Tokyo’s office vacancy rate continues to climb, Hon-Atsugi popular with renters and Kachidoki popular with buyers. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Tokyo’s office vacancy rate hits 4.82%
Office brokerage Miki Shoji reported that the average office vacancy rate across Tokyo’s five central business districts of Chiyoda, Chuo, Minato, Shinjuku and Shibuya was 4.82% in January, up 0.33 points from the previous month and up 3.29 points from January 2020. The vacancy rate has recorded a month-on-month increase for the past 11 months. Average rent dropped for the 6th month in a row, and is down 2.7% from January 2020.
Hon-Atsugi most searched location for renters
According to the Lifull HOMES website, Hon-Atsugi Station in Kanagawa Prefecture was the most searched-for and inquired-upon location for potential renters in 2020. The station is a 1hr 15 minute train ride to the Otemachi business district, making it bearable enough for occasional trips to the office. The station area itself is highly urban with shops and other conveniences. The average rent of a studio apartment is 42,000 Yen/month. The developer of a brand new apartment building near the station reported all 107 of their studio apartments had received applications in the first three weeks of January. A studio on the top floor rents for 85,000 Yen/month.
Kachidoki most searched location for buyers
In sharp contrast to out-of-town Hon-Atsugi, Kachidoki Station in central Tokyo was the most searched for location for buyers using the Lifull HOMES website in 2020. It is 2 kilometers from Ginza, and home to numerous high-rise apartment towers. Special mention goes to Shirokane-Takanawa Station which jumped 17 places in 2020 to reach second spot. This station is just 2.5 kilometers south of Roppongi Hills, and one station away from Azabu Juban. Several new high-rise apartment towers are under construction in the neighborhood.
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