1、REPORTJAPANREAL ESTATECBRE RESEARCHASIA PACIFICMarketOutlook2025Intelligent Investment2CBRE RESEARCH 2024 CBRE,INC.Intelligent InvestmentAsia Pacific Real Estate Market Outlook 2025|JapanInvestmentSentiment among domestic investors and lenders was largely unchanged in 2024.Total commercial real esta

2、te investment volume for the year is set to exceed last years figure,topping JPY 4 trillion by a large margin.While CBRE expects investment volume to remain generally stable in 2025,this is predicated on only moderate increases in interest rates.Should the BoJ hike rates at a faster-than-expected pa

3、ce,purchasing activity could stagnate as investors recalibrate their cap rate targets.02OfficeThe trend for occupiers to upgrade their office working environments to attract and retain employees continued in 2024,pushing up office rents in almost all cities.With demand expected to stay robust,the po

4、larization of office rents based on factors such as building location and age should become even more pronounced.Vacancy rates are likely to be heavily influenced by new supply,with rents increasing in cities set to witness the addition of new stock at or below previous average levels.03LogisticsWhi

5、le the Greater Tokyo vacancy rate may remain high in 2025,the vacancy rates for Greater Osaka,Greater Nagoya,and Greater Fukuoka should either remain low or decline slightly.The regional diversification of logistics facilities in response to the“2024 problem”has led to a situation in which the outlo

6、ok differs significantly by area.However,with nationwide net absorption forecasted to reach around 1 million tsubo per annum in the coming years,Japans LMT logistics market is certain to continue to expand.04RetailIn 2024,vacancy rates declined in high streets nationwide as retailers in a wide range