Two years have passed since CBRE Global Investors’ country manager, Tetsuya Fujita, published, “Cycling on: Japan’s real estate market is poised at the start of a cyclical upswing,” in the October 2012 edition of The Letter – Asia Pacific.CBRE Global Investors’ market analysis and forecasts were included in that Market Perspective, and we now have a chance to revisit the accuracy of the original piece and provide insight on where we are currently placed in the cycle.

Cyclical upswing examined

Our strong market call implied in the title of the October 2012 article was built on a few important premises that underpinned our forecasts of fundamentals and total returns. First was the demand-side variables, which we had forecasted would improve space ma