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Shinjuku office vacancy rate drops to 1% range

Shinjuku office vacancy rate drops to 1% range

The office vacancy rate across Tokyo’s five central business districts of Chiyoda, Chuo, Minato, Shinjuku and Shibuya dropped to 3.22% in July, down 0.04 points from June and down 0.72 points from July 2016. This is close to the record low of of 3.03% reported in April 2008 and down from a high of 9.43%…

265m tall tower for Toranomon Hills district

265m tall tower for Toranomon Hills district

More details have been released on the Toranomon Hills Station Tower which will be built on the north-west side of Toranomon Hills in central Tokyo. The building height will be 265 meters, which is 18 meters taller than the neighbouring Toranomon Hills tower and 17 meters taller that Tokyo Midtown. Construction of the 49-storey tower…

Desperate sellers in ski resort town forced to pay buyers to offload apartments

Desperate sellers in ski resort town forced to pay buyers to offload apartments

Some owners, in an attempt to offload their apartments in aging ski resort towns, are paying companies to take the properties off their hands. For companies offering this relatively new service, charging fees to the seller is how they balance the risk of holding a property that comes with high running costs and limited resale…

Average apartment rent in July 2017

Average apartment rent in July 2017

According to Tokyo Kantei, the average monthly rent of a condominium-type apartment across greater Tokyo in July 2017 was 2,631 Yen/sqm, up 0.5% from the previous month but down 0.8% from last year. The average apartment size was 60.03 sqm and the average building age was 20.8 years. In the Tokyo metropolitan area the average…

New apartment prices in greater Tokyo up 16% from last year

New apartment prices in greater Tokyo up 16% from last year

According to the Real Estate Economic Institute, a total of 3,426 brand-new apartments were released for sale across greater Tokyo in July, up 50.0% from the previous month and up 3.3% from last year. 2,465 apartments were sold, resulting in a contract ratio of 71.9%, up 8.6 points from last year and above the 70.0%…

Restauranteur planning hotels for Karuizawa and Nasu

Restauranteur planning hotels for Karuizawa and Nasu

Restaurant and wedding function company, Hiramatsu, has announced plans to open an additional two auberge-style resorts in Karuizawa and Nasu. Both resorts will have around 30 guest suites and are scheduled to open in 2020. The Karuizawa property is located on a 53,000 sqm site of leased land in Miyota Town, just west of Karuizawa….

Renovated machiya guesthouse in Kyoto makes 1 million Yen in first month

Renovated machiya guesthouse in Kyoto makes 1 million Yen in first month

A renovated guesthouse located just 7 minutes from Kyoto Station has made a gross turnover of 1 million Yen (approx. 9,150 USD) in the first month of operations. Yadoru Kyoto Washi-no-Yado is a 102-year old traditional Kyoto machiya-style townhouse that was given a full renovation and converted into a holiday rental. The occupancy rate for…

287m tall high-rise planned for Nihonbashi

287m tall high-rise planned for Nihonbashi

Details on the Nihonbashi 1 Chome Central District Redevelopment have been announced. The project will include a 287m tall high-rise with office, hotel and serviced apartments, as well as several low-rise retail, office and residential buildings. The high-rise tower will be taller than Tokyo Midtown (248m), Toranomon Hills (247m) and the Tokyo Metropolitan Government Building…

Tokyo apartment sale prices increase for 58th consecutive month

Tokyo apartment sale prices increase for 58th consecutive month

According to REINS, 3,304 second-hand apartments were sold across greater Tokyo in July, down 0.9% from the previous month but up 3.6% from last year. The average sale price was 31,600,000 Yen, down 0.06% from the previous month but up 5.4% from last year. The average price per square meter was 494,800 Yen, down 0.3%…

Luxury condo to replace Yoyogi Terrace Apartment block

Luxury condo to replace Yoyogi Terrace Apartment block

Foretseine, a subsidiary of Mori Trust, will be demolishing the vintage Yoyogi Terrace Apartment rental building in Shibuya and replacing it with a luxury condominium. Details on the project, including the construction schedule, have yet to be announced, but it is expected that the new building could be completed by 2020.

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