Title: The impact of the COVID-19 pandemic on different property sectors of J-REIT: comparative analysis before and after the crisis

Authors: Takayasu Ito

Addresses: School of Commerce, Meiji University, Chiyoda-ku, Tokyo 101-8301, Japan

Abstract: Three sectors (office, residential, and retail and logistics) of J-REIT (real estate investment trust) in Japan moved independently without mutual transmission before the COVID-19 pandemic. However, these three sectors moved together with some mutual transmission after the pandemic. These sectors were driven without a common trend before the pandemic, but they were driven with a common trend after the pandemic. The common trend is the influence of COVID-19, which severely damaged the demand for real estate in Japan. Additional measures introduced by the BOJ enhanced the impact of this common trend. The J-REIT market structurally changed after the COVID-19 pandemic. The impact of COVID-19 is possibly a worldwide common trend affecting different sectors of REIT markets not only in Japan but also in other countries.

Keywords: causality; cointegration; COVID-19; J-REIT; property sectors.

DOI: 10.1504/IJEPEE.2024.142466

International Journal of Economic Policy in Emerging Economies, 2024 Vol.20 No.3/4, pp.340 - 346

Received: 15 Jul 2021
Accepted: 10 Dec 2021
Published online: 04 Nov 2024 *

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