The Japan launch of the Emerging Trends in Real Estate® 2023 (ETRE 2023) was held at the conference space of PwC Japan Group’s office in the Otemachi Park Building on December 19, 2022. This annual ULI member-only event was held in person for the first time in two years after having moved online due to Covid-19. The event started with opening remarks by Hiroshi Takagi, Partner, PwC Tax Japan, followed by an opening presentation by Mike Owen, ULI Japan Executive Director, outlining ten ongoing trends in the Asia and Japan real estate markets. This presentation was followed by a panel discussion moderated by Akio Yamashita, Representative in Japan, Managing Director, Fortress Investment Group (Japan), with guest panelists Laurent Jacquemin, Head of Asia-Pacific Real Assets, AXA IM Alts, and Toru Bando, Managing Director, Morgan Stanley Real Estate; Chief Investment Officer, MSREI, Co-head, NHREF, Head of MSREI Asia.

The event touched on a number of themes and set a picture for the upcoming year, drawing on the experience and insights from this knowledgeable lineup of speakers. As one attendee put it “I like coming to this event because I gain insights on what things to keep an eye on in the coming year. I trust (these speakers), and I know I can trust the information.”

As for emerging trends to keep an eye on, the weakening of the yen against the dollar coupled with low interest rates have made Japan a popular designation for foreign investment, with a large onslaught of investments and acquisitions in the last year and no signs of slowing in the immediate future. ESG also continues to be a hot topic with the ESG focus marching towards net carbon zero.