世邦魏理仕（CBRE）发布的《2026年日本房地产市场展望报告》显示，日本经济温和增长、金融环境宽松支撑房地产市场持续活跃，投资规模保持高位， 各细分业态供需格局分化，租金整体呈上涨态势。 宏观经济层面，日本经济将持续温和增长，2024年第二季度至2025年第二季度连续五个季度实现正增长，私人消费与企业资本投资成为主要支撑。货币政策 方面，日本央行预计在2025年底至2026年底再加息2-3次，长期利率将逐步上行，但金融机构对房地产 lending 仍保持宽松态度，2025年9月末房地产贷款余 额已达141万亿日元，为市场提供充足流动性。 投资市场表现强劲，2025年全年投资规模预计突破6万亿日元，创历史新高，2026年有望维持接近该水平的活跃度。海外投资者积极布局，2025年前三季度 收购额达1.87万亿日元，是2024年同期的2.4倍；国内投资者中，J-REITs通过资产组合调整优化配置，非REIT机构投资者与企业交易同样活跃。办公楼是投 资核心领域，东京Garden Terrace Kioicho（4000亿日元）等大额交易推动板块投资同比增长80%，住宅、物流、零售等业态也有不同程度增长。 细分业态中 ...

Core Viewpoint - Overseas capital investment in Japanese real estate, particularly office buildings, has surged, reaching a record high of over 1 trillion yen in the first half of 2025, doubling the amount from the same period last year, driven by expectations of inflation and rising rents [2][6]. Group 1: Investment Trends - In the first half of 2025, the acquisition amount for office buildings reached over 1 trillion yen, marking a historical peak [2]. - Notable transactions include Blackstone's acquisition of "Tokyo Garden Terrace Kioicho" for approximately 400 billion yen, the largest foreign investment in Japanese real estate to date [4]. - Gaw Capital Partners purchased "Tokyu Plaza Ginza" for about 150 billion yen, indicating continued interest in high-value assets [4]. Group 2: Market Conditions - The consumer price index (CPI) in July showed a 3.1% increase year-on-year, maintaining above 3% for eight consecutive months, which is expected to exert upward pressure on real estate rents [6]. - The yield gap for office buildings in central Tokyo is estimated at 1.9%, higher than New York (1.7%) and London (1.2%), making Japanese real estate attractive globally [6]. Group 3: Corporate Actions - Companies are increasingly selling off real estate assets to enhance asset efficiency, with active shareholder proposals for real estate sales on the rise [6]. - Nissan is considering selling its Yokohama headquarters, with expected proceeds close to 100 billion yen, as part of a strategy to raise funds for future investments [7]. - Sapporo Holdings has decided to divest its real estate business, including prime properties in central Tokyo, attracting market attention [7]. Group 4: Future Outlook - The trend of high levels of overseas investment is likely to continue, supporting stable real estate prices in the short term [7]. - The average listing price for second-hand homes in Tokyo reached a record high of 10.477 million yen in July, reflecting a 1.4% month-on-month increase [7].

Group 1 - The core point of the article is that the EU housing market is experiencing significant price increases, with a year-on-year rise of 5.7% in house prices and a 3.2% increase in rental prices compared to the same period in 2024 [1] Group 2 - In the first quarter of 2025, the EU's house prices showed a notable increase, indicating a robust demand in the housing sector [1] - Rental prices have also seen a rise, reflecting ongoing trends in the real estate market [1]