The Monthly Edition

In-depth analysis reports delivered in a form of PDF publication
June 2022, Issue 155
Survey
Major Overhaul of Shinjuku Station Revealed

Large-scale development projects underway in Nihombashi and Shibuya

Under Construction Survey
Signs of Recovery

Construction starts for 34 office projects with 1.09 million m2 aggregate GFA

Market Knowledge
Still a Ways to Go

NLI Research Institute: "Long-Term Forecast of Sales of Retail Facilities (2)"

Deals Roundup
Morgan Stanley wholly owns large Minato-Mirai office building
Relocation Update | News Digest
Enlarge
May 2022, Issue 154
Transactions: 1Q 2022
Land Sales Boom

Transaction volume down 8% despite presence of mega deals

Occupier Market
Efforts to Prevent Move-Outs

Rent in Yaesu declines to 2017 level

Market Knowledge
"Corporate Office Transaction Volume Up"

Urban Research Institute: "Real Estate Topics March 2022 issue - Trend of Domestic Real Estate Sales Transactions in 2021 by Corporations"

Deals Roundup
Hulic acquires large Shinagawa office building from Hitachi
Relocation Update | News Digest
Enlarge
April 2022, Issue 153
Topics: Logistics
No Surprises Ahead

Heightened supply and demand balance awareness, yet sudden turmoil unlikely

Occupier Market
Status Quo of Securing Tenants

Occupancy rate of 34 newly completed buildings at 60%

Market Knowledge
Flexible Offices Spread to Suburbs

Xymax Real Estate Institute: "Flexible Office Market Survey 2022"

Deals Roundup
Blackstone sells Fukuoka shopping center
Relocation Update | News Digest
Enlarge
March 2022, Issue 152
Review: 2021 Rents
Heading Towards Post-Covid Market

Floor return by major companies creates opportunities for smaller tenants

Under Construction Survey
Developments Remain Strong

Construction starts for 1.03 million m2 aggregate GFA

Market Knowledge
Logistics Facility Supply-Demand Tightens

CBRE: "Japan Logistics MarketView Q4 2021"

Deals Roundup
CBRE IM to purchase Morinaga's former Tokyo Plant site
Relocation Update | News Digest
Enlarge
February 2022, Issue 151
Transactions: 2021
Market Led by Corporate Asset Sales

Sales transaction amount increases for third consecutive year

Occupier Market
Expanding Reductions

Rent decreases in Tokyo Station area

Market Knowledge
Different Covid Impact in Major Cities

Tanizawa Sogo Appraisal: "Impact of Covid-19 Crisis on Income Return - Trends and Forecasts of NOI by Use Using J-REIT Data -"

Deals Roundup
HKR sells Akasaka apartment to South Korean company
Relocation Update | News Digest
Enlarge
January 2022, Issue 150
Local Markets: Fukuoka
Office Market Still Strong

First Tenjin Big Bang property completed, signs of recovery in hotel investments

Analyst Survey
Leasing Activities to Regain Momentum

Occupancy rates and contracted rents will decrease slightly

Market Knowledge
Signs of Ginza retail rent recovery
Deals Roundup
KKR makes first Japan property investment in Osaka office

(Note: A part of Deals Roundup on page 21 was revised. - Jan. 13, 2022 11:30 JST)

Relocation Update | News Digest
Enlarge
December 2021, Issue 149
Under Construction Survey
60% of Construction Starts Residential

82 projects in Tokyo and 52 projects in Yokohama

Market Knowledge
Green Bond Issued Amount Increasing
Deals Roundup
JMF acquires Y42bn Akasaka office from Hulic
Relocation Update | News Digest
Enlarge
November 2021, Issue 148
Area in Focus: Ginza
Unseen Level of Store Vacancies

Luxury brands opening stores, but transactions at all-time low

Transactions: 3Q 2021
Investment Appetite Recovers

Sales transaction amount to return to pre-pandemic level

Occupier Market
Downward Trends Stand Out

Ebisu rents at record low since 2016, case of returning floors in stages

Market Knowledge
Signs of Office Demand Bottoming Out
Deals Roundup
AXA sells new Roppongi building to South Korean company
Relocation Update | News Digest
Enlarge
October 2021, Issue 147
Feature: Data Centers
Hyperscale Hotspots

Amazon, Google take up large-scale Tokyo metropolitan area facilities

Occupier Market
Securing Tenants Slows

Occupancy at 83% at 38 newly completed buildings

Market Knowledge
Regional Office Markets Fare Better than Tokyo
Deals Roundup
NTT Urban acquires large serviced-apartment in Shinagawa
Relocation Update | News Digest
Enlarge
September 2021, Issue 146
Local Markets: Nagoya
Office Acquisitions Alive and Well

Major transactions continue amid rents trending downward

Under Construction Survey
Residential at Two Year High

Large offices planned for Akasaka and Shinjuku

Legislation
Utilization of Unclaimed Land

Amendment of Civil Code and Real Property Registration Act

Market Knowledge
Retail Rent Rise Expected in Ginza and Omotesando

Cushman & Wakefield: "Retail MarketBeat Japan Q2 2021"

Deals Roundup
NBF acquires portion of Iidabashi Grand Bloom for Y78bn
Relocation Update | News Digest
Enlarge
August 2021, Issue 145
Transactions: 1Q 2021
Setting Up for Market Recovery

Increased investment appetite, but 2Q sales transactions below norm

Occupier Market
Tokyo Rents Dropping

Tokyo Station area lower limit drops to lowest level in six years

Market Knowledge
Sale and Lease Back Transactions Hit 200 Billion Yen

Urban Research Institute: "Real Estate Topics June 2021 'Sales Transactions of Domestic Real Estate by Corporations in Fiscal 2020', etc."

Deals Roundup
CapitaLand sells two retail facilities for Y42bn
Relocation Update | News Digest
Enlarge
July 2021, Issue 144
Local Markets: Osaka
Betting on Demand Bounce

Investors not concerned even by signs of potential land price collapse

Analyst Survey
Market Conditions to Level Off

Telework slowly pushes demand down

Market Knowledge
272 Trillion Yen Property Market

NLI Research Institute: "Size of Japan's Real Estate Investment Market (1)-(3)"

Deals Roundup
Dentsu selling headquarters for Y270bn
Relocation Update | News Digest
Enlarge
June 2021, Issue 143
Feature
Slew of Planned Projects

Development underway for 99 buildings, GFA of 10 million m2

Under Construction Survey
Large Nihombashi Project Starts

67 Tokyo projects and 58 Yokohama projects underway

Market Knowledge
Market to Turn to Recovery

Tanizawa Sogo Appraisal: "Real Estate Market Status (2021 Spring)"

Deals Roundup
Singapore REIT acquires HP Japan HQ
Relocation Update | News Digest
Enlarge
May 2021, Issue 142
Transactions: 1Q 2021
Signs of Buyers Willing to Invest

Sales transaction volume down, but supported by corporate asset sales

Occupier Market
More Tokyo Areas Decrease Rent

Attracting tenants by lowering rents at early stage

Market Knowledge
Investments to Increase

CBRE: "Japan Investor Intentions Survey 2021"

Deals Roundup
LG sells floors of Kyobashi Trust Tower for Y27bn
Relocation Update | News Digest
Enlarge
April 2021, Issue 141
Analysis
Vacancy Nightmare to Be Avoided

Floor reductions due to telework, but forecast of limited impact

Occupier Market
Seeking Tenants

Remote work slows demand at uncompleted buildings

Deals Roundup
Blackstone invests in eight Kintetsu-owned hotels
Relocation Update | News Digest
Enlarge
March 2021, Issue 140
Review: 2020 Rents
Turning Trend

Relocations canceled as tenants rethink strategies

Case Study
Betting on Rebound

Marimo teams with foreign company with eye on after corona era

Under Construction Survey
Highest Since June 2019

Construction starts for 133 projects with 1.76 million m2 aggregate GFA

Market Knowledge
REIT Implied Cap Rate Rises

TMAX: "J-REIT Market Review - Trends in Real Estate Cap Rates and Implied Cap Rates"

Deals Roundup
Goldman Sachs exits Fukuoka hotel property for Y8.5bn
Relocation Update | News Digest
Enlarge
February 2021, Issue 139
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
Enlarge
January 2021, Issue 138
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
Enlarge
December 2020, Issue 137
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
Enlarge
November 2020, Issue 136
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

LATEST NEWSMore