Real Estate Finance Forum


Kiyohiko Nishimura, Tsutomu Watanabe

Executive Directors

Chihiro Shimizu, Jiro Yoshida


Center for Advanced Research in Finance (CARF), Graduate School of Economics, The University of Tokyo


Center for Spatial Information Science (CSIS), The University of Tokyo
Social Data Science, Graduate School, Hitotsubashi University (from 2023)
Borrelli Institute for Real Estate Studies, Pennsylvania State University (from 2023)
Urban Real Estate Science Research Center, Reitaku University (2020-2022)


The environment surrounding real estate investment is constantly changing. These changes include long-term and trend-like shifts such as continuous advancements in information technology, population aging, industrial structure changes, rising concerns for social responsibility and natural disasters, as well as significant shifts in the real estate market due to global financial crises, unconventional financial policies, and pandemics. Institutional investors like pension funds, private investors, insurance companies, and investment trusts are increasingly looking to incorporate global real estate into their long-term investment portfolios. Since its inception in 2017, the Real Estate Finance Forum has held a total of 15 roundtable meetings, deliberating various challenges in real estate investment with a forward-looking perspective. This project continues from the 2022 book publishing project, inviting domestic and international experts to discuss challenges in the real estate investment market.

Event Archive

#16 Japanese Real Estate Investment from the Perspective of Central Banks and Foreign Investors

March 28, 2024Nao Sudo (Director, Economic Finance Research Division, Institute for Monetary and Economic Studies, Bank of Japan), Atsushi Miura (Managing Director, Blackstone Group Japan K.K.)
#15 Prices and Asset Prices in JapanMarch 4, 2023Tsutomu Watanabe (The University of Tokyo), Tomomitsu Takashima (Nagoya High Public Prosecutors Office), Kiyohiko Nishimura (Professor Emeritus, University of Tokyo, Special Professor, National Graduate Institute for Policy Studies), Makoto Saito (Nagoya University), Shigenori Shiratsuka (Keio University), Hiroshi Tsubouchi (Nihon University), Hideaki Murase (Gakushuin University), Jiro Yoshida (Pennsylvania State University)
#14 Real Estate Market and Real Estate Investment in a Super-Aging SocietyFebruary 25, 2022Jiro Yoshida(Pennsylvania State University), Chihiro Shimizu (Center for Spatial Information Science, The University of Tokyo and Nihon University)
#13 New Investment TechnologiesNovember 26, 2021Yutaka Soejima (Director , Institute for Monetary and Economic Studies, Bank of Japan)
#12 Aging and Urban AgglomerationSeptember 3, 2021Takaaki Takahashi (Professor, Center for Spatial Information Science, The University of Tokyo)
#11 Sustainability of the Real Estate MarketFebruary 18, 2021Chihiro Shimizu (The University of Tokyo/ Nihon University/ Reitaku University), Ryuichi Horie (CSR Design Environment Investment Management Co.)
#10 New Developments in Real Estate Finance ResearchDecember 10, 2020Jiro Yoshida(Pennsylvania State University)
#9 Intrinsic Value of Real Estate (Real Quality) and the European Real Estate Investment MarketNovember 26, 2020Olivier Mege (Real Quality Rating, France), Kohei Kawai (Researcher, Real Estate Information Science, The University of Tokyo)
#8 Real Estate Investment in the Post-Corona EraOctober 15, 2020Yasuo Nakajima and Akira Nishimura (LaSalle Real Estate Investment Management Co.)
#7 Examples of Media and Internet Search Information in Real Estate Decision Making and Application to Brexit and the Real Estate MarketDecember 6, 2019Masaki Mori (Associate Professor, Department of Real Estate, University of Reading)
#6 The Real Estate Market as Seen in the Financial System ReportNovember 6, 2019Hitoshi Mio (Director, Financial System Division, Bank of Japan)
#5 Current Situation and Issues in the Real Estate Investment Market" (Shimizu) / "Survey of Real Estate Investors" (Kawai)September 25, 2019Chihiro Shimizu (The University of Tokyo), Kohei Kawai (The University of Tokyo)
#4 On U.S. Real Estate Investment IndexesMarch 26, 2018David Geltner (Massachusetts Institute of Technology, Department of Real Estate)
#3 Market Risks of Real Estate Investment - Impact of Population Decline and Aging on Macroeconomic and Housing MarketsDecember 13, 2017Kiyohiko Nishimura (Research Fellow, Center for Financial Education and Research, University of Tokyo; Professor, National Graduate Institute for Policy Studies), Yongheng Deng (Dean, Faculty of Real Estate, National University of Singapore; Former President, National Association of Real Estate Economists)
#2 Principles of Public Fund Real Estate Investment in SingaporeOctober 30, 2017Ong Seow Eng (Professor, Department of Real Estate, National University of Singapore), Masaki Mori (Lecturer, Faculty of Real Estate, National University of Singapore)
#1 Research Trends and Issues Surrounding Real Estate InvestmentSeptember 29, 2017Chihiro Shimizu (Professor, College of Sport Sciences, Nihon University; Research Fellow, Center for Real Estate Research, Massachusetts Institute of Technology), Jiro Yoshida (Associate Professor, Pennsylvania State University)