Multi-block redevelopment for eastern side of Shibuya Station
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On March 24, Tokyo Tatemono announced that a city planning decision had been made for the Shibuya 2 Chome Project. Nicknamed the Shibuya Regeneration Project, it spans three large blocks just east of Shibuya Station, with a total lot size of 2.9 hectares.
Nationwide land values increase for first time in 2 years
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On March 22, the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) announced the official assessed land values (koji-chika) for 2022. Nationwide, the average land value across all land uses increased by 0.6%, recording the first increase in two years.
Old buildings in Nagoya slow to retrofit
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Retrofitting older buildings in Nagoya is taking longer than anticipated. A major change to earthquake building codes was enacted in June 1981, with buildings with construction planning certificates issued before this date referred to as ‘kyu-taishin’, or old earthquake resistance, and those after this date referred to as ‘shin-taishin’, or new earthquake resistance. In many cases, these older buildings need retrofitting to bring them up to current standards, but this is not a simple task.
Tokyo office rents drop for 19th month
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The release of large-scale offices for rent and some relocations to recently-completed buildings saw an additional 42,965 sqm of floor space up for rent in February, according to brokerage Miki Shoji.
93-yr old bathhouse being demolished
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Demolition of a historic and famous bathhouse in Kitasenju began on March 10. Daikoku-yu was one of Tokyo's leading examples of the 'miya-tsukuri' style of architecture often used for palaces, shrines, and temples, but also popular for larger bathhouses.
Tokyo apartment rents hit new high in February
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In February, the average rent of an apartment in Tokyo's 23 wards was up 1.1% from last year, according to Tokyo Kantei.
9.7% rent discount for public servants in Akasaka
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No rental inflation here. Residents of the Akasaka Public Dormitory for Diet Members are about to see their monthly rent discounted by over 13,000 Yen from next month onwards.