Japan Commercial Property Prices
Seasonally adjusted commercial property price index for Japan, the three major metropolitan areas, the rest of the country and Greater Tokyo, split into retail, office, warehouse, factory and apartment buildings and into commercial and industrial land.
| Indicator | Q4-2025 | Q3-2025 | Q2-2025 | Q1-2025 | Q4-2024 | Q3-2024 | Q2-2024 | Q1-2024 | Q4-2023 | Q3-2023 | Q2-2023 | Q1-2023 | Q4-2022 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Japan10 | ||||||||||||||
| Japan: Commercial property, total | 146.61 | 146.89 | 145.62 | 145.03 | 145.19 | 143.76 | 142.84 | 140.77 | 140.33 | 137.8 | 136.95 | 137.45 | 131.22 | |
| Japan: Land with structure, total | 164.29 | 164.65 | 163.97 | 161.9 | 163.91 | 160.35 | 159.13 | 156.93 | 154 | 151.9 | 150.23 | 153.32 | 143.93 | |
| Japan: Retail | 162.68 | 168.77 | 163.82 | 165.45 | 161.66 | 161.21 | 154.59 | 150.95 | 152.99 | 149.99 | 155.29 | 154.31 | 146.79 | |
| Japan: Office | 168.69 | 166.84 | 178.77 | 167.88 | 180.05 | 179.19 | 173.46 | 172.74 | 170.04 | 164.67 | 159.96 | 163.68 | 148.01 | |
| Japan: Warehouse | 139.35 | 139.03 | 124.04 | 123.64 | 141.46 | 121.47 | 129.42 | 127.66 | 112.1 | 134.12 | 125.98 | 122.34 | 107.02 | |
| Japan: Factory | 124 | 124.8 | 126.45 | 119.64 | 132.6 | 131.97 | 115.51 | 128.47 | 110.33 | 111.77 | 112.94 | 112.51 | 111.45 | |
| Japan: Apartment buildings (whole building) | 176.14 | 173.99 | 172.53 | 171.35 | 168.12 | 167.91 | 164.76 | 165.42 | 165.88 | 157.66 | 159.18 | 157.92 | 157.32 | |
| Japan: Land, total | 117.5 | 117.05 | 117.22 | 117.98 | 117.7 | 117.97 | 117.48 | 111.96 | 115.74 | 116.04 | 113.69 | 112.1 | 111.65 | |
| Japan: Commercial land | 112.92 | 113.75 | 115.88 | 116.99 | 117.34 | 114.2 | 116.94 | 109.7 | 115.82 | 116.15 | 110.68 | 108.76 | 108.67 | |
| Japan: Industrial land | 123.34 | 121.95 | 118.75 | 119.04 | 117.67 | 123.31 | 118.08 | 115 | 114.84 | 115.71 | 118.1 | 116.72 | 115.42 | |
| Three major metropolitan areas10 | ||||||||||||||
| Three major metropolitan areas: Commercial property, total | 156.92 | 155.53 | 155.93 | 154.08 | 154 | 153.38 | 150.32 | 148.71 | 151.16 | 144.91 | 145.37 | 143.61 | 136.88 | |
| Three major metropolitan areas: Land with structure, total | 171.42 | 170.36 | 171.3 | 168.62 | 169.51 | 167.74 | 163.42 | 163.14 | 161.86 | 155.24 | 155.68 | 157.63 | 145.56 | |
| Three major metropolitan areas: Retail | 182.92 | 187.37 | 185.03 | 183.11 | 175.39 | 179.59 | 163.76 | 164.93 | 164.81 | 160.47 | 169.22 | 167.18 | 152.7 | |
| Three major metropolitan areas: Office | 176.35 | 170.53 | 191.12 | 171.36 | 186.73 | 188.64 | 180.41 | 175.84 | 175.53 | 167.14 | 166.06 | 168.08 | 151.61 | |
| Three major metropolitan areas: Warehouse | 153.43 | 153.9 | 132.16 | 132.59 | 144.08 | 127.96 | 139.38 | 134.08 | 114.64 | 140.7 | 130.44 | 127.85 | 110.49 | |
| Three major metropolitan areas: Factory | 133.36 | 142.8 | 143.37 | 142.16 | 150.62 | 146.49 | 124.07 | 142.93 | 129.61 | 122.06 | 124.7 | 117.41 | 118.05 | |
| Three major metropolitan areas: Apartment buildings (whole building) | 171.77 | 170.82 | 169.24 | 168.24 | 166.08 | 165 | 161.83 | 162.98 | 164.12 | 152.91 | 157.04 | 156.04 | 155.4 | |
| Three major metropolitan areas: Land, total | 127.12 | 126.52 | 126.36 | 128.95 | 125.31 | 126.61 | 125.26 | 119.72 | 125.73 | 126.76 | 122.99 | 118.73 | 118.99 | |
| Three major metropolitan areas: Commercial land | 127.8 | 125.99 | 128.05 | 134.07 | 128.27 | 124.4 | 127.8 | 118.71 | 128.76 | 131.58 | 122.08 | 117.47 | 118.44 | |
| Three major metropolitan areas: Industrial land | 128.14 | 128.33 | 125.61 | 123.83 | 123.3 | 130.85 | 122.93 | 122.1 | 122.18 | 121.56 | 124.47 | 121.96 | 121.14 | |
| Areas outside the three major metropolitan areas10 | ||||||||||||||
| Areas outside the three major metropolitan areas: Commercial property, total | 129.04 | 128.28 | 125.13 | 124.29 | 124.63 | 121.7 | 127.07 | 121.63 | 119.34 | 121.53 | 119.31 | 122.31 | 120.18 | |
| Areas outside the three major metropolitan areas: Land with structure, total | 148.04 | 150.48 | 143.21 | 144.36 | 145.7 | 141.24 | 145.37 | 139.27 | 134.68 | 143.82 | 133.02 | 140.84 | 138.35 | |
| Areas outside the three major metropolitan areas: Retail | 132.34 | 140.21 | 129.57 | 137.77 | 133.58 | 132.06 | 141.48 | 127.76 | 131.74 | 134.67 | 134.12 | 133.13 | 136.24 | |
| Areas outside the three major metropolitan areas: Office | 157.61 | 152.98 | 152.39 | 151.84 | 149.62 | 153.23 | 154.24 | 155.22 | 149.5 | 157.8 | 135.34 | 146.44 | 141.57 | |
| Areas outside the three major metropolitan areas: Warehouse | 102.15 | 104.82 | 90.6 | 104.79 | 108.05 | 96.63 | 91.9 | 102.72 | 97.69 | 102.65 | 109.25 | 94.85 | 88.3 | |
| Areas outside the three major metropolitan areas: Factory | 109.58 | 102.45 | 107.3 | 100.48 | 95.68 | 104.93 | 108.53 | 103.93 | 99.98 | 96.25 | 91.64 | 104.66 | 99.32 | |
| Areas outside the three major metropolitan areas: Apartment buildings (whole building) | 189.38 | 180.08 | 181.9 | 180.93 | 173.69 | 175.43 | 174.15 | 172.61 | 171.84 | 170.46 | 164.86 | 162.43 | 163.73 | |
| Areas outside the three major metropolitan areas: Land, total | 103.8 | 102.32 | 102.5 | 98.9 | 101.89 | 103.03 | 102.79 | 101.1 | 98.63 | 97.7 | 99.34 | 100.56 | 99.96 | |
| Areas outside the three major metropolitan areas: Commercial land | 96.25 | 96.27 | 100.21 | 91.6 | 99.09 | 97.57 | 99.42 | 98.29 | 95.47 | 93.97 | 92.81 | 94.63 | 94.78 | |
| Areas outside the three major metropolitan areas: Industrial land | 114.51 | 109.88 | 104.97 | 108.83 | 105.5 | 108.97 | 107.54 | 104.06 | 102.86 | 102.15 | 108.78 | 107.37 | 106.6 | |
| Southern Kanto (Greater Tokyo)6 | ||||||||||||||
| Southern Kanto (Greater Tokyo): Retail | 189.61 | 197.53 | 185.07 | 188.69 | 180.22 | 186.15 | 181.41 | 178.85 | 180.38 | 174.25 | 175.86 | 171.45 | 166.96 | |
| Southern Kanto (Greater Tokyo): Office | 219.86 | 213.97 | 220.82 | 219.66 | 237.63 | 232.94 | 219.32 | 222.31 | 217.03 | 211.4 | 220.86 | 179.15 | 188.56 | |
| Southern Kanto (Greater Tokyo): Apartment buildings (whole building) | 170.16 | 168.12 | 166.9 | 167.47 | 160.38 | 159.67 | 157 | 158.53 | 161.28 | 151.65 | 155.29 | 153.09 | 154.1 | |
| Southern Kanto (Greater Tokyo): Land, total | 151.18 | 149.66 | 148.71 | 155.08 | 146.28 | 144.71 | 145.75 | 138.57 | 144.86 | 143.2 | 144.67 | 136.05 | 142.94 | |
| Southern Kanto (Greater Tokyo): Commercial land | 143.37 | 142.36 | 145.09 | 157.83 | 143.45 | 138.7 | 145.28 | 135.85 | 144.76 | 145.24 | 137.62 | 133.71 | 140.77 | |
| Southern Kanto (Greater Tokyo): Industrial land | 163.05 | 161.06 | 151.94 | 150.86 | 148.85 | 153.71 | 142.97 | 142.23 | 142.38 | 140.46 | 151.43 | 141.22 | 143.48 |
Latest reading
Japan: Commercial property, total stood at 146.61 in Q4 2025. That is −0.2% from Q3 2025 and +1.0% from a year earlier. The series on this page is quarterly and runs from Q2 2008 to Q4 2025. Source: Ministry of Land, Infrastructure, Transport and Tourism – Property Price Index.
- Latest
- 146.61
- Q4 2025
- vs previous period
- −0.2%
- Q3 2025
- vs a year earlier
- +1.0%
About this data
Seasonally adjusted commercial property price index for Japan, the three major metropolitan areas, the rest of the country and Greater Tokyo, split into retail, office, warehouse, factory and apartment buildings and into commercial and industrial land. The index is built from the registered prices of about 300,000 real transactions a year, with 2010 = 100. Source: Ministry of Land, Infrastructure, Transport and Tourism. Publication has been suspended since April 2026 while MLIT fixes a fault in the calculation program, so the series ends in December 2025.
