The average office vacancy rate across central Tokyo’s main business districts dropped to the 1% range in November, according to office brokerage Miki Shoji. This is the lowest rate since the end of the bubble economy in 1991 which saw a vacancy rate of 1.79%.
According to the Real Estate Economic Institute, a total of 3,461 brand new apartments were released for sale across greater Tokyo in November, up 21.7% from the previous month and up 2.8% from last year.
The following is a ranking of the most expensive apartments in Tokyo provided by apartment information site Mansion Review (mansion-review.jp). It is not surprising to note that 9 of the top 10 buildings are located in Minato-ku, while 1 is located in Chiyoda’s Bancho neighborhood.
According to Tokyo Kantei, the average monthly rent for an apartment in Tokyo’s 23 wards was 3,506 Yen/sqm in November 2018, down 0.6% from the previous month but up 5.2% from last year. This is the 12 month in a row to see a year-on-year increase.
Tokyo’s historic Nihonbashi district continues to transform with several major redevelopments planned between now and 2035. In addition to these new high-rises, there are also plans to move the unsightly aboveground expressway underground, restoring the Nihonbashi river to its original state.
According to the Real Estate Economic Institute, just 364 brand-new fixed-term leasehold condominiums in 14 buildings were released for sale across Japan in the first half of 2018, down from 369 units released in the first half of 2017.
According to REINS, 3,225 second-hand apartments were reported to have sold across greater Tokyo in November, up 4.2% from the previous month and up 11.1% from last year. The average sale price was 32,970,000 Yen, up 0.7% from the previous month and up 2.9% from last year. The average price per square meter was 508,200 Yen, up 0.5% from the previous month and up 1.2% from last year. This is the 71st month in a row to record a year-on-year increase in sale prices.
A 43-storey, 160 meter tall apartment tower is planned for the Nishi Shinjuku 5 Chome address in Tokyo. Construction is scheduled to start in mid-2020 with completion by July 2023.
On December 6, Keihan Real Estate announced plans to enter the machiya guesthouse business in Kyoto City. The company, along with Tokyo-based real estate flipper Intellex, plans to invest 2 billion Yen (approx. 18 million USD) in restoring 10 guesthouses over the next year.
Construction of the Yaesu 2-Chome North District Category-I Urban Redevelopment Project officially started on December 3. Completion is scheduled for August 2022.