• Transaction volume fell by 22% y-o-y to JPY 753 billion in Q2 2020, mainly due to a sharp decline in investment by both J-REITs and other domestic investors.
  • Expected yield for Tokyo assets: Hotels see rise for third consecutive quarter, while retail, logistics and residential fell by 2bps–5bps.
  • CBRE DI: Market sentiment for offices continues to worsen. The DI for "lending attitude of financial institutions" was –3, down 16 points q-o-q.
  • Outlook: Impact of COVID-19 set to emerge from Q3 2020. Transaction volume is forecast to decrease further in Q3 compared with Q2.