Today’s Real Estate: Changes in 2026 Real Estate IPOs – The ‘Next Growing Real Estate Businesses’ Seen from Listed Companies
In 2026, various companies have successfully completed initial public offerings on the stock market. Looking at the real estate industry, it is notable that not only companies involved in the development and sale of condominiums, but also those with business models slightly different from traditional real estate firms—such as those in used real estate revitalization, brokerage, vacant/stigmatized properties, and parking lots—are standing out. Particularly interesting is that companies are going public not just by ‘building and selling real estate,’ but by increasing the value of existing real estate and spaces, or by resolving inefficiencies in real estate transactions. In this issue, while highlighting the real estate companies and real estate-related firms that went public in 2026, we will consider what kind of business models are growing and what kind of real estate companies will aim for listing in the future.
Real estate companies and real estate-related firms that went public in 2026
First, we want to highlight Vertex, which listed on the Tokyo Stock Exchange Standard Market on September 18. The company handles the development, sales, and management of investment condominiums, and has expanded its business into real estate consulting, rental management, and real estate funds. The key point is that they do not just end with selling the property, but also connect it to rental management after purchase. It can be called a model that combines flow revenue from sales with stock revenue from management.
Also listing on the Tokyo Stock Exchange Standard Market on September 18 was akippa. Although not a real estate company, it is a firm with a very deep relationship with real estate. The ‘akippa’ service they operate matches vacant parking spaces—such as monthly parking lots, private homes, and business offices—with users who want to park, via the internet. A characteristic feature is that they do not purchase land to develop parking lots, but rather circulate ‘unused spaces and time’ that already exist.
Real estate company listings are also continuing on the TOKYO PRO Market. Marks Life, which listed on May 7, develops real estate purchasing, brokerage, and utilization consulting. A distinctive feature is that they work with properties that are difficult for general real estate companies to handle, such as inherited real estate, vacant houses, and ‘stigmatized properties’ (properties where a death has occurred) handled by their specialized ‘Jobutsu Real Estate’ brand. The characteristic of their business is not ‘selling real estate that is easy to sell,’ but ‘circulating real estate that is difficult to circulate.’
On June 24, Real Estate Distribution System (REDS) listed on the TOKYO PRO Market. The company focuses on real estate sales brokerage and also develops renovation and remodeling work. They have built a system different from traditional brokerage that relies on store networks and large numbers of sales staff, such as by rationalizing brokerage fees and providing services through licensed real estate notaries.
Fuji Kosan, which listed on the TOKYO PRO Market on June 30, handles the revitalization of income-generating real estate. Their model involves acquiring condominiums, apartments, and office buildings that face challenges such as high vacancy rates or old age, and improving their profitability through renovation and leasing before reselling them. They generate revenue by increasing the value of existing stock rather than supplying new properties.
And one to watch in the future is Tokyo Mirai Real Estate, which is scheduled to list on the TOKYO PRO Market on October 13. The company develops real estate purchase and resale centered on the Tokyo metropolitan area, and handles not only detached houses, land, condominiums, and income-generating real estate, but also properties that are difficult to sell on the general market, such as those that cannot be rebuilt, shared interests, leasehold rights, inheritances, and vacant houses. Their model involves performing renovations and adjusting rights relationships on the real estate they purchase, and then circulating it back into the market. They also feature BtoB-style purchasing and sales that utilize networks with other real estate companies. It can be seen as a real estate revitalization-type business that ‘adds value to low-liquidity real estate and turns it into a product that can be circulated again,’ rather than simple purchase and resale.
Characteristics of listed companies
When we line up the companies of 2026 like this, a common keyword emerges: ‘real estate inefficiency.’ There are still many inefficiencies in the real estate market, such as income-generating properties with many vacancies, stigmatized properties, vacant houses, properties that cannot be rebuilt, unused parking spaces, and high brokerage costs. Companies are emerging that bring new mechanisms and specialized know-how to these areas, circulating things that previously did not circulate.
Another characteristic is the departure from ‘transaction and done.’ While real estate sales generate large revenue per transaction, that revenue ends once the transaction is completed. Therefore, it has become important to build mechanisms that combine management, renovation, funds, and platforms to sustain relationships with customers and revenue.
Furthermore, we want to highlight ‘existing stock.’ As construction costs and labor costs rise, making the hurdle for developing new real estate higher, the importance of the market for how to utilize already existing housing, income-generating real estate, land, and parking lots is increasing.
What kind of new real estate-related listed companies are expected in the future?
The areas we want to watch from now on are ‘management,’ ‘revitalization,’ ‘technology,’ and ‘finance.’ First, in rental management, if the number of managed units accumulates, it can generate not only management fees but also many peripheral revenues such as guarantees, insurance, repairs, restoration to original condition, equipment replacement, and tenant services. Companies that increase profitability through ‘management x DX x peripheral services’ rather than just the number of managed units will likely emerge in the future.
Next is real estate revitalization. Japan has a vast amount of existing stock, such as vacant houses, old houses, and aging apartments. Furthermore, like Tokyo Mirai Real Estate, there are companies that return ‘properties that are difficult to sell normally’—such as those that cannot be rebuilt, shared interests, leasehold rights, and inheritances—back to the market. Companies that create value by including rights adjustments and operational improvements, rather than judging real estate value only by the ‘building,’ have the potential to increase even more in the future.
And then there is real estate tech. There are still a large number of tasks in real estate practice that can be digitized, such as AI appraisal, property information collection, response analysis, electronic contracts, rental management, repair management, and customer management. We should also pay attention to companies that provide ‘infrastructure used by real estate companies’ and earn continuous usage fees, rather than just companies that sell real estate itself.
Furthermore, there is the ‘real estate x finance’ area, such as real estate crowdfunding, fractionalized products, and ST (security tokens). If methods for investing in real estate diversify, the revenue models of real estate companies will likely change as well.
Looking at the listed companies of 2026, it is clear that what is needed for future real estate companies is not just simple ‘power to sell properties.’ Can they possess accumulating assets—such as the number of managed units, number of members, number of registered properties, data, systems, and specialized know-how—and use them to generate continuous revenue? And can they create new value for real estate that was previously thought to have no value, be unsellable, or be unusable? By following newly listed companies, it seems we can see the direction of the real estate businesses that will grow from here on.
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