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Japan Commercial Prices (NSA)

Name: Japan Commercial Prices (NSA)
Creator: Ministry of Land, Infrastructure, Transport and Tourism – Property Price Index
License: https://creativecommons.org/licenses/by/4.0/

Commercial property price index before seasonal adjustment, for Japan, the three major metropolitan areas, the rest of the country and Greater Tokyo.

Source: Ministry of Land, Infrastructure, Transport and Tourism – Property Price IndexLast updated: Sep 24, 2026, 01:09Curated by Bui Thanh PhucAbout this data ↓

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	145.75	147.41	145.08	145.93	144.3	144.23	142.28	141.79	139.42	138.16	136.37	138.71	130.18
Japan: Land with structure, total	162.63	165.8	163.92	162.45	162.29	161.43	158.95	157.64	152.48	152.87	149.99	154.11	142.52
Japan: Retail	159.15	171.36	163.5	166.75	158.56	163.02	154.64	151.89	150.77	150.81	155.76	154.93	145.55
Japan: Office	169.51	166.35	178.39	167.94	180.95	178.52	173.2	172.84	170.64	164.23	159.89	163.53	148.43
Japan: Warehouse	141.4	139.64	119.5	126.49	142.09	122.28	124.96	131.26	111.9	134.68	122.04	126.39	106.13
Japan: Factory	116.58	123.6	130.7	123.97	124.81	130.32	119.32	133.5	104.01	109.9	116.65	117.14	105.36
Japan: Apartment buildings (whole building)	174.42	173.98	172.88	172.69	166.39	167.88	165.3	166.55	164.18	157.65	159.93	158.74	155.7
Japan: Land, total	116.24	117.06	116.02	120.52	116.38	117.78	116.35	114.64	114.28	115.64	112.69	115.06	110.15
Japan: Commercial land	111.89	113.67	113.54	120.64	116.02	114.17	114.59	113.35	114.2	116.13	108.48	112.63	106.93
Japan: Industrial land	122.33	121.64	119.15	119.97	116.79	122.66	118.53	116.19	113.92	114.81	118.62	118.17	114.46
Three major metropolitan areas10
Three major metropolitan areas: Commercial property, total	156.09	155.69	154.81	155.9	153.09	153.53	149.21	150.64	150.11	145.06	144.35	145.5	135.82
Three major metropolitan areas: Land with structure, total	170.99	170.87	170.59	169.27	169.07	168.21	162.64	163.97	161.38	155.56	154.98	158.5	145.11
Three major metropolitan areas: Retail	179.61	188.95	184.78	184.79	172.92	180.54	163.77	166.1	162.94	161.14	169.19	168.28	151.13
Three major metropolitan areas: Office	179.09	169.13	188.66	172.37	189.49	187.1	178.19	176.99	177.59	166.09	164.34	168.87	153.09
Three major metropolitan areas: Warehouse	156.63	154.8	125.59	136.4	145.68	128.89	132.7	138.89	115.03	141.25	124.8	133.16	109.92
Three major metropolitan areas: Factory	128.41	140.65	146.58	146.53	145.12	143.56	127.36	147.24	125.16	118.86	128.34	121.32	114.2
Three major metropolitan areas: Apartment buildings (whole building)	170.27	171.14	169.3	169.33	164.51	165.37	162.09	163.86	162.48	153.35	157.56	156.67	153.65
Three major metropolitan areas: Land, total	125.29	126.46	125.24	132.04	123.58	126.3	124.2	122.83	123.95	126.07	122.14	121.98	117.35
Three major metropolitan areas: Commercial land	124.72	125.6	125.88	139.96	125.04	124.23	125.64	123.89	125.36	131.46	120.22	122.37	115.46
Three major metropolitan areas: Industrial land	127.17	128.55	126.57	123.59	122.64	130.61	123.87	122.13	121.67	120.92	125.44	122.25	120.67
Areas outside the three major metropolitan areas10
Areas outside the three major metropolitan areas: Commercial property, total	126.6	130.62	124.23	125.29	122.29	123.81	126.18	122.65	117.2	123.42	118.54	123.36	118.16
Areas outside the three major metropolitan areas: Land with structure, total	143.59	151.93	145.22	145.31	141.28	142.47	147.6	140.07	130.8	144.76	135.3	141.36	134.68
Areas outside the three major metropolitan areas: Retail	131.23	141.39	127.87	139.39	132.86	133.02	139.36	129.29	131.55	135.01	132.41	134.57	136.42
Areas outside the three major metropolitan areas: Office	152.14	153.29	155.73	153.4	144.56	153.24	158.16	156.27	144.78	157.49	139.16	146.85	137.67
Areas outside the three major metropolitan areas: Warehouse	100.53	105.37	88.75	107.99	106.14	97.48	90.03	105.48	96.03	103.96	106.97	96.96	86.86
Areas outside the three major metropolitan areas: Factory	101.91	103.87	108.45	104.68	89.55	106.58	108.59	108.71	94.21	97.46	91.01	110.08	93.96
Areas outside the three major metropolitan areas: Apartment buildings (whole building)	186.36	179.55	183.47	182.86	170.77	174.78	175.82	174.48	168.91	169.9	166.51	164.06	161.05
Areas outside the three major metropolitan areas: Land, total	103.53	102.64	101.53	99.82	101.56	103.34	101.8	102.13	98.19	98.11	98.29	101.68	99.47
Areas outside the three major metropolitan areas: Commercial land	95.76	96.44	100.31	91.76	98.66	97.86	99.21	98.57	95.13	94.4	92.25	95.07	94.49
Areas outside the three major metropolitan areas: Industrial land	113.85	110.48	102.88	111.1	104.74	109.53	105.54	106.35	101.78	102.79	106.91	109.7	105.4
Southern Kanto (Greater Tokyo)6
Southern Kanto (Greater Tokyo): Retail	182.61	202.76	185.16	190.46	174.31	189.81	182.11	180.35	175.09	176.87	176.91	172.75	162.52
Southern Kanto (Greater Tokyo): Office	224.28	213.34	220	217.46	241.29	232.35	218.2	221.56	219.05	210.92	219.99	179.14	189.36
Southern Kanto (Greater Tokyo): Apartment buildings (whole building)	169.73	167.37	167.8	167.62	160.02	158.99	158.06	158.34	160.98	151.13	156.46	152.63	153.67
Southern Kanto (Greater Tokyo): Land, total	145.89	146.88	152.27	159.58	141.22	142.2	148.88	142.88	139.66	140.88	147.54	140.5	137.76
Southern Kanto (Greater Tokyo): Commercial land	135.07	141.19	147.61	165.01	135.51	138.04	147.64	141.33	137.13	144.99	139.92	138.13	134.06
Southern Kanto (Greater Tokyo): Industrial land	162.67	155.49	157.95	150.69	148.48	147.47	149.3	142.57	141.6	133.96	158.88	142.2	141.89

Latest reading

Japan: Commercial property, total stood at 145.75 in Q4 2025. That is −1.1% 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: 145.75; Q4 2025
vs previous period: −1.1%; Q3 2025
vs a year earlier: +1.0%

About this data

Commercial property price index before seasonal adjustment, for Japan, the three major metropolitan areas, the rest of the country and Greater Tokyo. 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.