The Monthly Edition
In-depth analysis reports delivered in a form of PDF publication
May 2013, Issue 46
Feature
Q&A on Healthcare Property Market
Why are complex, small assets attracting attention of institutional investors?
Perspective
Japan from the German Point of View
Why Europe is investing in Japan
Occupier Market
Tokyo Rents Reach 3-Year High
Still flat in Yokohama and Osaka
Survey
Overseas Acquisitions Double
Market Knowledge
REIT Q1 Acquisitions Surpass All of 2012
April 2013, Issue 45
Local Markets: Sendai
Booming City
Housing supply and demand tightens two-years after quake
Contribution
Indexing Abenomics
Do news articles predict future of real estate prices?
Event Coverage
Quiet Confidence
MIPIM 2013 shown signs of recovery in investment appetite
Office Market
New Office Building Occupancy
Secured tenant rates of buildings completed in 2012 reach 80%
Errors in the building names on page 16 corrected (April 22)
March 2013, Issue 44
Feature: 2012 Transactions
Recovery Ahead of Economy
Fueled by surging stock prices, REITs play the leading role in 2012
Analysis: 2012 Rents
Relocation Cases Tripled
Declining rents progress while Class-A buildings turn upward
Market Knowledge
Concerns Recede Over Logistics Facilities
February 2013, Issue 43
Interview
Bid Timing was Key
Former Shinsei Bank Head Office Building reconstruction project
Contribution
Employment in Real Estate Funds
Good job opportunities for young people with communication and language skills
Topics: Financing
Favorable Winds for REITs
Sudden drop in interest rates for REITs, non-recourse loans center on refinancing
Office Rents
Non-uniform Recovery
Rents increasing in Tokyo but slow turnover in Yokohama and Osaka
January 2013, Issue 42
Feature
Recovery at Last?
Views of 18 analysts mostly agree on rent rise in latter half of 2013
Topics: MIPIM Asia Report
Future Uncertainty in Shadows of Optimism
Flickering signs of further economic slowdown in the U.S. and China
Case Study
Renewal of Vitality
Commercial facility expects 30% revenue increase with tenant reshuffling and renovations
December 2012, Issue 41
Feature: 3Q 2012 Transactions
Spurring Hotel Investments
Primary activity led by developers and foreign capital
Local Markets: Fukuoka
Urban Concentration Attracts Investment
Continuous population inflow energizes housing and retail
Topics
Evolution of Serviced Offices
How Mitsui Fudosan and Mori Building answer small office demand
Rents and Relocations: Minato Ward, Osaka City
November 2012, Issue 40
Survey
Nearly a Third Intend to Relocate
Popularity of Toranomon surges but Marunouchi area still top choice
Area in Focus
Hotel Deals Take Lead in Ginza
Renewing of hotels, hints of transaction prices hitting bottom
Insights
Clearing the Air
Reason behind low transparency of Japanese real estate market
Rents and Relocations: Shibuya Ward, Yokohama City and Kawasaki City
October 2012, Issue 39
Feature
BCP Now the Norm
57 mid-sized office building projects in central Tokyo
Survey
Office Tenants Cry for Discount
Rent-free periods averaging nearly four months but rents still viewed as high
Market
Recovery of Investment Momentum
Upcoming formation of new funds and REITs
Rents and Relocations: Chiyoda Ward, Eastern Wards of Tokyo
September 2012, Issue 38
Feature: Q2 2012 Transactions
Sales Activities Buoyed by REIT Listings
Drop in property prices also spurring investment
Survey
Post-Quake Tenant Needs
60% dissatisfied with opaque electricity fees
Rents and Relocations: Shinagawa Ward, Western Wards of Tokyo
August 2012, Issue 37
Feature
Getting Over the Over Supply?
Relocation activity and 60% occupancy secured at new largescale buildings
Local Markets
Signs of End to Slump in Nagoya
Appetite up for rental apartments, though large developments a concern
Rents and Relocations: Chuo Ward, Saitama City
July 2012, Issue 36
Feature
Flickers of Light in Osaka Market
Demand and supply balance tightening, under-valued properties drawing attention
Topics: Green Buildings
Step Forward for Environmental
Older buildings score high in trial CASBEE for Market Promotion
Rents and Relocations: ShinjukuWard, Chiba City
June 2012, Issue 35
Feature
Pre-Quake Activity Returns
Transactions increase in Q1 2012 with active logistics investments
Survey
Tokyo Office Buildings in the Works
Emergence of fewest new plans in recent years, vacancy rate to hit ceiling
Trends
Dissolution of German Funds
Open-ended funds to sell assets in Japan
Rents and Relocations: Minato Ward, Osaka City
May 2012, Issue 34
Feature
Post-Quake Performance Enhancements
Developers and operators contribute to disaster prevention and BCP
Rents and Relocations: Shibuya Ward, Yokohama City and Kawasaki City
April 2012, Issue 33
Feature: Office Market
New Completions Keep Rents Submerged
Secondary vacancies becoming pronounced in some areas
Event Coverage
Cautious Optimism
Sense of regained confidence spreading among investors at MIPIM 2012
Interviews
Japan Seen as Buyer's Market
European funds discuss post-earthquake investment in Japan
Case Study
Payback on Lighting
Power saving that both owners and tenants appreciate
Rents and Relocations: Chiyoda Ward, Eastern Wards of Tokyo
March 2012, Issue 32
Feature
Changing Currents
Earthquake hits transactions but momentum gained in 2H of 2011
Case Study
Renovation with Sound Profitability
Closed office converted into "music" concept share house
Rents and Relocations: Shinagawa Ward, Western Wards of Tokyo
February 2012, Issue 31
Feature
Bullish or Bearish?
Views of 17 analysts, half forecast occupancy recovering in 2012
Feature: Green Office Buildings
Are Environmental Measures Paying Off?
Impact of environmental certification on appraisal value
Local Markets: Sendai
Hopes Rise on Reconstruction
Demand boosted for newer buildings in the city near the epicenter
Rents and Relocations: Chuo Ward, Saitama City
January 2012, Issue 30
Feature
Logistics Market Enters Next Phase
Major players recommence new developments
Area in Focus
Omotesando No Longer Dormant
Land being traded, vacancies decline with lowered prices
Rents and Relocations: Shinjuku Ward, Chiba City
December 2011, Issue 29
Feature
Chinese Money
Greater expectations but myriad of issues to up Chinese investment in Japan
Analysis: 3Q Transactions
Post-quake Market Led by REITs
Establishment of funds also becoming active
Local Markets: Fukuoka
Increased Transactions among Local Companies
Returning investment appetite from Tokyo and foreign capitals
Rents and Relocations: Minato Ward, Osaka City
November 2011, Issue 28
Feature
Expectations behind Real Estate Indices
New key indices released to play a role in developing major investors
Area in Focus
Ginza Still Seeking to Regain its Glitter
Lingering price gap keeps market stagnant, despite some land deals
Topics
Cost Saving from Power Saving - Who Should Benefit?
Landlord rewards tenants for power-saving efforts
Rents and Relocations: Shibuya Ward, Yokohama City and Kawasaki City
October 2011, Issue 27
Feature: Office Development
Few New Mid-sized Office Buildings
Decreasing development of office buildings, though BCP influence is evident
Feature: Green Office Buildings
Green 100-year Buildings on the Rise
Controlling light and wind makes energy-saving possible
Rents and Relocations: Chiyoda Ward, Eastern Wards of Tokyo
September 2011, Issue 26
Feature: Green Ranking
The Greenest Office Buildings
High performance buildings thrive in 2011 onward
Analysis: 2Q 2011 Transactions
Property Transactions Fewest in Two Years
While domestic activities slow down, investment overseas is becoming active
Rents and Relocations: Shinagawa Ward, Western Wards of Tokyo
August 2011, Issue 25
Feature: Survey
Did the Earthquake Rattle Foreign Investors?
Investment in Japan shows no sign of decline despite 24% suffering building damage
Local Markets: Nagoya
More Opportunities But¡Ä
Unsold land of bankrupt companies start to sell, though transactions remain slow
Inside Story
Troubles with Development-Type Securitization
Mitsubishi JV goes under, fails to open new building
Rents and Relocations: Chuo Ward, Saitama City
July 2011, Issue 24
Feature: Osaka Market
Light at the End of the Tunnel
Supply-demand tightens with North Yard completion in sight
Area in Focus
Active Development in Toranomon
Winds of anticipation as McArthur Road approaches completion
Rents and Relocations: Shinjuku Ward, Chiba City
June 2011, Issue 23
Feature: 1Q 2011 Transactions
Shadow Cast by Earthquake
Just as the market was becoming active, the disaster hit
Survey: Tokyo Development
Plans for 119 Office Buildings
Over a million square meters per year even after peak in 2012
Trends: Earthquake
Post-3/11 BCP
Relocations to Kansai subsiding as focus shifts to long-term business continuity
Rents and Relocations: Minato Ward, Osaka City
May 2011, Issue 22
Feature
Damage Assessment
Physical damage to properties limited, economic impact could spread
Interview
Post-Earthquake Outlook
CBRE consultant sees investment to Japan remaining stable over long term
Topics: Global perspecitve
German Funds Brace for Tightened Regulations
Three funds to dissolve, properties in Japan to be sold
Rents and Relocations: Shibuya Ward, Yokohama City and Kawasaki City
April 2011, Issue 21
Interview
Tokyo Open-Door Policy
Chairman of Mitsubishi Estate gives views on international competition between cities
Topics: Relocation
Leasing in the Green Age
Uniqlo moves fast and cheap by eliminating restoration costs
Local Markets: Sapporo
Local Players Dominate the Market
Event Coverage: MIPIM 2011
Rents and Relocations: Chiyoda Ward, Eastern Wards of Tokyo
March 2011, Issue 20
Analysis: 2010 Transactions
Lower Prices, Higher Activity
Property prices 30% below their peaks, foreign capital in active markets
Analysis: 2010 Rents
Office Demand Increased in Latter Half
Closing rents for large buildings remained flat
Rents and Relocations: Shinagawa Ward, Western Wards of Tokyo
February 2011, Issue 19
Feature: Office Market
Market Forecast for 2011-2013
Rents and occupancies to climb, fears over relentless supply
Sector Analysis: Residential
The Tokyo Rental Housing Market in 2010
"Key money" continues to fall with signs of recovery in closing rents
Rents and Relocations: Chuo Ward, Saitama City
January 2011, Issue 18
Interview
Investment in a Deflationary Environment
Professor Kawaguchi lectures on creation of opportunities in the new norm
Topics: Financing
Domestic Real Estate Loans Down 1 Trillion Yen
Lending attitude more accommodative, careful selection of borrowers continues
Rents and Relocations: Shinjuku Ward, Chiba City
December 2010, Issue 17
Analysis: 3Q 2010 Transactions
Housing Clearly Becoming Affordable
Now the race to acquire land in central Tokyo is heating up
Local Markets: Fukuoka
Bullet Train Expected to Recharge Market
The worst is over, but fund transactions yet to be seen
Inside Story: Offstage Arrangement of Y33bn Bulk Sale Comes to Light
Last word: Barbell Strategy is the Only Option for Japan, China
Rents and Relocations: Minato Ward
November 2010, Issue 16
Area in Focus: Ginza
Funds Remain Silent
Development stagnant in premium shopping district
Case Study: Renovation
LED Lights Raise Revenue, Occupancy, Energy Efficiency
Energy conservation of 25% achieved with the new technology
Rents and Relocations: Shibuya Ward, Eastern Wards
October 2010, Issue 15
Trends: Investment
Waiting for the Giant to Awake
What will ignite real estate investment by Japanese pension funds holding 350 trillion yen?
Analysis: Office Market
The Long Road to Recovery
Vacancy peak still to come, rental revenue to hit bottom in 2011
Rents and Relocations: Chiyoda Ward
September 2010, Issue 14
Local Markets: Osaka
Repeated Openings of Fashion Outlets
Shinsaibashisuji Shopping Arcade attracts increasing visitors amid downturn
Analysis: 2Q 2010 Transactions
Flood of Market Entries from Asia
Changing lineup of players
Last Word
Prime Minister Kan: A Little-Known Expert on Land Policy
Rents and Relocations: Shinagawa Ward, Saitama City
August 2010, Issue 13
Report: Rating
Top 50 Tokyo Office Buildings
Most highly rated buildings in Marunouchi and Otemachi
Local Markets: Nagoya
Funds Switching from Buyers to Sellers
Large developers starting to develop for-sale condominiums
Rents and Relocations: Chuo Ward
July 2010, Issue 12
Trends: Finance
Concerns Ease over Upcoming Waves of Redemptions
Processing of ¡È2010 Problem¡É continues without trouble
Analysis: Building Specs
Rush of High Spec Buildings in Past Five Years
Thirty percent of building stock less than ten years old
Topics: Office Market
Tenants on the Move
Transfers to new buildings to consolidate offices continue
Rents and Relocations: Shinjuku Ward, Tama Area
June 2010, Issue 11
Survey: Tokyo Development
Plans For 126 Office Buildings Progressing
Suspension of large projects limited, completions to peak in 2012
Analysis: 1Q 2010 Transactions
REITs Back to Life as Buyers
Acquisitions exceed 150 billion yen, deals for condos also become active
Rents and Relocations: Minato Ward
May 2010, Issue 10
Local Market: Osaka
Distressed Properties Piling Up
Umeda Kita Yard Project launches with boatload of anxieties
Topics: Legislation
Early Environmental Due Diligence Needed
Will excessive, costly measures disappear?
Rents and Relocations: Shibuya Ward, Yokohama City and Kawasaki City
April 2010, Issue 9
Interview: J-REIT Market
After the Burst of the Growth Myth
Key to recovery is increased freedom in capital strategy
Event Coverage
MIPIM 2010
Investors display both fresh optimism and healthy skepticism
Interview
Union Investment to Focus on Tokyo Again
Open-end funds after the financial crisis and investment strategies in Japan
Rents and Relocations: Chiyoda Ward
March 2010, Isuue 8
Analysis: 2009 Transactions
Number of Deals Back on the Rise
Sales of apartments emerge, vintage matters with resale prices
Analysis: 2009 Rents
Rents of Major Office Buildings Collapse
Rents fall by almost 20,000 yen per tsubo around Tokyo Station
Rents and Relocations: Shinagawa Ward, Western Tokyo
February 2010, Issue 7
Topics: Office Market
Market Forecast for 2010-2012
Rising occupancy in large buildings, rents stabilized at apparent floor
Interview
Concern over Double Dip Blocks Investment
Professor Kawaguchi stresses need for liquidity
Rents and Relocations: Chuo Ward
January 2010, Isuue 6
Topics: Global Perspective
Wait and See Approach
Overseas funds are "Japan passing,"waiting for signs of a rebound
Trends: Office Market
Green Building Law May Burden Landlords
Property owners hustle to adopt CO2 emissions regulations
Rents and Relocations: Shinjuku Ward, Chiba City
December 2009, Isuue 5
Transaction Analysis: 3Q 2009
Freefall Slowing
Increase in troubled assets, decrease in transactions halting
Local Markets: Fukuoka
Fukuoka Struggles, Looking to Spur Demand
Transactions stagnant, but activity aimed at redevelopment showing signs of life
Topics: Auctions
Activating the Real Estate Market
Foreclosure auctions enjoy growing presence as sourcing means
Rents and Relocations: Minato Ward
November 2009, Isuue 4
Trends: Finance
Dilemma of CMBS Refinancing
Funds face headwind with maturity rush in 2010, but no fire sale?
Tokyo Sub-markets
Ginza On the Market
Leading buyers shift from funds to individuals as main street prices drop
Rents and Relocations: Shibuya Ward, Eastern Tokyo
October 2009, Isuue 3
Sector Analysis: Retail
Greater Disparity in Fashion Districts
Omotesando rents drop 30% on back streets while casual brands rush to grab prime locations
The Pro's Perspective on Developing Retail
Importance of pedestrian traffic and development from tenants' perspective
Trends: Office Market
Increase in Vacancy Rates Finally Stopping
Rents and Relocations: Chiyoda Ward
October 2009, Isuue 2
Topics: J-REITs
First Two Mergers Signal Changing Times
If the market view is positive, are more to come?
Trends: Office Market
Going Up?
Signs of market bottoming as small office deals increase
Sector Analysis
Hourly Parking Business Woes
Parking lot operators search for new ways to improve performance
Rents and Relocations: Shinagawa Ward, Saitama City
September 2009, Isuue 1
Local Markets: Nagoya
Office Market Sours
Transactions and prices plunge, new development stalls
Local Markets: Yokohama
Development Slows to a Crawl
Minato Mirai developments frozen, yet office oversupply fears persist
Topics
Litigation in Marunouchi
Trouble erupts over ambiguous rider on rent increases
Rents and Relocations: Chuo Ward
