Research - MARCH 12, 2018

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Major Japanese office markets are thriving

by Jennifer Molloy

Japan’s class A office markets of Tokyo and Osaka have retained strong property fundamentals, according to JLL’s Japan Property Digest Q4 2017.

“The fundamentals — like ultra-low interest rates — which have shown to work will not change. If anything, more effort will be made to ensure that business sentiment remains high and inflation targets can be met,” said Takeshi Akagi, head of research, for JLL Japan, in the report.

In December 2017, rents were still rising in Osaka’s two class A wards of Kita and Chuo, but were near the end of the “rents rising” portion of JLL’s global office property clock and closing in on the beginning of the “growth slowing” segment of the cycle. In fourth quarter 2017, the class A office vacancy rate in these two wards was 1.9 pe

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