relocation Update | News Digest

Feature: Coronavirus
No Light in Sight
Epidemic casts shadows on hotel and retail sales
Trends
Social Impact
ESG investments take root with 150 billion yen in green bonds issued
Occupier Market
High Occupancy Continues
But market braces for rapid changes in conditions
Deals Roundup
French luxury conglomerate Kering acquires Omotesando building
Relocation Update | News Digest

Feature: 2019 Rents
Shibuya Leads Market
Increase in personnel and workstyle reform promote relocations
Under Construction Survey
Large Reconstructions Underway
Progress in 83 projects in Tokyo and 46 projects in Yokohama
Market Knowledge
Global Investment Targets Tokyo, Osaka
ANREV: "Global Investment Intentions Survey 2020"
Deals Roundup
Norway fund buys $740 mn chunk of Tokyo office
Relocation Update | News Digest

Transactions: 2019
Market Led by Logistics
Diversification progresses beyond office buildings
Occupier Market
Strong Rents in Tokyo CBD Peripheral Areas
Upper limit at 54,000 yen per tsubo in Tokyo Station area
Market Knowledge
Record Percentage Rent Revisions
Mori Building: "2019 Survey of Office Needs in Tokyo's 23 Wards"
Deals Roundup
Blackstone buys back residential portfolio of Anbang Insurance Group
Relocation Update | News Digest

Feature: Tech
Emergence of Flexible Workplaces
Short-term office lenders gain momentum with WeWork's downfall
Local Markets: Fukuoka
Launch of Hakata Redevelopment
Deteriorating Japan-South Korea relations shaking up hotels
Analyst Survey
Mass Supply Not an Issue
Rent peak in 2H of 2020, caution over macroeconomic trends and secondary vacancies
Market Knowledge
Record High Logistics Facilities Demand in Greater Tokyo Area
Ichigo Real Estate Service: "Industrial Market Research October 2019"
Deals Roundup
Nuveen JV acquires Amazon logistics facility from Blackstone
Relocation Update | News Digest

Case Study
New Look for Old Office Buildings
Mitsubishi, Sumitomo to strive to attract long-term tenants
Under Construction Survey
Over a Million m2 GFA Underway
Launch of 82 projects in Tokyo and 36 projects in Yokohama
Market Knowledge
Smallest Ever Office Space Allocation
Xymax Real Estate Institute: "Office Space per Person 2019"
Deals Roundup
Dai-ichi Life acquires 47% of massive apartment tower
Relocation Update | News Digest

Feature
WeWork Bailout
SoftBank steps in to save stumbling co-working giant
Area in Focus: Ginza
Luxury Transactions Galore
Local apprehensions regarding partiality towards retailers
Transactions: 3Q 2019
Flat Despite Strong Appetite
Bulk transactions continue with hope for recovery of REITs
Occupier Market
Shinagawa Highly Evaluated
Upper limit at 53,000 yen per tsubo in Tokyo Station area
Market Knowledge
Tokyo Ranked Second in Innovation
JLL: "Innovation Cities in the World"
Deals Roundup
CBRE GI acquires floors in Harumi Triton
Relocation Update | News Digest

Feature
Rise of Pop-Up Stores
Increasing demand for urban retail facilities
Occupier Market
Filling Up Quickly
Occupancy 90% at 56 new buildings, 60% of uncompleted buildings full
Market Knowledge
Little Vacancy Impact from 2023 Mass Supply
NLI Research Institute report: "Current Status and Forecast of 'Central Tokyo Class A Building Market' (August 2019)"
Deals Roundup
LaSalle Logiport to buy factory-converted into warehouse
Relocation Update | News Digest

Local Markets: Nagoya
Zero Vacancy Propels Redevelopments
Old city-center fights back with new building plans
Under Construction Survey
Few Large-Scale Projects
Launch of 78 projects in Tokyo and 52 projects in Yokohama
Market Knowledge
Active Student Housing
TMAX Valuation research report: "Due Diligence of Rental Residences for Students"
Deals Roundup
CBRE GI replaces Osaka landmark office with 18 residences
Relocation Update | News Digest

Transactions: 2Q 2019
Large Properties at Higher Prices
The opportunity for sales spreads
Occupier Market
Demand for Large-Scale Spaces
Candidate tenants rush for high grade buildings in Shibuya
Market Knowledge
Real Estate Loans Increasing with Caution
CBRE: "2019 Lender Survey"
Deals Roundup
South Korean fund acquires new Hanzomon office occupied by WeWork
Relocation Update | News Digest

Local Markets: Osaka
Developments along Midosuji Boulevard Resume
Hotel market enters adjustment period
Analyst Survey
Rents to Keep Rising in 2019
Increasing apprehension of macroeconomy
Market Knowledge
Yokohama Office Rent Rise Expected
CBRE: "Japan's Emerging R&D Hub Yokohama Minato Mirai"