Real Estate & Urban Developers in Japan: Key Research Findings 2023

Real Estate & Urban Development Invigorated as COVID-19’s Influence on the Economy Loosens

Yano Research Institute (the President, Takashi Mizukoshi) has conducted a survey on the trends of real estate and urban development by domestic real estate developers, and found out the market outline, the trends of market players, etc.

Summary of Research Findings

In expectation for increase in demand in tandem with the Tokyo 2020 Olympic and Paralympic Games, the market saw massive supply of new office buildings and building complexes between 2018 and 2020 chiefly in metropolitan areas. Although construction of large-scale new office buildings started to slowdown from 2020 due to COVID-19 crisis, it is forecasted to turn for the better again between 2023 and 2025 with completion of huge projects are in city areas that involve remodeling and rejuvenation.

Moreover, against the backdrop of growing consciousness around carbon neutrality at tenant companies in the global trend of decarbonization, the moves of real estate developers to align their development projects to climate ambitions like energy-saving and use of renewable energy are frequently observed.

Noteworthy Topics

Real Estate Developers Accelerate Property Developments as Pandemic's Grip on the Economy Appears to be Loosening

Real estate companies of Zaibatsu group or major financial groups are strengthening the development of condominiums and office buildings, especially in Asian countries where the market is growing rapidly.

Railway-based developers (businesses whose parent company is a railroad company that promotes urban development along its railroad lines and in areas and towns around its stations) are accelerating their terminal station redevelopment plans in response to the growing needs to rebuild major terminal stations and department stores adjacent to the stations.

On the other hand, developers other than the above are widening their range of property developments in the domestic market to manage business risks, expanding to applications such as hotels, logistics facilities, and data centers.

Research Outline

1.Research Period: January to April 2023
2.Research Object: Real estate & urban developers
3.Research Methogology: Face-to-face interviews by our expert researchers (including online interviews) and literature research

What is a Real Estate Developer?

In this research, a real estate developer indicates an establishment that is defined as ‘Real estate agencies’ or ‘Real estate lessors and managers’ in the “Survey on Service Industries” by the Statistics Bureau, Ministry of Internal Affairs and Communications, which has more than 300 employees.

<Products and Services in the Market>

Real estate agencies (land and buildings), real estate intermediaries, real estate lessors, real estate managers

Published Report

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