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Capital Markets, Funds Management, Japan, Real Estate - Wednesday, October 1, 2008 20:27 - 0 Comments
Dark clouds for Japanese real estate
Liquid Real Estate, Euromoney magazine, October 2008
Conditions are turning tough in Japanese listed real estate. The TOPIX Real Estate index dropped 23% from mid-May (its peak so far this year) to the end of August, and the TSE REIT index is down 32.2% year to date.
In global terms, that’s actually not that bad, but the pressure appears to be towards continuing decline. Office vacancy rates are rising in Tokyo and have been doing so for six months now, surprising some analysts. “The recent pace of the rise in the Tokyo office vacancy rate has been faster than we initially expected and while we believe the current pace is likely to slow down towards the beginning of 2009, it may rise towards mid 4%, getting closer to 5% in 2010,” notes Macquarie analyst Hiroshi Okubo. Continue…
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