The Japanese rental market is coming back strong as a weaker yen attracts overseas investors.

Sales of Japanese properties to international investors doubled year-over-year to 158 billion yen, ($1.27 billion) in the March quarter, according to property advisory CBRE. This includes both residential and offices and makes up 14% of the market. Offices alone saw sales to overseas investors surge 90%, while total sales climbed 60%

May was the 17th consecutive month that office-space rent rose in Tokyo’s five central wards, reported Nikkei Asian Review. Offices with prime locations and modern facilities are seeing rents rise sharply, some as much as 10%. Large logistics facilities are also seeing rental fees jump on rising demand.

As the central bank loosens monetary policy, devaluing the yen against the other major currencies, international investors, such as US pension funds, are finding Japanese properties attractively priced. GreenOak Real Estate, a US investment company, bought an office building in Tokyo’s Minato ward for about 50 billion yen in March, reported Nikkei.  But US investors are not the only ones. Many of the buyers are from Asia as well.

“The Japan Real Estate Institute said Japan’s political and economic stability are also attractive to overseas investors aiming to generate stable returns. Ahead of the 2020 Tokyo Olympics, redevelopment projects are likely to add to the charm of urban areas, raising hopes for higher rents,” according to Nikkei.

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