Japan has crowned a new top real estate developer for the first time in 30 years, thanks to a boost to tourism from the lifting of pandemic controls and work-from-home habits, both of which have altered investors’ views of properties like hotels and offices.

The market value of Mitsui Fudosan reached ¥2.63 trillion ($18.7 billion) on Tuesday, giving the Tokyo-based firm a solid lead as the most valuable real estate developer in the nation — over its competitor Mitsubishi Estate, which for decades was the country's top property company.

Mitsui Fudosan’s lead has been boosted by its portfolio of shopping malls, leisure facilities and hotels that have benefited from a rebound in tourism, analysts said. Among its sizable hotel holdings, Mitsui has a major stake in the operating company for the luxury Imperial Hotel. It also owns baseball stadium Tokyo Dome.