We summarise a 2021 study that analysed J-REIT data by Tokyu Land Corporation. The study evaluates the effects over time of three price-forming factors on the capitalisation rate of office real estate in Tokyo’s business districts.

LITERATURE

This study looks at the relationship between the three price-forming factors (age of building, floor area, location) and the capitalisation rate and the macroeconomic environment in Japan from 2001 to 2020.