10 APR 2018
The RICS Japan Commercial Property Professional Group (CPPG) Board recently organised two events in Tokyo to analyse Japan's office and logistic, hotel and retail sectors. Managing Director of Abrils Co. Ltd and RICS Asia Commercial Property Professional Group Member Yuko Tomizuka MRICS shares his professional insights.
RICS professionals shared innovative ideas and networked with other local professionals. Key market insights were shared in the context of the recently released RICS Global Commercial Property Monitor. Japan's commercial markets are fascinating and it was useful to hear from key market leaders at the event, who shared their professional insights with attendees.
In particular, two key points were raised:
The Olympic Games has been one of the drivers for economic growth in Japan, however, other factors, have impacted on the markets.
For instance, in the hotel sector, hotel supply and demand will balance out during the Games since the number of events and visitors will not exceed the total capacity. Other factors, such as Airbnb, hotel HR issues, and construction costs, also impact on the market.
Demographic dynamism and e-commerce shift, as well as the shift in people’s purchasing profile, will have a significant influence on real estate markets. As for offices, the general supply-and-demand balance, as well as the work-style shift, will be more significant than the Olympic Games, given the current stabilised market in central Tokyo.
Due to the success of this event, the CPPG Board plan to arrange future discussions focusing on a diverse range of topics, including the revitalisation of abandoned houses and buildings in cities; new property categories, such as care houses and student accommodation; the emergence of Airbnb; and the share-office concept (changes to working environments).
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