The Japan Real Estate Market View is part of a new series of short blogs authored by ANREV members, offering focused perspectives on specific real estate markets and sectors across Asia Pacific. Each paper provides timely insights into investment themes and strategic considerations, drawing on the deep expertise of industry practitioners. Further publications in the series will follow, with timelines to be confirmed.

As Japan moves deeper into a late cycle environment, real estate performance is increasingly driven by fundamentals and income growth. In this first blog of ANREV’s new series, Jerry Song from CBRE Investment Management shares insights on sector divergence and evolving investment strategies.

The piece highlights how office and residential markets remain resilient, logistics is entering recovery, and hospitality continues to strengthen, offering a nuanced view of where opportunities lie. It also explores how investors are adapting underwriting approaches in a higher rate environment.