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Source text - English 当期（平成27年10月期）における我が国の経済は、景気回復の足踏み状態が継続しています。内閣府が公表した平成27年7-9月期のGDPは、2四半期連続のマイナス成長となり、個人消費は持ち直したものの、中国経済の減速で不安感が高まったことなどにより、企業の設備投資が落ち込んだことが影響したものと見られます。
海外の経済は、IMFの公表する世界経済見通しによれば、中国経済の減速や資源価格の下落などのリスク要因があるものの、全体としては緩やな成長が継続する見通しが維持されています。
オフィスビル賃貸市場については、都心5区では拡張移転や立地改善の需要は引き続き堅調であり、平成27年7月以降は平均空室率が5%を下回る水準で更に低下しています。賃料水準も着実に上昇しており、賃貸市場の改善が更に進んでいます。また、全国の主要都市でも平均空室率が改善傾向であり、一部では平均募集賃料の上昇も見られます。
オフィスビル売買市場については、上場不動産投資法人（J-REIT）や不動産会社等の国内投資家や海外投資家等の物件取得意欲は旺盛であり、競合が激化、期待利回りの低下及び売買価格の上昇が一段と進んでいます。
Translation - Japanese During the fiscal period under review (fiscal period ended October 31, 2015), the Japanese economy’s recovery continued to be in a standstill. The July to September 2015 GDP announced by the Cabinet Office showed negative growth for two consecutive quarters. It is believed that this was due to the impact of a decrease in capital investment by corporations such as with heightened concerns with the deceleration of the Chinese economy, even though individual consumption recovered.
Concerning overseas economies, the outlook according to the World Economic Outlook announced by the IMF is that, although there are risk factors such as the deceleration of the Chinese economy and the decrease of resource prices, modest economic growth will be maintained overall.
Concerning the office leasing market, demand for relocations for expanded floor area and for better locations continues to be strong in Tokyo’s five central wards, and since July 2015 the average vacancy rate has been below 5% and decreasing further. The rent level is steadily increasing and improvements in the leasing market are making further progress. Also, the average vacancy rate of major cities across Japan is improving and in some places the average asking rent is increasing.
In the office building transaction market, the appetite for property acquisitions by domestic investors such as listed J-REITs and real estate companies as well as by overseas investors and such is strong. Competition is intensifying, leading to a decrease of expected yields and a further increase of transaction prices.
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Years of experience: 18. Registered at ProZ.com: Oct 2007.
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