å»ºãŠæ¿ãã®æ¯éãæ€èšãããšããæºã®äžã«ä¹ãæ°åã¯ãããŠããæ°ç¯ã«ããããããããã§ãããã ãå®éã«äºæ¥èšç»ãå£ãã®ã¯ãããã«èŒã£ãŠããªãäºã€ã®å䟡ã ãã²ãšã€ã¯å»ºãŠæ¿ãããšåºãæžãããšãããã²ãšã€ã¯å£ãã®ã«ãããããããã§ãããæ¬çš¿ã¯ããã®äºã€ãå ¬éæ å ±ã ãã§å®é¡ã«èœãšãã
æ¢åãšã®ç·åŒããå ã«ç€ºãããããã«ã¯ã©ãã«å»ºãŠãããã â çšéå°åã»å®¹ç©çã»å°äŸ¡ã§èªãäž»èŠ5ååã®éçºäœå°ãã¯å®¹ç©çã®äžéãã©ãå¢ããããæ±ã£ããæ¬çš¿ã¯éã§ãçŸæ³ã®å»ºç©ãä»ã®äžéãè¶ ããŠããããã«å»ºãŠæ¿ãããšå°ãããªãåŽãæ±ãããæ§èéããã«23.6äžå®€ã»å šå®¢å®€ã®19.1% â æ¹ä¿®ã建æ¿ããã588æ£ã®åå²ç¹ãã¯èéãšããå€æè»žãç«ãŠãããæ¬çš¿ã¯å®¹ç©ãšè§£äœè²»ãšããå¥ã®2軞ã§ããã®åå²ç¹ã«å䟡ãè¶³ãäœçœ®ã¥ãã§ããïŒæ¢åã®æ°å€ã¯åæãšããŠåŒçšããåèšç®ããªãïŒããããã«1宀ã®å»ºç¯è²»ã¯2,067äžå â èšç»31ä»¶ã®å®¢å®€ååäœ35.0ã¡ããéç®ãã¯æ°ç¯åŽã®å䟡ã§ãããæ¬çš¿ã¯ãã®æåã«ããè§£äœè²»ãšãå»ºãŠæ¿ããåŸã«ç¢ºä¿ã§ããåºã®è©±ãããã
æ¬èšäºã«ãããææšã®å®çŸ©
- ADRïŒå¹³å客宀å䟡ïŒïŒåæœèšãOTAäžã§å ¬éããæå®ãã©ã³æ°ŽæºïŒ2å1宀å©çšæã»1宀ãããæéã»çšèŸŒïŒã«æ¥æ å¥ã®è£æ£ä¿æ°ãé©çšããŠç®åºããæšå®æçŽå䟡ïŒçšæçžåœïŒãäžå Žããã«REITãé瀺ããç©ä»¶å¥å®çžŸãšã®ç §åïŒ91æœèšã»çŽè¿3ã¶æéïŒã§èª€å·®äžå€®å€ã¯çŽ7%ãæšå®å€ã§ãããåæœèšã®å®éã®æçŽäŸ¡æ Œã»äŒèšæ°å€ãšã¯ç°ãªããŸãããšãªã¢åäœã®ADRã¯å¯Ÿè±¡æœèšã®äžå€®å€ïŒãšãªã¢ã®æšæºçãªæœèšã®æ°ŽæºïŒã
- OCCïŒçšŒåçïŒïŒãšãªã¢å ã®ç·å®¢å®€æ°ã«å¯Ÿãã販売æžã¿å®¢å®€æ°ã®å²åïŒOTA販売åšåº«ã«åºã¥ãæšå®å€ãREITææ¬¡å ¬è¡šå€ãšã®æŽåæ§æ€èšŒã§æŠãæ°ptçšåºŠã®ç²ŸåºŠãç¢ºèªæžïŒãéœéåºçã»åžåºçºæã¬ãã«ã®ãã¯ãææšãšããŠã®ã¿çšããŸãã
- æå®å®¹ç©çïŒéœåžèšç»ã§å®ãããã容ç©çïŒå»ºç¯åºæºæ³52æ¡1é ïŒãåºæºå®¹ç©çïŒåé¢éè·¯ã®å¹ å¡ã12mæªæºã®å Žåã«ãå¹ å¡ïŒmïŒÃæ³å®ä¿æ°ïŒäœå± ç³»4/10ããã®ä»6/10ïŒã§èšç®ãããäžéïŒåæ¡2é ïŒãå®éã®äžéã¯äž¡è ã®å°ããæ¹ã
- è§£äœè²»å䟡ïŒèªæ²»äœãå ¬è¡šããè§£äœå·¥äºã®è«è² é¡ïŒæ¶è²»çšèŸŒïŒÃ·å ¬è¡šãããè§£äœå¯Ÿè±¡å»ºç¯ç©ã®å»¶ã¹é¢ç©ã
- ããŒã¿åºå žïŒã¡ãããšã³ãžã³ãªãµãŒãïŒã³ã³ãµã«ãã£ã³ã°ïŒåœå亀éç äžåç£æ å ±ã©ã€ãã©ãªïŒçšéå°åïŒïŒåœå亀éçã建ç¯ç©æ» 倱統èšèª¿æ»ãïŒåèªæ²»äœã®å ¥æçµæã»å¥çŽå ¬è¡šã
- â èªæ²»äœãå ¬è¡šããè§£äœå·¥äºã®å¥çŽå®é¡5ä»¶ïŒ3èªæ²»äœïŒã§ãå»¶åº1ã¡ããã51,025ã146,983åïŒçšèŸŒïŒãå¹³å87,760å/ã¡ãäžå€®å€67,658å/ã¡ã§ãææ€å»ã»åžè¡å°æœå·¥ã®æç¡ã«ãã3åè¿ãæ¯ããã
- â åé¢éè·¯6mãä»®å®ãããšãæ±äº¬23åºã®ããã«ç«å°ã®87.6%ïŒN=2,663ïŒã§æå®å®¹ç©çã䜿ãåããã䜿ããªãåã¯å¹³åâ35.3%ã京éœåž62.1%ïŒN=1,194ïŒãä»å°åž70.1%ïŒN=187ïŒã
- â 100宀ã»å»¶åº3,500ã¡ã¢ãã«ã®å»ºæ¿ãç·å䟡ã¯1宀2,870äžåããã¡è§£äœè²»11.0%ïŒå¶æ¥äŒæ¢30ã¶æã®éžå€±GOP17.0%ïŒ28.0%ããæ°ç¯å·¥äºè²»ã®èŠç©æžã«ã¯çŸããªãã
- â 建æ¿ãåŸã®å®¹ç©ã30%æžããš1宀ãããç·å䟡ã¯+12.0%ïŒ3,214äžåïŒãåå°ååŸè²»ãé€ã幎éGOPå©åãã¯6.80%â6.07%ãåå°15ååãå«ãããš4.47%â3.64%ãžäœäžããã
- â è§£äœè²»å䟡ãšå®¹ç©æžå°çã®2軞ã§èŠããš1宀ãããç·å䟡ã¯2,734äžã3,499äžåïŒæ¯ãå¹ 1.28åïŒãåºãæžãç«å°ã§ã¯ãæ¢åäžé©æ Œã®ãŸãŸä¿æãæ¹ä¿®ã§å»¶åœããéžæã«çµæžåçæ§ãçãŸããã
æ¢åäžé©æ Œã¯éåã§ã¯ãªã â ãã ãå»ºãŠæ¿ããç¬éã«çŸè¡èŠå®ãå šé¢é©çšããã
建ç¯åºæºæ³ç¬¬3æ¡ç¬¬2é ã¯ãæ³ä»€ã®æ¹æ£ãéœåžèšç»ã®å€æŽã«ãã£ãŠçŸè¡èŠå®ã«é©åããªããªã£ã建ç¯ç©ã«ã€ããŠããã®èŠå®ãé©çšããªããšå®ããŠãããããããæ¢åäžé©æ Œå»ºç¯ç©ã§ãããéå建ç¯ç©ã§ã¯ãªãããã®ãŸãŸäœ¿ãç¶ããããšèªäœã¯é©æ³ã ãããã«ãªãŒããŒãæ¥åžžæ¥åã§ãããæèããå Žé¢ã¯ã»ãšãã©ãªãã
åé¡ã¯å»ºãŠæ¿ãããšãã«èµ·ãããé€åŽããŠæ°ç¯ãã以äžãæ°ãã建ç©ã¯çŸè¡èŠå®ã«å šé¢çã«åŸããæå®å®¹ç©çãåé¢éè·¯å¹ å¡ã«ããåºæºå®¹ç©çãéè·¯æç·ã»é£å°æç·ãæ¥åœ±èŠå¶ãæ¥é矩åããããŠèªæ²»äœæ¡äŸã«ããé§è»å Žé眮矩åããåæã«å¹ããŠãããé眮矩åã®å°æ°ãéœåžã«ãã£ãŠ2.5åã®éããæã€ããšã¯äž»èŠ7éœåžã®æ¡äŸãçªãåãããå¥çš¿ã§æŽçããŠããã1960ã70幎代ã«å»ºãŠããã建ç©ã®ãªãã«ã¯ããã®åŸã®çšéå°å倿Žã容ç©çã®åŒãäžããæ¥åœ±èŠå¶ã®å°å ¥ãçµãŠãçŸåšã®èŠå®ã§ã¯åãåºãç©ããªããã®ãçžåœæ°å«ãŸããã
å žåãã¿ãŒã³ã¯äžã€ã«æŽçã§ããã
| ãã¿ãŒã³ | äœãå¹ãã | 建æ¿ãåŸã«èµ·ããããš |
|---|---|---|
| â æå®å®¹ç©çã®åŒãäžã | éœåžèšç»ã®èŠçŽãã§çšéå°åã倿ŽããããŸãã¯å®¹ç©çãäžãããã | çŸæ³ã®å»¶ã¹é¢ç©ãæ°ããæå®å®¹ç©çãè¶ ããŠãããæžç¯ã確å®ããã |
| â¡ åé¢éè·¯å¹ å¡ã«ããé æã¡ | æ³52æ¡2é ãåé¢éè·¯ã12mæªæºãªããå¹ å¡Ã0.6ïŒäœå± ç³»ã¯0.4ïŒãäžéã«å ãã | æå®å®¹ç©çã600%ã§ããåé¢éè·¯6mãªãåºæºå®¹ç©ç360%ãæå®ã®6å²ãã䜿ããªãã |
| ⢠é«ãã»åœ¢æ èŠå¶ã®åŸä»ã | æ¥åœ±èŠå¶ã絶察é«ããå®ããé«åºŠå°åºãæ¯èгèŠå¶ãªã© | 容ç©çäžã¯ç©ããŠããéæ°ãšåéé¢ç©ã®çµã¿åãããå¶çŽããã容ç©ã䜿ãåããªãã |
â¡ã¯èŠèœãšãããããã忥å°åã«ç«å°ããŠããã°å®¹ç©ç600%ã700%ãæå®ãããŠããããšã¯çãããªãããããã¯åé¢éè·¯ãååã«åºãå Žåã®äžéã«ãããªããåé¢éè·¯6mã®æ·å°ã§åæ¥ç³»ïŒä¿æ°0.6ïŒãªãåºæºå®¹ç©çã¯360%ã§ãããæå®å®¹ç©çããããé«ããŠã360%ãå®å¹äžéã«ãªããæ§æ³äžã§å»ºã£ã建ç©ããåœæã®ç·©ãéçšãæ¢åã®å¢ç¯çµç·¯ã«ãã£ãŠçŸåšã®åºæºå®¹ç©çãè¶ ããŠããã±ãŒã¹ã¯ãéœå¿ã®çå°æ·å°ã»ã©èµ·ãããããã
ããã«4,044ä»¶ã®æå®å®¹ç©çã宿ž¬ â æ±äº¬23åºã®äžå€®å€ã¯600%ã京éœåžã¯400%
ã§ã¯ãå®éã®ããã«ç«å°ã¯ã©ã®å®¹ç©ç垯ã«ååžããŠããã®ããã¡ãããšã³ãžã³ãªãµãŒããææ¡ããæœèšã®ãã¡ãæ±äº¬23åºã»äº¬éœåžã»ä»å°åžã«æåšã客宀10宀以äžã§åº§æšãæã€æœèšã«ã€ããŠãåœå亀éç äžåç£æ å ±ã©ã€ãã©ãªã®çšéå°åããŒã¿ãšçªãåããããããªãŽã³å ã«æœèšåº§æšãå ¥ã£ããã®ãéèšå¯Ÿè±¡ãšããæ±äº¬23åºã¯N=2,663ïŒå¯Ÿè±¡æ¯éå£2,691ä»¶ã»ç §åç99.0%ïŒã京éœåžã¯N=1,194ïŒå1,207ä»¶ã»98.9%ïŒãä»å°åžã¯N=187ïŒå195ä»¶ã»95.9%ïŒã§ããïŒ2026幎9æ1æ¥ååŸïŒã
æ±äº¬23åºã¯500ã600%垯ã42.8%ãå ãã700ã800%垯ã24.1%ãããäžå€®å€ã¯600%ã ãçšéå°åã§ã¯åæ¥å°åã76.8%ãè¿é£åæ¥å°åãåããããš84.6%ã«éãããäžæ¹ã®äº¬éœåžã¯äžå€®å€400%ã§ã400%以äžã®ç«å°ã66.3%ãå ããã700%垯ã16.6%ããã®ã¯äº¬éœé§ åšèŸºã®åæ¥å°åã ããåžåå šäœã§ã¯å®¹ç©çã®äœã垯ã«åã¿ããããä»å°åžã¯500%ãæé »å€ïŒ38.0%ïŒã§ãããªãã200%以äžã25.1%ãããäºæ¥µåããŠããã
å°å³ã§èŠããšã700%垯ã¯äº¬éœé§ ååŽã®å «æ¡ã»çäžžéæ²¿ãã«éäžããããããå€ãžåºããš400%以äžã®åž¯ãåºãããç¥åã»æ±å±±æ¹é¢ãè¥¿é£æ¹é¢ã¯200ã300%垯ãäž»äœã§ãå ããŠäº¬éœåžã¯åžè¡ååºåã®åºãç¯å²ã«é«åºŠå°åºãæå®ãã31mé«åºŠå°åºãªã©ã®çµ¶å¯Ÿé«ãå¶éãéããŠããïŒäº¬éœåžãé«åºŠå°åºãã2026幎4æ23æ¥æŽæ°ïŒã容ç©çãšé«ãã®äž¡æ¹ããæãŸããæ§é ã§ããã
åé¢éè·¯ã6mãªããæ±äº¬23åºã®ããã«ç«å°ã®87.6%ã¯æå®å®¹ç©çã䜿ãåããªã
æå®å®¹ç©çã®ååžã ãã§ã¯ãåºãæžããã©ããã¯å€æã§ããªããåé¢éè·¯å¹ å¡ã«ããåºæºå®¹ç©çïŒæ³52æ¡2é ïŒãéããå¿ èŠããããããã§ã¯åæœèšã®å®éã®åé¢éè·¯å¹ å¡ã¯åãããªããããå¹ å¡ã4mã»6mã»8mã»10mãšä»®å®ãããšãã«ãåºæºå®¹ç©çãæå®å®¹ç©çãäžåãç«å°ãã©ãã ãããããæ©æ¢°çã«ç®åºãããä¿æ°ã¯çšéå°åã«å¿ããŠäœå± ç³»0.4ããã®ä»0.6ãé©çšããŠããã
| åé¢éè·¯ã®ä»®å® | æ±äº¬23åº | 京éœåž | ä»å°åž | åè |
|---|---|---|---|---|
| 4mïŒæ³42æ¡2é éè·¯ã®æ°ŽæºïŒ | 96.4%ïŒå¹³åâ53.5%ïŒ | 92.5%ïŒâ41.8%ïŒ | 93.0%ïŒâ44.6%ïŒ | åæ¥ç³»ã§åºæºå®¹ç©ç240% |
| 6m | 87.6%ïŒâ35.3%ïŒ | 62.1%ïŒâ28.6%ïŒ | 70.1%ïŒâ28.9%ïŒ | åæ¥ç³»ã§360% |
| 8m | 69.6%ïŒâ21.5%ïŒ | 33.7%ïŒâ25.2%ïŒ | 58.8%ïŒâ10.1%ïŒ | åæ¥ç³»ã§480% |
| 10m | 25.8%ïŒâ18.9%ïŒ | 16.6%ïŒâ14.3%ïŒ | 2.1%ïŒâ14.3%ïŒ | åæ¥ç³»ã§600% |
èªã¿æ¹ã¯ããã ãæ±äº¬23åºã®ããã«ç«å°ã¯æå®å®¹ç©çãé«ãïŒäžå€®å€600%ïŒã¶ããåé¢éè·¯ã®å¹ å¡ã«å¯Ÿããæå¿åºŠã倧ãããåé¢éè·¯ã6mãªã87.6%ã®ç«å°ã§æå®å®¹ç©çã䜿ããã䜿ããªãåã¯å¹³åã§35.3%ã«éãããéã«äº¬éœåžã¯æå®å®¹ç©çãããšããšäœãããã6mã®åé¢éè·¯ã§ã62.1%ã«ãšã©ãŸãã8mãŸã§åºããã°33.7%ãŸã§èœã¡ããä»å°åžã¯10må¹ å¡ãªã2.1%ãšã»ãŒè§£æ¶ãããã容ç©çãé«ã忥å°ã«ç«å°ããŠãããããšã¯ã建æ¿ãæã«åºã確ä¿ã§ããããšãæå³ããªãââãããæå®ãšå®å¹ã®ä¹é¢ã倧ããåã ããæ¥éæ¡ä»¶ã«äºæ¥èšç»ãæ¯ãããããã
é¡åAïŒåé¢éè·¯ãçãéåçºåïŒäº¬éœåžïŒ
æå®å®¹ç©ç400%以äžã66.3%ïŒN=1,194ïŒã忥ã»è¿é£åæ¥ã78.2%ãå ããã容ç©çã®çµ¶å¯Ÿæ°Žæºãäœããå ããŠé«åºŠå°åºã®çµ¶å¯Ÿé«ãå¶éãéãªããããšããšåºãèãããã建æ¿ãã«ããæžåºå¹ ã¯çžå¯Ÿçã«å°ããäžæ¹ãå¢åºäœå°ãã»ãšãã©ãªãã
é¡åBïŒåæ¥å°åã ãæ¥éã§é æã¡ã«ãªãåïŒæ±äº¬23åºïŒ
忥å°å76.8%ã»æå®å®¹ç©çäžå€®å€600%ïŒN=2,663ïŒãæå®ã¯é«ããåé¢éè·¯6mãªãåºæºå®¹ç©ç360%ã87.6%ã®ç«å°ã§æå®ã䜿ãåãããå¹³åçž®å°çâ35.3%ãæ¢åäžé©æ Œãªã¹ã¯ãæãé¡åšåããããé¡åã
é¡åCïŒå°æ¹é§ åã®äºæ¥µåïŒä»å°åžïŒ
忥å°å70.1%ã§500%ãæé »ïŒ38.0%ïŒã ãã200%以äžã25.1%ïŒN=187ïŒãæºå·¥æ¥5.9%ã»è¿é£åæ¥4.8%ãå¹ å¡10mã®å¹¹ç·æ²¿ãã¯å¶çŽãã»ãŒæ¶ããäžæ¹ãåŸèã®äœå®¹ç©åž¯ã¯å»ºæ¿ãã§åºãèœãšããããã
è§£äœè²»ã®å®é¡ â 3èªæ²»äœ5ä»¶ã§å»¶åº1ã¡ããã5.1äžã14.7äžå
ããã²ãšã€ã®æªèšäžã³ã¹ããè§£äœè²»ã§ãããçžå Žæ å ±ã¯æ°éã®èŠç©ããæ¯èŒãµã€ãã«å€ãåºåãããããã§ã¯èªæ²»äœãå ¬è¡šããå®éã®å ¥æçµæã»å¥çŽéé¡ãšãåããå ¬è¡šãããè§£äœå¯Ÿè±¡å»ºç¯ç©ã®å»¶ã¹é¢ç©ã ãã䜿ããèœæé¡ãšé¢ç©ã®åæ¹ãäžæ¬¡æ å ±ãšããŠç¢ºèªã§ãã5ä»¶ïŒ3èªæ²»äœïŒãäžè¡šã§ããã
| èªæ²»äœ | å·¥äºå | æ§é ã»èŠæš¡ | å»¶ã¹é¢ç© | è«è² é¡ïŒçšèŸŒïŒ | å/ã¡ |
|---|---|---|---|---|---|
| é·åŽåž | çŽæµ·äžåŠæ ¡æ ¡èã»ãè§£äœå·¥äº | RC3éïŒSå¹³å±2æ£ïŒæšé å¹³å±ã倿§ã»é»æ°ã»æ©æ¢°èšåå·¥äºãå«ã | 4,457ã¡ | 227,417,087å | 51,025 |
| ã€ãã°åž | äžåºå²¡ä¿è²æè§£äœå·¥äº | æšé äžéšSé 1éãåèã»éå ·ã»æ€æ œã»åèšç®¡äžåŒ | 557ã¡ | 32,219,000å | 57,844 |
| ã€ãã°åž | 岩åŽä¿è²æè§£äœå·¥äº | æšé äžéšSé 1éãåäž | 499ã¡ | 33,761,200å | 67,658 |
| ã€ãã°åž | æ§äžé·é«æ ¡è§£äœå·¥äº | RC4é2æ£ïŒRC2éã»ããä»å±å»ºç¯ç©ã»éåå Žã»é§è»å Žçã®æ€å»ãå«ãïŒæ·å°70,089ã¡ïŒ | 7,389ã¡ ïŒé¢ç©å ¬è¡šã®ããäž»èŠ3æ£ïŒ | 851,884,000å | 115,291 äžéåŽã®ç®å® |
| å «æœ®åž | æ§åºèè§£äœå·¥äº | æ§åžåºèããã³ä»å±æœèšãææ€å»ã»åæ»ãã»æŽå°ãå«ãåžè¡å°æœå·¥ | 8,002.33ã¡ | 1,176,208,000å ïŒå€æŽå¥çŽåŸïŒ | 146,983 |
5ä»¶ã®åçŽå¹³åã¯87,760å/ã¡ãäžå€®å€ã¯67,658å/ã¡ã§ãããæ¯ãå¹ ã3åè¿ãã®ã¯ãå·¥äºç¯å²ã®éãã«ãããæãå®ãé·åŽåžã®æ¡ä»¶ã¯éå€ã®åŠæ ¡æ·å°ã§ã建ç©è§£äœãšå€æ§ã»èšåæ€å»ã«ãšã©ãŸããæãé«ãå «æœ®åžã®æ¡ä»¶ã¯åžè¡å°ã®åºèã§ãææ€å»ã»åæ»ãã»æŽå°ãŸã§ãå·¥äºå 容ã«å«ãŸãããããã«ã®å»ºæ¿ãã§ã¯æ°ããåºç€ãæã€ããã«æ¢åæã®åŠçãå¿ èŠã«ãªãããšãå€ããéœå¿ã®çå°æ·å°ã§ã¯ä»®èšãšæ¬åºåç·ã®å¶çŽãå ããããããã£ãŠããã«ã®è©Šç®ã§ã¯äžéåŽã§ã¯ãªãäžäœããäžäœã®æ°ŽæºãèŠãã®ã劥åœã§ããã
ããäžç¹ãèŠç©æžã«çŸãã«ããè²»ç®ã確èªããŠãããå «æœ®åžãè¿é£èª¬æäŒã§é åžããå·¥äºæŠèŠè³æã§ã¯ãå·¥äºå 容ãšããŠä»®å²ãïŒå®å šæµïŒã®å€åšèšçœ®ãé²é³ããã«ã®èšçœ®ãäº€éæŽçå¡ã®é çœ®ãæ¯åã»éšé³æž¬å®åšã®èšçœ®ãæ£æ°Žã»æž æãæœå·¥ç®¡çå¡ã®åžžé§ãæèšãããŠãããã€ãŸãä»®èšã»è¿é£å¯Ÿçè²»ã¯è«è² é¡ã®ãªãã«ç¹ã蟌ãŸããŠãããããäžè¡šã®å䟡ã«å¥éäžä¹ãããå¿ èŠã¯ãªããäžæ¹ã§å·¥äºç£çã¯å¥å¥çŽã«ãªãã®ãéäŸã§ãæ¡çåžã®æ§æ¬åºèè§£äœã§ã¯è§£äœå·¥äº643,500,000åã«å¯Ÿãç£çæ¥åå§èšã12,100,000åãæ¯çã«ããŠ1.88%ã ã£ãã
å·¥æã倿ææã«ãªããå ¬è¡šãããå¥çŽå·¥æã¯ãæ¡çåžæ§æ¬åºèïŒè§£äœå·¥äºïŒã什å6幎12æ19æ¥ãã什å7幎9æ30æ¥ãŸã§ã®çŽ9.5ã¶æãé·åŽåžã®çŽæµ·äžåŠæ ¡ïŒ4,457ã¡ïŒãè°æ±ºæ¥ãã什å7幎11æ28æ¥ãŸã§ãå «æœ®åžæ§åºèïŒ8,002ã¡ïŒã什å6幎2æ5æ¥ãã什å7幎9æ30æ¥ãŸã§ã®çŽ20ã¶æãã€ãã°åžã®æ§äžé·é«æ ¡ã什å7幎8æãã什å8幎11æ30æ¥ãŸã§ã®çŽ16ã¶æã§ããã3,500ã4,500ã¡èŠæš¡ãªãè§£äœã ãã§æŠã10ã¶æãèŠãŠããããšã«ãªãã
é€åŽã¯å¹Ž2,283äžã¡ â ãã¡éå± äœãåºé¢ç©ã®46.1%ãå ãã
è§£äœã¯ç¹æ®ãªã€ãã³ãã§ã¯ãªããåœå亀éçã建ç¯ç©æ» 倱統èšèª¿æ»ãããçŽè¿12ã¶æïŒ2025幎6æã2026幎5æåã2026幎8æ31æ¥å ¬è¡šã®ææ°æãŸã§ïŒãéèšãããšãé€åŽå»ºç¯ç©ã¯108,609æ£ã»22,826,516ã¡ã«ã®ãŒãããã®ãã¡éå± äœçšéã¯20,148æ£ã»10,531,524ã¡ã§ãæ£æ°ã§ã¯18.6%ã«ãããªãããåºé¢ç©ã§ã¯46.1%ãå ããã1æ£ãããã®å¹³åå»¶ã¹é¢ç©ã¯éå± äœã522.7ã¡ãå± äœã139.0ã¡ãšãéå± äœåŽã3.8å倧ããã
æ§é å¥ã«èŠããšã12ã¶æåèšã§æšé ã79,859æ£ã»9,376,590ã¡ãéæšé ã28,750æ£ã»13,449,926ã¡ãæ£æ°ã§ã¯æšé ã73.5%ãå ããããåºé¢ç©ã§ã¯éæšé ã58.9%ãšé転ãããéå± äœãã€éæšé ã«çµããš15,739æ£ã»9,611,321ã¡ã§ã1æ£ããã610.7ã¡ãRCé ã»Sé ã®äžèŠæš¡å»ºç¯ããé€åŽåºé¢ç©ã®äž»åœ¹ã§ããã
äžäœã¯å€§éªåº1,969,670ã¡ãæ±äº¬éœ1,962,742ã¡ãåæµ·é1,667,410ã¡ãç¥å¥å·ç1,346,297ã¡ãšç¶ããéå± äœã·ã§ã¢ãé«ãã®ã¯ç¥å¥å·ç75.1%ã倧éªåº65.9%ãå®®åç66.2%ã京éœåº61.0%ãæ±äº¬éœ56.2%ã§ãå šåœå¹³åã®46.1%ã倧ããäžåããéœåžéšã»ã©ãå£ãããŠããã®ã¯äœå® ã§ã¯ãªãéå± äœã®å»ºç©ã§ããã
åçµ±èšã¯é€åŽå»ºç¯ç©ã®è©äŸ¡é¡ãå ¬è¡šããŠãããçŽè¿12ã¶æåèšã§33,152,367äžåãåºé¢ç©ã§å²ããš14,524å/ã¡ãšãªããåç¯ã®è§£äœè²»å䟡ã51,025ã146,983å/ã¡ã ã£ããããå£ãã®ã«èŠããè²»çšã¯ããã®å»ºç©ã«æ®ã£ãŠããè©äŸ¡é¡ã®ããã3.5ã10åã«ããããé€åŽã¯è³ç£ã®åŠåã§ã¯ãªããæ£å³ã®æ¯åºã§ããââãã®é察称æ§ãã建æ¿ã倿ãä¿æç¶ç¶ã®åŽã«åŒãå¯ããæ§é çãªåã«ãªã£ãŠããã
ãªãå®¿æ³æœèšã®é€åŽã«ã€ããŠã¯ã芳å åºããå»å±æ€å»ã»åçã«ããå°æ¹æž©æ³å°çã®ãŸã¡ã¥ããæ¯æŽäºæ¥ãã宿œããŠãããå°æ¹æž©æ³å°çã®èгå ã®äžå¿å°ã«ããå»¶ã¹åºé¢ç©ãããã2,500ã¡ä»¥äžã»äœ¿çšåæ¢ãããã5幎以äžã®å»æ 通ã»å»ããã«ã察象ã«ãæ€å»ã»æžç¯è²»ãè£å©ç2/3ïŒ1次ã»2次åèšã®è£å©äžé6ååïŒã§æ¯æŽããŠããïŒä»€å8幎床ã»å ¬åæéã¯ä»€å8幎7æ1æ¥ãã什å9幎2æ26æ¥ïŒãæ€å»è²»ãåç¬ã§ã¯ååã§ããªããšããåæããå ¬çæ¯æŽã®èšèšãã®ãã®ã«ç¹ã蟌ãŸããŠããã
100宀ã»3,500ã¡ã¢ãã«ã§ç©ã¿äžãã â 1宀ããã建æ¿ãç·å䟡ã¯2,870äžå
ãããŸã§ã®å®é¡ããæšæºçãªã¢ãã«ã«èœãšããæ¢åã§ç®åºãã客宀ååäœ35.0ã¡ïŒèšç»31ä»¶ã®å¹³åïŒãçšãã100宀ã»å»¶åº3,500ã¡ã®å»ºç©ãå»ºãŠæ¿ããã±ãŒã¹ãçµããåæã¯æ¬¡ã®ãšããã§ãããããæ ¹æ ãšæç¹ãä»ãã
| åæ | æ¡çšå€ | æ ¹æ ãšæç¹ |
|---|---|---|
| 客宀ååäœ | 35.0ã¡/宀 | æ¢åãããã«1宀ã®å»ºç¯è²»ã¯2,067äžåãã®èšç»31ä»¶å¹³åãæ¬çš¿ã§ã¯åèšç®ããåæãšããŠåŒçš |
| è§£äœè²»å䟡 | 90,000å/ã¡ïŒçšèŸŒïŒ | æ¬çš¿5ä»¶ã®åçŽå¹³å87,760å/ã¡ãäžžããæ°Žæºã3èªæ²»äœã®å ¬è¡šå¥çŽé¡ïŒä»€å6幎12æã什å7幎8æã®å ¥æã»å¥çŽïŒ |
| ä»®èšã»è¿é£å¯Ÿçè²» | è§£äœè²»ã«å å | å «æœ®åžãæ§åºèè§£äœå·¥äºã®æŠèŠãïŒä»€å6幎2æ4æ¥èª¬æäŒè³æïŒã§ä»®å²ãã»é²é³ããã«ã»äº€éæŽçå¡ã»æ£æ°Žæž æã»æœå·¥ç®¡çå¡ãå·¥äºå 容ã«å«ãŸããããšãç¢ºèª |
| è§£äœå·¥äºç£çè²» | è§£äœè²»ã®1.88% | æ¡çåž æ§æ¬åºèè§£äœå·¥äºç£çæ¥åå§èš 12,100,000å ÷ è§£äœå·¥äº 643,500,000åïŒä»€å6幎12æ23æ¥ç· çµïŒãäžè¡šã§ã¯å¥æ² |
| æ°ç¯å·¥äºè²» | 2,067äžå/宀 ïŒ590,571å/ã¡ïŒ | æ¢åå€ãåœå亀éç 建ç¯ç工統èšã«åºã¥ãèšç»31ä»¶ããéç®ããååäœ |
| ADR | 19,100å | æ±äº¬éœäžå€®åºã®æšå®æçŽADR çŽè¿12ã¶æäžå€®å€19,116åïŒ2025幎9æã2026幎8æã察象æœèšN=152ïŒã2026幎9æ1æ¥ååŸ |
| 皌åç | 80% | åœç€Ÿæšå®OCCïŒæ±äº¬éœ2026幎7æ93.1%ã»å¯Ÿè±¡1,354æœèš182,896宀ã京éœåº83.8%ïŒãäžåãä¿å®å€ãšããŠèšå® |
| GOPç | 35% | ã€ã³ãŽã£ã³ã·ãã«æè³æ³äººãé瀺ããMHMéå¶91ç©ä»¶ã®GOPå®çžŸ38.9%ïŒ2024幎12ææïŒãäžåãä¿å®å€ |
| å¶æ¥äŒæ¢æé | 30ã¶æ | è§£äœå·¥æã®å ¬è¡šå®çžŸïŒ3,500ã4,500ã¡èŠæš¡ã§çŽ10ã¶æïŒã«ãèšèšã»ç¢ºèªç³è«ã»æ°ç¯å·¥äºæéãå ããæ³å® |
| è²»ç® | éé¡ | 1宀ããã | æ§ææ¯ |
|---|---|---|---|
| (a) è§£äœå·¥äºè²»ïŒ3,500ã¡Ã90,000åïŒ | 315,000,000å | 315äžå | 11.0% |
| (b) ä»®èšã»è¿é£å¯Ÿçè²» | (a)ã«å å | â | â |
| (c) æ°ç¯å·¥äºè²»ïŒ2,067äžåÃ100å®€ïŒ | 2,067,000,000å | 2,067äžå | 72.0% |
| (d) å¶æ¥äŒæ¢30ã¶æã®éžå€±GOP | 488,005,000å | 488äžå | 17.0% |
| åèšïŒåå°ååŸè²»ãé€ãïŒ | 2,870,005,000å | 2,870äžå | 100.0% |
| ïŒå¥æ²ïŒè§£äœå·¥äºç£çè²» | 5,922,000å | 5.9äžå | â |
æ°ç¯å·¥äºè²»ã ããèŠãŠããã°1宀2,067äžåã§ãããã ãè§£äœè²»ãšå¶æ¥äŒæ¢ã®éžå€±GOPãç©ããš1宀2,870äžåã1.39åã«ãªããè§£äœè²»ãç·å䟡ã«å ããå²åã¯11.0%ã«ãšã©ãŸãããéžå€±GOPã®17.0%ãšåããããš28.0%ââ建æ¿ãç·å䟡ã®ããã4åã®1匷ããæ°ç¯å·¥äºè²»ã®èŠç©æžã«ã¯çŸããªãã
åºãæžããšäœãèµ·ããã â 容ç©â30%ã§1宀ãããå䟡ã¯+12.0%
ããã«æ¢åäžé©æ Œã®å¹æãéããã建æ¿ãåŸã®å»¶ã¹é¢ç©ãçŸæ³ããå°ãããªãå Žåã客宀æ°ã¯ååäœ35.0ã¡ã§æåããŠæžããäžæ¹ãè§£äœè²»ã¯çŸæ³ã®å»ºç©ã®èŠæš¡ã§æ±ºãŸãããæžããªããéžå€±GOPãäŒæ¢æéã§æ±ºãŸãããæžããªããçµæãšããŠãåºå®è²»ãå°ãªã客宀æ°ã«é åãããã
| å®¹ç©æžå°ç | 建æ¿ãåŸå»¶åº | å®¢å®€æ° | è§£äœè²» | æ°ç¯å·¥äºè²» | éžå€±GOP | 1宀ãããç·å䟡 | å¢å ç |
|---|---|---|---|---|---|---|---|
| ±0%ïŒçŸæ³ç¶æïŒ | 3,500ã¡ | 100宀 | 3.15åå | 20.67åå | 4.88åå | 2,870äžå | â |
| â10% | 3,150ã¡ | 90宀 | 3.15åå | 18.60åå | 4.88åå | 2,959äžå | +3.1% |
| â20% | 2,800ã¡ | 80宀 | 3.15åå | 16.54åå | 4.88åå | 3,071äžå | +7.0% |
| â30% | 2,450ã¡ | 70宀 | 3.15åå | 14.47åå | 4.88åå | 3,214äžå | +12.0% |
1宀ãããå䟡ã®äžæå¹ ãã®ãã®ã¯+3.1%ãã+12.0%ãšãåçãªæ°åã§ã¯ãªããã ãèŠãã¹ãææšã¯ããã²ãšã€ããã客宀æ°ã30宀æžããšããããšã¯ã皌åéå§åŸã®åçcapacityãæä¹ çã«30%å°ãããªããšããããšã ãäžèšåæïŒADR19,100åã»çšŒå80%ã»GOP35%ïŒãªãã倱ããã30宀ã®å¹ŽéGOPã¯ããã5,850äžåããããæ¯å¹Žçºçããã
å©åãã§èŠããšãããªããåå°ååŸè²»ãé€ããæäžé¡ã«å¯Ÿãã幎éGOPå©åãã¯ãçŸæ³ç¶æã§6.80%ïŒç·å䟡28.70ååã»å¹ŽéGOP1.95ååïŒãâ10%ã§6.60%ãâ20%ã§6.36%ãâ30%ã§6.07%ãå·®ã¯0.73ptã§ããããã ãããã¯åå°ä»£ãé€ããæ°åã§ãåå°ã¯æžç¯ããŠãæžããªããä»®ã«åå°ååŸè²»15ååãå ããã°ãåãæ¯èŒã¯4.47%察3.64%ãšãªããå·®ã¯0.83ptã«åºãããæžåºã®è² æ ã¯å»ºèšã³ã¹ãã§ã¯ãªããæžããªãåºå®è²»ãèãåçcapacityã§è² ããšããã«åºãã
åæã®æ¯ãå¹ ã3ã·ããªãªãš2è»žã§æŒããã
ãããŸã§ã®è©Šç®ã¯è§£äœè²»å䟡90,000å/ã¡ã»å¶æ¥äŒæ¢30ã¶æãšããåäžã®åæã«ç«ã£ãŠãããæ¬çš¿ã§ç¢ºèªã§ããè§£äœè²»ã®å®é¡ã¯51,025ã146,983å/ã¡ãš3åè¿ãæ¯ããå¶æ¥äŒæ¢æéãè§£äœå·¥æã®å ¬è¡šå®çžŸïŒ3,500ã4,500ã¡èŠæš¡ã§çŽ10ã¶æïŒã«èšèšã»ç¢ºèªç³è«ã»æ°ç¯å·¥äºãã©ãç©ããã§åããããã§è§£äœè²»å䟡ã»å®¹ç©æžå°çã»å¶æ¥äŒæ¢æéã®3ã€ãåæã«æ¯ã£ã3ã·ããªãªã眮ããããããæ¬çš¿ã§åºå žã瀺ããå®é¡ãšå ¬è¡šå·¥æã®ç¯å²å ã«åããŠãããæ°ããåæã¯å°å ¥ããŠããªãã
| ã·ããªãª | è§£äœè²»å䟡 | å®¹ç©æžå°ç | å¶æ¥äŒæ¢æé | 建æ¿ãåŸå®¢å®€æ° | ç·å䟡 | 1宀ããã | 幎éGOPå©åã ïŒåå°é€ãïŒ | åïŒåå°15ååèŸŒïŒ |
|---|---|---|---|---|---|---|---|---|
| 楜芳 | 51,025å/ã¡ïŒæ¬çš¿5ä»¶ã®äžéã»éå€ïŒææ€å»ãªãïŒ | ±0% | 24ã¶æ | 100宀 | 26.36åå | 2,636äžå | 7.41% | 4.72% |
| äžäœ | 90,000å/ã¡ïŒæ¬çš¿5ä»¶ã®å¹³å87,760å/ã¡ãäžžããæ°ŽæºïŒ | â10% | 30ã¶æ | 90宀 | 26.63åå | 2,959äžå | 6.60% | 4.22% |
| æ²èг | 146,983å/ã¡ïŒæ¬çš¿5ä»¶ã®äžéã»åžè¡å°ïŒææ€å»ããïŒ | â30% | 36ã¶æ | 70宀 | 25.47åå | 3,638äžå | 5.36% | 3.38% |
1宀ãããç·åäŸ¡ã¯æ¥œèг2,636äžåããæ²èŠ³3,638äžåãŸã§ã1.38åã®å¹ ãæã€ãåå°ååŸè²»ãé€ãã幎éGOPå©åãã§ã¯7.41%察5.36%ãå·®ã¯2.05ptã§ãããå ã®å®¹ç©åç¬ã®æåºŠïŒâ0.73ptïŒãšæ¯ã¹ãŠå¹ ã倧ããã®ã¯ãè§£äœè²»å䟡ãšå¶æ¥äŒæ¢æéãåæã«å¹ãããã ãæ³šæãã¹ãã¯æ²èгã·ããªãªã§ç·å䟡ãã®ãã®ã¯25.47ååãšäžäœïŒ26.63ååïŒããå°ããç¹ã§ãããã¯å®¢å®€æ°ã70å®€ã«æžã£ãŠæ°ç¯å·¥äºè²»ãèœã¡ãããã§ãããç·é¡ã¯æžã£ãŠã1宀ãããã¯å¢ããå©åãã¯äžããââæžåºã®åœ±é¿ã¯ç·é¡ã§ã¯ãªãåäœãããã§èŠãå¿ èŠãããã
次ã«ãæãæ¯ãå¹ ã®å€§ããè§£äœè²»å䟡ãšå®¹ç©æžå°çã®2軞ã§1宀ãããç·å䟡ã䞊ã¹ããå¶æ¥äŒæ¢æéã¯30ã¶æã«åºå®ããã
| è§£äœè²»å䟡ïŒå/å»¶åºã¡ã»çšèŸŒïŒ | ±0% | â10% | â20% | â30% |
|---|---|---|---|---|
| 51,025ïŒäžéã»é·åŽåžïŒ | 2,734äžå | 2,808äžå | 2,900äžå | 3,019äžå |
| 67,658ïŒäžå€®å€ïŒ | 2,792äžå | 2,872äžå | 2,973äžå | 3,102äžå |
| 90,000ïŒæ¬çš¿ã®æ¡çšå€ïŒ | 2,870äžå | 2,959äžå | 3,071äžå | 3,214äžå |
| 115,291ïŒã€ãã°åžã»æ§äžé·é«æ ¡ïŒ | 2,959äžå | 3,058äžå | 3,181äžå | 3,341äžå |
| 146,983ïŒäžéã»å «æœ®åžïŒ | 3,069äžå | 3,181äžå | 3,320äžå | 3,499äžå |
ã°ãªããã®äžéã¯2,734äžåïŒè§£äœè²»51,025å/ã¡ã»å®¹ç©Â±0%ïŒãäžéã¯3,499äžåïŒ146,983å/ã¡ã»å®¹ç©â30%ïŒã§ãæ¯ãå¹ ã¯1.28åã«ãšã©ãŸããæ°ç¯å·¥äºè²»ãç·å䟡ã®7å²ãå ãããããè§£äœè²»å䟡ã3ååããŠã1宀ãããã§ã¯12%ååŸã®åœ±é¿ããåºãªãããã ãåæ¹åïŒå®¹ç©æžå°ïŒãšè¡æ¹åïŒè§£äœè²»ïŒã¯å ç®çã«å¹ãã®ã§ãåžè¡å°ã§ææ€å»ã䌎ãããã€åºãæžãç«å°ââã€ãŸãæ¬çš¿ã®é¡åBãå žåã ãââã§ã¯äž¡æ¹ãåæã«äžæ¯ãããç¹ã«æ³šæãããã
åºãæžãç«å°ã§ã¯ãä¿æç¶ç¶ïŒæ¹ä¿®ã«çµæžåçæ§ãçãŸãã
æ¬çš¿ã®æ°åã䞊ã¹çŽããšã建æ¿ãå€æã®æ§é ã¯ãããªãã
| è«ç¹ | æ¬çš¿ã§ç¢ºèªã§ããããš |
|---|---|
| åºã¯æžãã®ã | æå®å®¹ç©çã ãã§ã¯å€æã§ããªããåé¢éè·¯6mãä»®å®ãããšãæ±äº¬23åºã®ããã«ç«å°ã®87.6%ïŒN=2,663ïŒã§æå®å®¹ç©çã䜿ããã䜿ããªãåã¯å¹³å35.3%ã京éœåž62.1%ãä»å°åž70.1%ã |
| å£ãã®ã«ãããã | èªæ²»äœå ¬è¡šã®å®é¡ã§å»¶åº1ã¡ããã51,025ã146,983åïŒçšèŸŒã3èªæ²»äœ5ä»¶ïŒãå¹³å87,760å/ã¡ãææ€å»ã»åžè¡å°æœå·¥ã®æç¡ã§3åè¿ãæ¯ãããå·¥äºç£çè²»ã¯å¥é1.88%ïŒæ¡çåžå®çžŸïŒã |
| ç·å䟡ã«å ããæ¯ç | 100宀ã»3,500ã¡ã¢ãã«ã§è§£äœè²»11.0%ãå¶æ¥äŒæ¢ã®éžå€±GOP17.0%ãåèš28.0%ãæ°ç¯èŠç©æžã«ã¯çŸããªãã |
| æžåºã®å¹ãæ¹ | 容ç©â30%ã§1宀ãããç·å䟡+12.0%ãåå°ä»£ãé€ã幎éGOPå©åãã¯6.80%â6.07%ïŒâ0.73ptïŒãåå°ä»£15ååãå«ãããš4.47%â3.64%ïŒâ0.83ptïŒã |
| ã¹ããã¯ã®èп𡿠| å šåœã®é€åŽã¯å¹Žé108,609æ£ã»22,826,516ã¡ïŒ2025幎6æã2026幎5æïŒãéå± äœã¯åºé¢ç©ã®46.1%ãå®¿æ³æ¥çšéã¯åçµ±èšããåç¬ã§ã¯åãåºããªãã |
ããããå°ãããã®ã¯ãã©ã¡ããåªããŠãããšããçµè«ã§ã¯ãªããåºãæžãç«å°ã§ã¯ãå»ºãŠæ¿ããã«æ¢åäžé©æ Œã®ãŸãŸä¿æããæ¹ä¿®ã§å»¶åœããéžæã«çµæžåçæ§ãçãŸãããšãããæ¡ä»¶ä»ãã®æŽçã§ãããæ¢åäžé©æ Œå»ºç¯ç©ã¯ãã®ãŸãŸäœ¿ãç¶ããããšã驿³ã§ãããå€§èŠæš¡ä¿®ç¹ã»å€§èŠæš¡æš¡æ§æ¿ãã®ç¯å²ã§ããã°çŸè¡ã®å®¹ç©èŠå®ãå šé¢é©çšãããå Žé¢ãé¿ãããããREIT5瀟ã®IRé瀺ã§ç¢ºèªã§ããè³æ¬çæ¯åºã¯1宀ããã幎13äžã62äžåã§ããã建æ¿ãç·å䟡2,870äžå/宀ãšäžŠã¹ãã°ãæ¹ä¿®ã¯å°ãªããšãæéãè²·ãéžæè¢ãšããŠæç«ããã
éã«ãåé¢éè·¯ãåºãæå®å®¹ç©çã䜿ãåããç«å°ââæ¬çš¿ã®éèšã§ã¯å¹ å¡10mãä»®å®ãããšä»å°åžã§97.9%ã京éœåžã§83.4%ãæ±äº¬23åºã§74.2%ã®ç«å°ãæå®å®¹ç©çã確ä¿ã§ããââã§ã¯ã建æ¿ãã¯åºãæžãããã«å®¢å®€ååäœãšèšåæ°ŽæºãçŸä»£åã§ãããåããç¯å€ããã«ãã§ããæ¥éæ¡ä»¶ã«ãã£ãŠåãã¹ãæãå転ãããæ§èéã¹ããã¯ã®æ¹ä¿®ã建æ¿ãããšããåå²ã«ã容ç©ãšè§£äœè²»ãšãã2軞ãè¶³ãæå³ã¯ããã«ããã
å®åäžã®å«æãäžã€ã«çµãã第äžã«ããã¥ãŒããªãžã§ã³ã¹ã®æ®µéã§åé¢éè·¯å¹ å¡ãšåºæºå®¹ç©çã確èªããããšãæå®å®¹ç©çã ããèŠãéçºäœå°ã®è©Šç®ã¯ãéœå¿ã®çå°æ·å°ã§ã¯äžæ¯ãããã第äºã«ãè§£äœè²»ãå»¶åºã¡åäŸ¡ã§æã£ãŠããããšãæ¬çš¿ã®5ä»¶ã瀺ããšãããææ€å»ãšåžè¡å°æœå·¥ã®æç¡ã§å䟡ã¯3ååããååŸæ€èšæã«ãå£ããªããããããæã£ãŠããã°ãäŸ¡æ Œäº€æžã®ææã«ãªãã第äžã«ãå¶æ¥äŒæ¢æéãå䟡ãšããŠæç€ºããããšã30ã¶æã®éžå€±GOPã¯ç·å䟡ã®17.0%ãå ããè§£äœè²»ãã倧ããã
äŸçµŠåŽã®æèãæ·»ããŠãããã¡ãããšã³ãžã³ãªãµãŒããææ¡ããç¯å²ã§ã¯ã皌åã確èªã§ããå®¿æ³æœèšã¯å šåœ27,162æœèšã»1,266,933宀ïŒ2026幎9æ1æ¥æç¹ååŸå€ïŒã2026幎ã«éæ¥ã確èªãããæœèšã¯1,369ä»¶ã»å¹³å26宀ã§ã貞å¥èã658ä»¶ãšæãå€ããããžãã¹ããã«ã¯149ä»¶ã§ãããæ°èŠäŸçµŠã®äžå¿ãå°èŠæš¡åããŠãããªãã§ãæ¢åã®äžèŠæš¡ã¹ããã¯ãã©ãæ±ããã¯ãåžå Žå šäœã®å®¢å®€äŸçµŠã«çŽæ¥å¹ããŠããè«ç¹ã«ãªã£ãŠããã
ããããŠèªã¿ãã
- ããã«ã¯ã©ãã«å»ºãŠãããã â çšéå°åã»å®¹ç©çã»å°äŸ¡ã§èªãäž»èŠ5ååã®éçºäœå°2026
- æ§èéããã«23.6äžå®€ã»å šå®¢å®€ã®19.1% â æ¹ä¿®ã建æ¿ããã588æ£ã®åå²ç¹
- ããã«1宀ã®å»ºç¯è²»ã¯2,067äžå â èšç»31ä»¶ã®å®¢å®€ååäœ35.0ã¡ããéç®
- ããã«ã®è³æ¬çæ¯åºã¯1宀ããã幎13äžã62äžå â REIT5瀟ã®IRé瀺ã§èªãå€§èŠæš¡ä¿®ç¹
- æšé ããã«ã®ã¡å䟡ã¯RCé ã®62.8%ãå±ãéæ°ã¯3éãŸã§ â ç工統èš7,432æ£ã§å®æž¬
- ããã«ã®é§è»å Žé眮矩åãéœåžã§2.5åå·® â 300宀ãªã12ã30å°ã»2026幎ã®ç·©ååå
- ããã«ã®åºå®è³ç£çšã¯1宀ããã幎16äžã24äžå â ä¿æçšãNOIå©åãã0.7ptåãä»çµã¿
- 2026幎æ°èŠéæ¥ã®61%ã¯åžè¡ååºåã®å€ â éçºèš±å¯ã»èŸ²å°è»¢çšã§å€ãã鿥ãŸã§ã®æé
åèè³æã»åºå žäžèЧ
â ããŒã¿ãœãŒã¹
çšéå°åã»æå®å®¹ç©çã¯åœå亀éç äžåç£æ å ±ã©ã€ãã©ãªã®éœåžèšç»æ±ºå®GISããŒã¿ã«ãåœç€Ÿãææ¡ãã客宀10宀以äžã»åº§æšãæã€å®¿æ³æœèšãéãåãããŠéèšïŒæ±äº¬23åºN=2,663ïŒç §åç99.0%ã京éœåžN=1,194ïŒ98.9%ãä»å°åžN=187ïŒ95.9%ã2026幎9æ1æ¥ååŸïŒãè§£äœè²»ã¯3èªæ²»äœãå ¬è¡šããå ¥æçµæã»å¥çŽè°æ¡ã»å·¥äºæŠèŠè³æã®5ä»¶ïŒè«è² é¡ãšå»¶ã¹é¢ç©ã®åæ¹ãå ¬è¡šãããŠãããã®ã«éå®ïŒãé€åŽæ£æ°ã»åºé¢ç©ã»è©äŸ¡é¡ã¯åœå亀éçã建ç¯ç©æ» 倱統èšèª¿æ»ãïŒæ¿åºçµ±èšã³ãŒã00600240ïŒã®2025幎6æåã2026幎5æåãæšå®æçŽADRã»æšå®çšŒåçã»æœèšå®¢å®€äŸçµŠã¯ã¡ãããšã³ãžã³ãªãµãŒãïŒã³ã³ãµã«ãã£ã³ã°éèšããŒã¿ïŒå šåœ27,162æœèšã»1,266,933宀ã2026幎9æ1æ¥ååŸïŒã
â 詊ç®åæ
100宀ã»å»¶åº3,500ã¡ïŒå®¢å®€ååäœ35.0ã¡ïŒå®€ãæ¢åã®èšç»31ä»¶å¹³åãåŒçšïŒã建æ¿ãã¢ãã«ãšããè§£äœè²»å䟡90,000å/ã¡ïŒæ¬çš¿5ä»¶ã®åçŽå¹³å87,760å/ã¡ãäžžããæ°ŽæºïŒãæ°ç¯å·¥äºè²»2,067äžå/å®€ïŒæ¢åå€ïŒãæšå®æçŽADR 19,100åïŒæ±äº¬éœäžå€®åºã»2025幎9æã2026幎8æã®äžå€®å€19,116åã察象æœèšN=152ïŒã皌åçã¯80%ïŒæ³å®å€ã2026幎7ææç¹ã®åœç€Ÿæšå®OCC æ±äº¬éœ93.1%ïŒå¯Ÿè±¡1,354æœèš182,896宀ãäžåãä¿å®å€ãšããŠèšå®ïŒãGOPç35%ïŒã€ã³ãŽã£ã³ã·ãã«æè³æ³äººãé瀺ããMHMéå¶91ç©ä»¶ã®å®çžŸ38.9%ïŒ2024幎12ææãäžåãä¿å®å€ïŒãå¶æ¥äŒæ¢30ã¶æãåºæºã±ãŒã¹ã«çœ®ãã3ã·ããªãªã»2軞æåºŠã®æ¯ãå¹ ã¯ãããããæ¬çš¿ã§åºå žã瀺ããè§£äœè²»å®é¡ïŒ51,025ã146,983å/ã¡ïŒãšå ¬è¡šå·¥æã®ç¯å²å ã§èšå®ããæ°èŠã®åæã¯å°å ¥ããŠããªãã
â éçã»çæç¹
åé¢éè·¯å¹ å¡ã¯4mã»6mã»8mã»10mã®ä»®å®å€ã§ãããå奿·å°ã§ã¯è§å°ç·©åã»ç¹å®éè·¯ã«ããç·©åã»ç·åèšèšå¶åºŠã»éœåžåçç¹å¥å°åºã®æŽ»çšã«ããçµæãå€ãããç»èšæ å ±ã»ç¢ºèªç³è«å³æžãåç §ããŠããªããããå奿œèšã«ã€ããŠæ¢åäžé©æ ŒãåŠããå€å®ãããã®ã§ã¯ãªãã瀺ããŠããã®ã¯ãªã¹ã¯ãé¡åšåããããç«å°é¡åã§ããã建æ¿ã詊ç®ã¯åå°ååŸè²»ã»èšèšè²»ã»ã¢ã¹ãã¹ã察çè²»ã»è¿é£è£åã»ä»®ç§»è»¢è²»çšãå«ãŸãªãç°¡æè©Šç®ãã建ç¯ç©æ» 倱統èšèª¿æ»ãã®çšéåºåã¯å± äœçšïŒãã®ä»ã®äºåã§ããå®¿æ³æ¥çšéãåç¬ã§ã¯åãåºããªããããæšèšã«ããçšéå¥å èš³ã¯äœæããŠããªããADRã»çšŒåçã¯OTAå ¬éåšåº«ã«ããšã¥ãæšå®å€ã§ãããåæœèšã®å®éã®æçŽäŸ¡æ Œã»äŒèšæ°å€ãšã¯ç°ãªãã
â åžå ŽããŒã¿
- ã¡ãããšã³ãžã³ãªãµãŒãïŒã³ã³ãµã«ãã£ã³ã° â æšå®æçŽADRãæšå®çšŒåçãæœèšã»å®¢å®€äŸçµŠïŒå šåœ27,162æœèšã»1,266,933宀ã2026幎9æ1æ¥ååŸïŒã2026å¹Žéæ¥1,369ä»¶
â æ³ä»€ã»æ¿åºçµ±èš
- 建ç¯åºæºæ³ïŒe-Govæ³ä»€æ€çŽ¢ïŒ â 第3æ¡ç¬¬2é ïŒæ¢åäžé©æ ŒïŒã第52æ¡ïŒå®¹ç©çïŒ
- åœå亀éç äžåç£æ å ±ã©ã€ãã©ãª â éœåžèšç»æ±ºå®GISããŒã¿ïŒçšéå°åã»æå®å®¹ç©çã»å»ºèœçïŒ
- åœå亀éçã建ç¯ç©æ» 倱統èšèª¿æ»ãïŒe-Statãæ¿åºçµ±èšã³ãŒã00600240ïŒ â ç·æ¬è¡šã»éœéåºçå¥è¡šïŒ2025幎6æåã2026幎5æåã2026幎8æ31æ¥å ¬è¡šïŒ
- åœå亀éçãæ» 倱建ç¯ç©ã®èª¿æ»ã
- 京éœåžãé«åºŠå°åºãïŒéœåžèšç»å±éœåžäŒç»éšéœåžèšç»èª²ã2026幎4æ23æ¥æŽæ°ïŒ
- 芳å åºãå»å±æ€å»ã»åçã«ããå°æ¹æž©æ³å°çã®ãŸã¡ã¥ããæ¯æŽäºæ¥ãïŒä»€å8幎床ïŒ
â èªæ²»äœã®å ¥æçµæã»å¥çŽå ¬è¡šïŒè§£äœè²»ã®äžæ¬¡æ å ±ïŒ
- é·åŽåžã什å7幎2æåžè°äŒ æè²åçå§å¡äŒè³æ 第44å·è°æ¡ å·¥äºã®è«è² å¥çŽã®ç· çµã«ã€ããŠ çŽæµ·äžåŠæ ¡æ ¡èã»ãè§£äœå·¥äºã
- ã€ãã°åžãå ¥æçµæ 什å7幎7æ31æ¥éæåïŒè§£äœå·¥äºïŒãïŒ7-8åžåæ§äžé·é«æ ¡è§£äœå·¥äºïŒïŒå å ¥æå ¬åïŒå·¥äºæŠèŠïŒ
- ã€ãã°åžãå ¥æçµæ 什å7幎8æ29æ¥éæåãïŒ7åžå岩åŽä¿è²æè§£äœå·¥äºã»7åžåäžåºå²¡ä¿è²æè§£äœå·¥äºïŒ
- å «æœ®åžãè°æ¡ç¬¬85å· å·¥äºè«è² å¥çŽã®å€æŽå¥çŽã®ç· çµã«ã€ããŠïŒå «æœ®åžæ§åºèè§£äœå·¥äºïŒãïŒä»€å7幎7æ22æ¥æåºïŒ
- å «æœ®åžãè³æ1 å «æœ®åžæ§åºèè§£äœå·¥äº å·¥äºæŠèŠèª¬æãïŒä»€å6幎2æ4æ¥ å·¥äºèª¬æäŒïŒ
- æ¡çåžãæ¡çåžæ§æ¬åºèè§£äœå·¥äºè«è² å¥çŽã®ç· çµãïŒåãæ¡çåžæ§æ¬åºèè§£äœå·¥äºç£çæ¥åå§èšå¥çŽã®ç· çµã
â 建èšè²»ã»GOPã®ãã³ãããŒã¯
- åœå亀éçã建ç¯ç工統èšèª¿æ»ã
- ã€ã³ãŽã£ã³ã·ãã«æè³æ³äººã2024幎12ææ æ±ºç®èª¬æè³æãïŒ2025幎2æ26æ¥éç€ºïŒ â MHMéå¶91ç©ä»¶ã®GOPæ¯ç38.9%ïŒåå¹Žåææ¯+1.6ptïŒïŒå ããŒããã©ãªãªïŒæœèšå¥ã®çšŒåçã»ADRã»RevPARææ¬¡ïŒ
