In light of the COVID-19 pandemic, we have published multiple special reports this year that reflect our expectations of Japan’s “new normal” and its potential impact on the built environment(see appendices). The overall predictions we made for each property sector at the beginning of the pandemic appear to be holding true for the moment.

Based on an analysis of Greater Tokyo’s railways, we have identifi ed three key areas – Yokohama, Shinagawa, and Ikebukuro – that are likely to gain more prominence in the post COVID-19 environment.

We have also analysed J-REIT unit prices and yields as an indirect, but timely barometer for the state of Japanese property, and have observed some substantial contrasts between the hard asset and listed vehicle markets. Ultimately, we believe that diligent and flexible investors should continue to fi nd attractive opportunities in Japan.