The employees in the real estate sector in Japan saw a modest increase in total hours worked over the past decade, reaching 1.62 billion hours in 2023. Year-on-year variations indicate fluctuating growth rates, with notable peaks in 2015 and 2020, and slight declines in 2019 and 2022. Over the last two years, growth has stabilized at around 0.68%. The five-year compound annual growth rate (CAGR) from 2019 to 2023 stands at 1.54%. Forecasts predict a continued increase, albeit at a slower pace, resulting in a projected five-year CAGR of 0.52% from 2024 to 2028.
Future Trends to Watch For:
• Potential technological advancements and their impact on productivity and staffing requirements.
• The influence of demographic shifts and urbanization trends on the demand for real estate services.
• Regulatory changes and economic factors affecting investment in the real estate sector.
• The ongoing evolution of remote work and its effect on commercial real estate demand.
