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Ҥ̡νɾޥ󥷥ꡢٻԾͻʤɡҡưޤȽƾäԡޥ󥷥ޤﳲԡưԷˡȿʾٸ𡣤ߤʤ̤ʤˤɽޥ󥷥ޤǴͶáϺӥͥɥåΤʤܻؤޤ

ϡưޤȽƾä١ʥҡˤưޥХ֥ˤ׻¤򱣤ʪޤꤵ줿ԡʡḶˤԷˡ˴ŤäȽưԷˡȿʾ١Ϻʿ18ǯ830Ƚ衢ʿ17ǯʥ3018ˤᤷƮεϿ

FJͥȡ顦ǥھ
http://hayariki.x10.mx/
ưäƤϤʤﳲԤ٤פμ
http://www.mynewsjapan.com/reports/1101

ưιʥԥ奦

ưĹ [Kindle]
ưʶطĹ˥塼ĶĹιƵԡСˤܵҽ˷餻ä򷫤֤Ȥƣǯᤵ줿ԥ踡ϣɻ߾ȿάʤʺۤƱȳ⣲ߤά̿Фԥ

ﳲԤܺԤΥۥƥ뱿IJҤνĹǤԥIJҤϣǯưȥ󥵥륿ȷ뤷Ƥʧ˴ؤƥȥ֥ˤʥäƤԥƵԤư¦ôԤǡǯ飲ǯ˼Ǥäۥƥ뱿IJҼĹηäֹǡ餻ä򷫤֤ԥ

餻äϡۤȤɤ̵äǤäֲפȤǽݤȤ⤢äȤԥﳲԤϣ̵ääȻŦԥƵԤϡּĹȥȥ֥ˤʤꡢߤ餷ƤȻץäפȽҤ٤Ƥԥ

ưϣե˥塼꡼ҼҰˤĤơפǡ֤ڤҤΤ͡ʤɤγͤˤ¿ʤǤȤۤ򤪳ݤͤӿ夲ޤפȽҤ٤ԥ
http://hayariki.x10.mx/13.htm
ưϥӥͥȺԤФȤˤʤԥŬʥ󥵥ƥ󥰷¸ߤŬʥ󥵥ƥ󥰥ӥ󶡤ȤϤΤޤޤǤԥˤĤΤǤʤСưΥ󥵥ƥ󥰷ˤԿܤ³ԥưιȺľ뤹뤳Ȥǽ̤褬ԥ桹ưιζ鲿ؤӡ줫鵯뤫⤷ʤ֤ФƲǤ뤫ԥοͤ͡뵡Ȥʥäԥ

ޥϥ󥺲ϫưĹ

ưޤȽƾä [ñ]

ޥϥ󥺲ϫȽưĹζư롼פΥ֥åȤ֤򼨤ΤǤ롣ޥϥ󥺲ϫȽϥ֥åȤΤΤǤ롣
ưĹưĹιܵҽȥ󥵥ƥ󥰷ǥȥ֥Ȥʤꡢܵҽ˶ä򷫤֤ᤵ줿Ǥ롣ưϥӥͥȺԤФȤˤʤ롣ưȰοΤߤʪǤ롣
̤˥֥åȤǤɤʿʹ֡ޤȤʿʹ֤鼭Ƥ֥åȤʹʹ֤ϿͳŪΤͤФˤʤ롣ưΥǥι𵭻о줷ιĹħŪǤ롣ޥϥ󥺲ϫȽǤϫƯ֤ĹǤʤդʤɥѥϥˤʤäƤ롣
http://hayariki.x10.mx/


ιưǥ

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ưĹưΥ󥵥ƥ󥰥ӥʸȼºݤ򼨤Ƥ롣ư塼ĶĹιƵԡСˤܵҽ˷餻ä򷫤֤Ȥᤵ줿

ιƵԤ°Ƥư塼Ķʤθ塢¤CREˤǤϴȽͭưCRE; Corporate Real EstateˤŬ륳󥵥ƥ󥰥ӥCREάʥɥХ꡼ӥˡǥŸƤ롣

ƵԤϽ2009ǯ725ǺܤΥѥֵ̩ʬϤȷ¤ʥ塼CREάΰջ׷򥵥ݡȡפ˴̿о줷ǥˤĤưʲΤ褦Ƥ

ֱĶȤʪήʤɤεθľʪ老Ȥ˻ȹ׸٤¬ꤷޤȤмҰǤСʪȤȤΨĥȤʤɤİԾθ򴪰Ƥʤ顢פ˹׸ѺȤƱĤγ¾ȤؤžѡѤʤɤΥץ󼨤ޤ

ѥֵǺܻƵԤν°ϥ塼Ķ塼ĶǤäθ塢2010ǯ41դεפˤäƥ塼ĶϱĶȿ硦ʬ䤵졢ĶȱĶߤ줿CREôˤĤƥѥֵǤϡưϤȤס̳Ȥͻء󥵥ƥ󥰥եпȼԤʤ¿̤ʿͺʤפȵܤƤ롣

ưǤϼҥȤȤ̤˥ǥθȡCREάϥǥפߤƤ롣ΥȤΥե᡼ˤϾʤȤ829Ǥ2009721դǡֽ֡ɡ725ˡפҵǺܡפɽ졢󥯤򥯥åȥѥֵPDFեǤƵƻ94ˤϵܤ줿
http://book.geocities.jp/hedomura/2.htm
ѥֵǤϡƱҡưˤϤޤǤҴŪΩλӤĤġܶȤμ׳˼֤άƤפȽҤ١ƵԤΰʲθդѤ롣

֥饤ȥ٥Ȥɵ᤬䤿ΥߥåǤ

ϥ󥵥륿Ȥ˾ޤѤǤ뤬ȥ֥ˤʤäۥƥ뱿IJҤȤΥ󥵥ƥ󥰤Ǥϡ饤ȤΥ٥ɵȿФǤäƵԤϥ饤Ȥ򺨤ߡ餻ä򷫤֤ѥֵʸȼ֤ˤϿ񤤤ۤɤ롣ʸȼ֤ưޥХ֥ˤ׻¤򱣤ƿۥޥ󥷥ޤꤷưޤȽȶ̤ϡưޤȽƾä١ˡ

θ塢ưϣǯդεפǥ塼Ķѻߤפˤäƥ塼ĶĶϻ¤CREȤʤäȤŪCREʴưͭѻȡˤ濴Ȥ͡ڤˤȯ򶯲뤿פȤưҡֵפʤӤ˿ͻưˤĤƤΤΤ餻2011ǯ328ˡǥθȡCREάϥǥפγ߼Τ⥽塼ĶĶ¤CREѹƤ롣

ưȵϺB-CASİ

ԤΥʪ
2013-10-13

ȿҲŪʻȤưĹȵϺB-CASİҲ𤹤롣ưʶطĹ˥塼ĶĹιƵԤϸܵҽ˷餻ä򷫤֤Ȥƣǯᤵ줿ﳲԤܺԤΥۥƥ뱿IJҤνĹǤ롣IJҤϣǯưȥ󥵥륿ȷ뤷Ƥʧ˴ؤƥȥ֥ˤʤäƤƵԤư¦ôԤǡǯ飲ǯˤǤäۥƥ뱿IJҼĹηäֹǡ餻ä򷫤֤

餻äƤϥˤäƶ衹Ǥ롣ۤȤɤ̵äǤäֲפȤǽݤȤ⤢äȤ롣ޤϺǤǤ뤬󣲣Ȥξ⤢롣

ƵԤϡּĹȥȥ֥ˤʤꡢߤ餷ƤȻפäפȽҤ٤Ƥ롣ưϣե˥塼꡼ҼҰˤĤơפǡ֤ڤҤΤ͡ʤɤγͤˤ¿ʤǤȤۤ򤪳ݤͤӿ夲ޤפȽҤ٤

ϺϼʤΥ󥰥饵ȡϢˮפ¤B-CASɤͭǥη뤻˻İθǺܤB-CASɤѤ礭ʼҲˤʤäƤǰǤ롣

B-CASɤ¤ϷȳоݤˤʤǤʤ̵ͭİ԰٤»оݤˤʤ롣¤ɤιԤˤڥʥƥʤ롣η뤻˻İʾ塢ԤȿƻŪǤ롣

ºݡܷ٤B-CASɤ¤̵ͭǻİǤBLACKCASɡפȸƤФ󥫡ɤ򥤥󥿡ͥåȥ䤷Ȥơ43ͤˤɻˡȿεᤷٻǤϡBLACKCASɡפͤμʤɤܺƻƲʤƤ롣

ϢˮˤϼҲˤʤäƤæˡϡŹι⤢롣ϺǺܤ͢ŹREGARDSפˡλʪޤˡɥåæˡϡ֡ˤ䤷ƤոֻʪͭˡɥåȯˤĤơ2012ǯ81ˡ

ϢˮˤƱҲˤʤäƤ를ʪȼԤǤ륰꡼󥦥åɡʵ¡ˤι⤢롣꡼󥦥åɤˡȿǶ̳߽ʬߤϥȥ饹λ193815桢סˤȤƱĶȤ³Ƥ롣ϢˮΥƥĤ乭ϡȿҲȿ򼨤Ƥ롣
http://www.hayariki.net/cul/3.htm

ưιινĹ̵

ưηĹνĹ̵ä󷫤֤ᡣΥȥ֥ˤʤäۥƥ뱿IJҤνĹ̵ä󷫤֤Ȥơܷٺ𤬡ưưס˥塼ĶĹιƵԡʣˤɻ߾ȿεᤷƤȤ狼äƵԤƵǧƤȤ
ܺطԤˤȡƵԤϺǯǯäΥۥƥ뱿IJҼĹʣˤηä˿ˤ錄ꡢֹǡ̵ä򤫤Ʒ餻򤷤
طԤˤȡIJҤϺǯ󥵥륿ȷưȷƤʧäƥȥ֥ˤʤäƤƵԤƱ¦ôԤäȤĹϡ̵äϣ󤯤餤äز٤Ȥ᤭ʹȤ⤢ꡢݤäפʰäƤ롣
2010ǯ931813ʬ 俷ʹ

ϡؤƾä
http://twitter.com/hayachikara

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ưޤȽƾä
ߤ򸫤

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ưĹιƵԤ˶ä5

ưʶطĹ˥塼ĶĹιƵܵҽ˷餻ä򷫤֤Ȥƣǯᤵ줿踡ϣɻ߾ȿάʤʺۤƱȳ⣲ߤά̿Ф

ﳲԤܺԤΥۥƥ뱿IJҤνĹǤ롣IJҤϣǯưȥ󥵥륿ȷ뤷Ƥʧ˴ؤƥȥ֥ˤʤäƤƵԤư¦ôԤǡǯ飲ǯ˼Ǥäۥƥ뱿IJҼĹηäֹǡ餻ä򷫤֤

餻äƤξϺƤ롣ۤȤɤ̵äǤäֲפȤǽݤȤ⤢äȤ롣ޤϺǤǤ뤬󣲣Ȥξ⤢롣

ƵԤϡּĹȥȥ֥ˤʤꡢߤ餷ƤȻפäפȽҤ٤Ƥ롣ưϣե˥塼꡼ҼҰˤĤơפǡ֤ڤҤΤ͡ʤɤγͤˤ¿ʤǤȤۤ򤪳ݤͤӿ夲ޤפȽҤ٤

ưϥӥͥȺԤФȤˤʤ롣Ŭʥ󥵥ƥ󥰷¸ߤŬʥ󥵥ƥ󥰥ӥ󶡤ȤϤΤޤޤǤ롣ˤĤΤǤʤСưΥ󥵥ƥ󥰷ˤԿܤ³롣

ƵԤν°ư塼ĶǤϴȽͭưCRE; Corporate Real EstateˤŬ륳󥵥ƥ󥰥ӥCREάʥɥХ꡼ӥˡǥŸƤ롣

ƵԤϽ2009ǯ725ǺܤΥѥֵ̩ʬϤȷ¤ʥ塼CREάΰջ׷򥵥ݡȡפ˴̿о줷ǥˤĤưʲΤ褦Ƥ

ֱĶȤʪήʤɤεθľʪ老Ȥ˻ȹ׸٤¬ꤷޤȤмҰǤСʪȤȤΨĥȤʤɤİԾθ򴪰Ƥʤ顢פ˹׸ѺȤƱĤγ¾ȤؤžѡѤʤɤΥץ󼨤ޤ

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ѥֵǺܻƵԤν°ϥ塼Ķ塼ĶǤäθ塢2010ǯ41դεפˤäƥ塼ĶϱĶȿ硦ʬ䤵졢ĶȱĶߤ줿

ưǤϼҥȤȤ̤˥塼ĶĶ̾ǥǥθȡCREάϥǥפߤƤ롣ΥȤΥե᡼ˤϾʤȤ829Ǥ2009721դǡֽ֡ɡ725ˡפҵǺܡפɽ졢󥯤򥯥åȥѥֵPDFեǤƵƻ94ˤϵܤƤ롣

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ѥֵǤϡƱҡưˤϤޤǤҴŪΩλӤĤġܶȤμ׳˼֤άƤפȽҤ١ƵԤΰʲθդѤ롣

֥饤ȥ٥Ȥɵ᤬䤿ΥߥåǤ

ϥ󥵥륿Ȥ˾ޤѤǤ뤬ȥ֥ˤʤäۥƥ뱿IJҤȤΥ󥵥ƥ󥰤Ǥϡ饤ȤΥ٥ɵȿФǤäƵԤϥ饤Ȥ򺨤ߡ餻ä򷫤֤ѥֵʸȼ֤ˤϿ񤤤ۤɤ롣

ƵԤηȤäƤ󥵥ƥ󥰥ӥΥե٥åɽCREdibleǤ롣Ǥɤߤϥǥ֥ǤϤʤΤǥǤ롣You've Got Mailפ֥桼åȡ᡼פɽʤɡμδְäѸɽܤǤϾʤʤϾμä̤ǤȽƤʾδ֡ơפΥȡ֥륺פιԤХӥͥ饤󣲣ǯˡ

ǥΥե٥åɽǤϺǽCREʸǤ롣ϴȽͭưCorporate Real EstateˤƬʸǤ롣ڸ̾ʤֹŪCREάοʤ˴ؤ븦פ֤ʤɡCREϥӥͥѸȤ夷Ƥ롣Τ˥ǥCREȥǥʬǤ롣

ǥȤդdealʼˤ۵롣ϴȲͤ夵뤿CREѤ륳󥵥ƥ󥰤ǤϤʤ饤ȴȤνͭưڤꤷǥ󥵥ƥ󥰴Ȥ٤빽ޤϢۤ롣줬IJҤΥ󥵥ƥ󥰤ǥȥ֥Ȥʤäطʤ⤷ʤ

CREdibleˤʷƳФ롣ƱڥαñcredibleˤĤΰ̣롣ˡֿǤפǤꡢˡֶߤΤפǤ롣Ūˤΰ̣ǻȤ뤳Ȥ¿ΰ̣Ǥcredible threatʸŪʶˤȤǻȤ롣󥵥ƥ󥰥ӥȤƤΰ̣Ǥʤк뤬餻äǥ饤Ȥݤ뤳Ȥΰ̣ˤʤäƤޤä

饤Ȥ˺ߤ󥵥륿ȤοդʬϤаʲΤ褦ˤʤ롣󥵥ƥ󥰤ϸܵҤ褹뤿ͭѤʽԤȤǤ롣󥵥륿Ȥˤϥ󥵥ƥ󥰤򼫤ۤ¸¸ȴ㤤ͤ⤤롣

饤Ȥδ˾ȥ󥵥륿Ȥۤפˤʤ뤳ȤϾʤ󥵥륿ȤۤܵҤ˼ʤСμΥ󥵥륿Ȥϥ饤ȤȾͤƤޤϡ֥ޥ˥塼(2)ԥ˥ѻߡףУʥ˥塼ǯˡ

ºݡֿͤä򤭤ʹʤȡפϥ󥵥ƥ󥰤μԻȤƾҲ𤵤Ƥ롣ּʬιͤ㤤Ϣ˶ƤȤ٤äΤܵҤΰո˾˿˼򷹤Ȥ˷礱סʱʰ澼ֿͤäʹʤ40塡륳󥵥μԡSYSTEMS 2008ǯ213ǡ

â饤ȤȤξͤɬŪ˷餻äȯŸΤǤϤʤˤϾ夲к֥ʤɤȼưα롣ưޤȽˤ⳺롣

ϤưޥХ֥ˤ׻¤򱣤ƿۥޥ󥷥ޤꤵ졢ȽᤷƺȽϿΥեưޤȽƾä٤Ǥ

Ȥɤֹ줿Τϰ˷餻ޤưδͶä֤褦ˤʤäޥ󥷥ޤﳲԤؤưͶﳲԴǤΤǤ롣

θ塢ưޤȽ٤掠Ρܤ΢¦狼ʤ100פ˼夲줿ԤȤƼϽǤΥǥåȤˤĤơַ餻ޤưȼԤδͶäפȥȤʡַٻزȡġĤδ΢ȯܤ餫ˤܤΰǡסץǯ棷ǡˡ

Ի׵ĤʤȤ˻ȯϴͶäʤʤäηаޤ鴫ͶäԵ̣ʰտޤ򴶤Ƥ롣ΰ̣ǤưĹ郎ߤ˽Ф뤳Ȥϡưȳη˻񤹤뤳Ȥˤʤ롣

Τ˹ι򴿷ޤ롣μȺԤϽ˽Ϥ򿶤뤦ȡˤʤ롣ĹʤɤäιˤƱ;ϤϤʤޤȤƤʤС֤ιϾ𤱤ʤޤФ衣衣ܤϡȤߵϤޤʤפȼιϰͤǰŤƻ٤Ǥ롣

ʿʪǤ롣ǯ򤷤ʹ֤𤱤ʤŵǤ롣ͳʤĤǤ롣ͳʷ˼ԤǤ롣ͤΤˤʤŻϤǤʤʪǤ롣ȹư϶餯վǤʬޤʤȡץ饤ɤʤäΤֲϸ˵դ餦ԤϥХפ餤˻פäƤΤϲǤ⼫ʬλפ褦ˤʤȤǤ⴪㤤ƤΤӤפ夬Ǥ롣

Τ˹ι򴿷ޤ롣μȺԤϽ˽Ϥ򿶤뤦ȡˤʤ롣ĹʤɤäιˤƱ;ϤϤʤʿʪǤ롣ǯ򤷤ʹ֤𤱤ʤŵǤ롣ͳʤĤǤ롣ͳʷ˼ԤǤ롣ޤȤƤʤС֤ιϾ𤱤ʤޤФ衣衣ܤϡȤߵϤޤʤפȼ

ȹư϶餯վǤʬޤʤȡץ饤ɤʤäΤֲϸ˵դ餦ԤϥХפ餤˻פäƤΤϲǤ⼫ʬλפ褦ˤʤȤǤ⴪㤤ƤΤӤפ夬Ǥ롣ͤΤˤʤŻϤǤʤʪǤ롣ιϰͤǰŤƻ٤Ǥ롣ʬ򤫤ߤʤ顢ʬκƤ

ư塼ĶĹιζϥ󥿡ͥåȾˤ׷ͿֹΤǿʬ̵äʤơƨ˴ڱǤΤ콽ʬᤵפȤФޤưδؤ뽻äƤۤȥ󥹤ʤפưܶȤŦ줿

ˡ֤ɤƤʤȡפȰ̿ͤǤȿͤΰ۾ܤŦʤ줿ֺ֥桡֥פ⵭ưĹĹ̵äפǡ֤ʻ郎פȶäּ֥Ͽʹ֤Ǥפϵֶˡ裲쾷פǡʪפν񤭽ФưĹʤɤҲ𤹤롣
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̵פưĹιƵ

ꥢ饤ưҡư塼ĶĹιιƵԤϡ饤ȤνĹ̵ä򷫤֤Ȥơɻ߾ȿᤵ줿Ȥ93餫ˤʤä
ưϡܺԤΥۥƥ뱿IJҤȥ󥵥륿ȷ뤷Ƥʧǥȥ֥ˤʤäư¦ôԤƵԤǡIJҼĹηä̵ֹä򷫤֤Ȥ
ƵԤν°ư塼ĶǤϡȽͭư(CRECorporate Real Estate)Ŭ륳󥵥ƥ󥰥ӥ(CREάʥɥХ꡼ӥ)֥ǥ(CREdible)ŸƤ롣
ƵԤϡؽɡ2009ǯ725ǺܤΥѥֵ̩ʬϤȷ¤ʥ塼CREάΰջ׷򥵥ݡȡפ˴̿о줷ǥˤĤưʲΤ褦Ƥ
ֱĶȤʪήʤɤεθľʪ老Ȥ˻ȹ׸٤¬ꤷޤȤмҰǤСʪȤȤΨĥȤʤɤİԾθ򴪰Ƥʤ顢פ˹׸ѺȤƱĤγ¾ȤؤžѡѤʤɤΥץ󼨤ޤ
ѥֵǺܻƵԤν°ϥ塼Ķ塼ĶǤäθ塢ǯ41դεפˤäơ塼ĶϱĶȿ硦ʬ䤵졢ĶȱĶߤ줿
ưǤϡҥȤȤ̤ˡ塼ĶĶ̾ǥǥθȡCREάϥǥפߤƤ롣ΥȤΥե᡼ˤϡʤȤ829Ǥ2009721դǡֽ֡(725)פҵǺܡפɽ졢󥯤򥯥åȥѥֵPDFեǤƵƻ94ˤϵܤƤ롣
ѥֵǤϡƱ(ư)ϤޤǤҴŪΩλӤĤġܶȤμ׳˼֤άƤפȽҤ١ƵԤΰʲθդѤ롣
֥饤ȥ٥Ȥɵ᤬䤿ΥߥåǤ
ϥ󥵥륿Ȥ˾ޤѤǤ뤬ȥ֥ˤʤäۥƥ뱿IJҤȤΥ󥵥ƥ󥰤Ǥϡ饤ȤΥ٥ɵڤȿФǤäƵԤϥ饤Ȥ򺨤ߡ餻ä򷫤֤ѥֵʸȼ֤ˤϿ񤤤ۤɤ롣
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#ưޤȽ ԡޥ󥷥ޤﳲԡߤʤ̤ʤˤɽ#޻Ժ äȳڤ#ˡ ޥ󥷥 #ǴͶ #Ϻӥͥ ɥåΤʤҲܻؤޤ
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