Apartment rents in Tokyo increase by 5.3% in 2018

The average rent for an apartment in Tokyo’s 23 wards saw a 5.3% year-on-year increase in 2018 – the highest annual percentage increase in over 10 years. This was due in part to the fact that over 10% of the listings in the first half of the year were new construction. Newly built apartments tend to command higher rents than older ones, and can pull up the average. Average rents in Tokyo are now up 16% from their bottom in 2012. 

LaSalle buys Midosuji Front Tower

On October 3, LaSalle Investment Management, headquartered in Chicago, announced the purchase of Midosuji Front Tower in Osaka’s Umeda district through their Frontier Property LLC, signalling the end of the building’s 8 year vacancy. The sale price was not disclosed.

Midosuji Front Tower was completed in 2010. It has sat vacant ever since due to a dispute between the owners.

1000 room hotel for Osaka’s Umeda district

On August 7, Hankyu Hanshin Holdings announced plans to open a 1,000 room hotel in Yodobashi Umeda Tower – a 35-storey redevelopment adjacent to the Yodobashi electronics store in Umeda, Osaka. The first 8 floors of the building will be retail, with the hotel located on floors 9 and above. The hotel is scheduled to open in 2020, with the lower-floor retail to open in late 2019. This will be the largest hotel based on room count in Osaka City.