TOKYO -- It came to light that commercial property transaction volume reached $1.1 trillion worldwide in 2013. The growth rate year-on-year was 24%. This is the first time that the transaction volume surpassed $1 trillion since 2007. This was compiled by U.S. based research company Real Capital Analytics(RCA) and announced on February 5.
Although transaction volume in the U.S., Europe and Asia all indicated high growth, recovery of the U.S., which accounts for 27% of the world's real estate transaction market, contributed in particular. Transaction volume in the U.S. increased by 21% year-on-year and fully recovered to the level prior to the financial crisis. The Chinese market increased 39% year-on-year mainly due to disposal of development sites by local governments, but it is showing a decelerating trend in the recent fourth quarter.
The Japanese market's growth rate is 38%, the highest among the Asia Pacific regions. It was also ranked first among developed countries worldwide. In terms of transaction volume by cities, Tokyo ranked third for the third consecutive year since 2011, following New York and London. Osaka doubled its transaction volume from the previous year, climbing up the ranks by city from 40th to 28th place.
RCA's compilation standards target properties of $10 million or more and include development site transactions and company acquisitions. RCA collects and analyzes real estate transaction information worldwide, and the Nikkei Real Estate Market Report provides the transaction data in Japan to the company.
(Nikkei Real Estate Market Report, Feb. 13 edition)