For Japan, the JREI Urban Land Price Index was created to provide a benchmark of urban value trends. The Office and Apartment Rent Indices are intended to track the general trend of rents in major Japanese cities. Semiannual from June 1985.
Both surveys are the result of a nationwide fixed, fixed location sample. Their values are appraisal-based indices derived from commonly accepted real estate valuation techniques.
Both indexes cover all major cities in Japan (223 cities in all).
Data are reported for regions (Kinki, Tohoku, etc.) and select major cities (Nagoya, Osaka, Tokyo).
The UPI index is calculated by multiplying the index of the preceding period by the average percentage change rate of each category during the last half a year.
The market value of each survey site is estimated and expressed as the price per square meter on the date of the survey.
Market rents are estimated on the day of the survey by one or more of the JREI's licensed appraisers. The appraisers arrive at their conclusions by assuming that the hypothetical building space was leased to a new tenant using the appropriate valuation approaches. Each sample's rental growth rate is calculated by comparing the latest appraised value to the previous year's rental value. It is then weighted to correspond to a base year. The current base year is 2005.
Data in both surveys is subject to revisions.