日銀短観から考える不動産市場①

日銀短観から考える不動産市場①

4月1日に2022年3月調査 日銀短観が発表となりました。新型コロナ・ウクライナ情勢と不安定な経済情勢の中、企業の現状や先行きの見通しをまとめています。本レポートでは、短観から見える不動産市場への姿勢について検討したいと思います。今回は2部に分けた一回目で、短観の性格と、選択した項目の概略について記載します。

【サマリー】

●日銀短観の調査項目の中でも「設備投資」「土地投資額」「新卒採用」「雇用DI」「貸出態度DI」に着目し、不動産市場を検討します。

●「設備投資」「土地投資額」「貸出DI」の3月回答は、コロナ前の水準ではないものの、10年単位でみた場合、堅調であると考えます。

●「雇用DI」では、全般的には人不足の状況ですが、「新卒採用」は非製造業が製造業と比較して強気の状況となっています。

●雇用や採用、現在の失業率を勘案すると、たとえ完全失業率が低下してもオフィスワーカーの数自体が変化しない限り、オフィスの空室率はコロナ前の水準に至らない可能性が高いと思われます。

Ⅰ.日銀短観と長期的な景気動向との関連

日銀短観は、正式名称を「全国企業短期経済観測調査」といいます。日本銀行が行う、全国の約1万社の企業を対象とした企業動向の調査です。実数のほか、景気が「良い」と答えた企業の割合から「悪い」と答えた企業の割合を差し引いた指数DIで結果を表している項目も多く、実際の景気をよく反映しているといえます。

下記「日銀短観DIと景気後退(図表Ⅰ)」では、短観での景気の悪化回答(グラフがマイナスかつ右下がりの部分)が、内閣府が設定する景気後退期[1]と重なっている様子を見ることができます。

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

Ⅱ.今回の日銀短観について

1.概要

大企業の業況判断DIは、製造業、非製造業とも7四半期ぶりに悪化しました。ウクライナ問題、資源価格の高騰やオミクロン株の流行などが企業の景況感を押し下げたものと思われます。

さらに、3か月後の見通しでは、大企業の製造業で5ポイントの悪化、非製造業で2ポイントの悪化が見込まれています。

事業計画の前提となっている想定為替レート(全規模・全産業)は111.93円/ドルとなっています。4月26日現在の水準である127円/ドルとは大幅な差異があり、企業業績に与える影響も大きくなることが想定されます。

2.不動産市場にとくに関連する事項と概略

不動産市場を検討するために、短観の調査項目の中でも、とくに不動産への投資に関連する「設備投資」、直接の投資である「土地投資額」、オフィスワーカーに関連する「「新卒採用数」「雇用DI」、設備投資の実現性や業界の好不調をあらわす「貸出態度DI」に着目したいと考えます。

本書では概略をお伝えし、各産業については次回のご連絡とさせていただきます。

ⅰ.設備投資

事業法人にとって不動産への資金の投入は、設備投資の一環であることが多いため、その動向は売買・賃貸双方の市場に影響があるものと考えます。

まず昨年度(2020年度)の設備投資の状況を見ると、数では数パーセント程度である大企業が、投資額では60%以上を占めます。平均投資額は50億円前後となっています。実績においては、全規模、大企業[2]、製造業・非製造業ともに前年(2019年度)比8~10%程度減少しました(図表Ⅰ‐Ⅱ③)。分母が減少するため、2019年度と同水準になるためには9~11%程度の上昇が必要になります。

2020年3月末年度の設備投資の予想を、短観の「実績ベース」と「回答ベース」から行います。

まず「実績ベース」では「2021年度の前年比予測(実績ベース)[3]」(同⑥)を算定しました。製造業は+20%以上、非製造業も+10%以上となっています。

また「回答ベース」では、前年同月の回答と比較した「2021年度の前年比予測(回答ベース)」(同⑦)を算定しました。こちらも同じく製造業が+10%以上、非製造業が+5%前後となっています。

これらを勘案すると、一昨年度よりも設備投資が増加するのは確実ではありそうです。一方、予想レンジは、コロナ前への回復をはさんでいます。したがって、コロナ前の水準を超える可能性もある一方、非製造業は2019年度の水準の回復には至らず、製造業も同水準程度にとどまった可能性もありそうです。



[2] 資本金10億円以上

[3] 図表Ⅰ‐Ⅱ⑥の計算に使用した「換算率」は同⑤で算定しています。

今年度(2021年度)の実績は次回6月の調査で確定します。今回の調査に対する企業の答えは、期末に確定する「実績」に対して想定した「3月回答」となります。例年、「実績」と「3月回答」とに発生するずれを修正する率を換算率(同⑤)とし、2016~2018年を調査して算定しています。

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

Ⅲ.まとめ

全般的には堅調な設備投資意欲・貸出態度やまだ企業に不足感のある雇用状況の中、全般的にはオフィスワーカーを削減している状況とはいえません。3か月後の業況判断DI見通しについて、大企業の製造業で5ポイントの悪化、非製造業で2ポイントの悪化が見込まれていることが懸念材料ではありますが、出遅れている産業が収益向上し、オフィスワーカーの増加につながることを期待したいと考えます。

一方で、働き方改革によりオフィスを削減した企業が、短期間でオフィスを増加させることも考えにくいと考えます。完全失業率が新型コロナ前の水準にもどったとしても、首都圏労働者人口の増加がなければ、オフィスの空室率が2020年2月に記録した直近最低値1.49%まで低下するのは困難だと思われます。

土地投資額については、引き続き不動産・建設は旺盛ですが、そのほかの産業についても換算率が大きいながら増加のサインはでています。実際の投資額がどういった方向性であったのか次回の調査に注目したいと考えます。

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提供:法人営業本部 リサーチ・コンサルティング部

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