Tokyo’s residential rental market remains stand-out performer as surrounding areas continue to decline
The average advertised rent for a condo-type apartment in Tokyo’s 23 wards reached a new record high in October of 4,866 Yen per square meter, up 14.1% year-on-year, according to Tokyo Kantei. Asking rents in newer builds less than five years old have come down from their peak seen in July, while rents in older buildings have shown more consistent growth since spring.
Rents in Yokohama City have dropped month-on-month for the past six months, and are currently 14.1% below their peak seen in May 2024. The average asking rent in October was 2,800 Yen per square meter, down 1.3% from the previous month and down 7.0% year-on-year. Rents in Saitama and Chiba cities are also down 12.7% and 16.1% respectively from their peaks seen in 2024.Read more
Osaka Expo site prepares for new entertainment complex
Preparations are now underway to determine the next use for the site of the former Expo 2025 in Osaka. Private developers are looking at redeveloping the 50-hectare grounds into an entertainment facility by the early 2030s. Together with the integrated resort and casino project underway next-door, the two projects are expected to revitalize the manmade island of Yumeshima.Read more
Keio launches private fund targeting office buildings
Railway operator Keio Corporation and Keio Realty & Development have launched a private real estate fund centered on office buildings. The fund is comprised of five office buildings in central Tokyo along with a commercial leased land site in the greater Tokyo area.Read more
Shinagawa Prince Hotel to undergo 22 billion Yen refurbishment
Seibu Holdings is embarking on a 22 billion Yen refurbishment of its Shinagawa Prince Hotel in order to attract more inbound and wealthy guests.Read more
170m tall office tower planned for Kudanshita
The Tokyo Metropolitan Government has approved the formation of a redevelopment committee for several city blocks above Kudanshita Station. The 93.2 billion Yen (600 million USD) project will see a 170-meter tall office tower with a GFA of 81,000 square meters.Read more
New NOHGA hotel coming to Shinjuku in 2027
Nomura Real Estate Development is adding to its lineup of NOHGA-branded hotels with construction officially starting on a 72-room property overlooking the Shinjuku Gyoen National Garden.Read more
Affordable housing fund launched in Tokyo
The Tokyo Metropolitan Government has announced the private-sector partners and managers for its affordable housing fund, selecting a group including Nomura Real Estate Development and Mitsubishi UFJ Trust and Banking Corporation. The 20 billion Yen (130 million USD) fund is intended to supply cheaper rental apartments for families in a market where rental inflation and home price growth is starting to have an impact on residents.Read more