Vacancy rates by apartment building in Tokyo - May

The following is a list of apartment buildings in Tokyo and their estimated vacancy rates in May:Read more

by Zoe Ward

Okinawa’s Naha Tower sold to hotel operator

Okinawa Naha TowerNaha Tower, a local landmark and relic of the 1970s, has been purchased by a Kyushu-based hotel operator for an undisclosed price. The seller was Tokyo-based Intrance Co., Ltd. 

In 2006, developer Zephyr Co., Ltd. acquired the building and renamed it ‘Zephyr Naha Tower’. They filed for bankruptcy in 2008 and the building’s tenants moved out one month later. The building has been empty ever since. Intrance acquired the building in 2011. Read more

by Zoe Ward

Kyoto looking for tenant for historic restaurant/ryokan in Gion

Gion Shinbashi RestaurantKyoto City is looking for a tenant for a traditional-style residence/restaurant in the Gion-shinbashi neighbourhood. The 2-storey wooden house was during the Meiji period and is estimated to be around 120 years old.

Until recently it was used as a tempura restaurant. The owner of the property and former operator of the restaurant left the property to the city in June 2013 with the hope that the city could continue to conserve and protect the historical building.Read more

by Zoe Ward

Hotel Okura Tokyo to be redeveloped

Hotel Okura Tokyo

Yesterday it was announced that the Hotel Okura Tokyo in Toranomon, Minato-ku, will be redeveloped. The new hotel is expected to be completed in time for the 2020 Summer Olympics.

The current 408-room hotel was completed in 1962 - two years before Tokyo hosted the 1964 Summer Olympics. The annex building was completed in 1973. It has been a landmark hotel and has hosted numerous foreign dignitaries and VIPs, the most recent being US President Obama who stayed in the hotel during his visit to Tokyo in April.Read more

by Zoe Ward

Secondhand apartment prices in April - Tokyo Kantei

According to Tokyo Kantei, the average asking price of a 70 sqm (753 sqft) second-hand apartment in Tokyo’s 23 wards was 41,500,000 Yen in April, up just 20,000 Yen from the previous month and up 5.4% from April 2013. Although the last three months saw month-on-month increases, the rate of growth has been shrinking and appears to have almost stopped. The average apartment age was 21.4 years, up 0.5 years from the previous month.

In central Tokyo’s six wards (Chiyoda, Chuo, Minato, Shinjuku, Bunkyo and Shibuya), the average apartment asking price was 57,250,000 Yen, up 0.1% from the previous month and up 8.8% from last year. This is the ninth month in a row to see a month-on-month increase, although the rate of growth also appears to have slowed considerably in April after seeing a 2.1% increase in February and a 0.7% increase in March. The average apartment age was 21.3 years, up 0.3 years from the previous month.Read more

by Zoe Ward

Future redevelopment in Akasaka 7 Chome

Landowners in Akasaka 7 Chome have formed an association with a view to redeveloping their neighbourhood. Although details are yet to be confirmed, its possible that a developer is already involved in the planning.Read more

by Zoe Ward

April rental data - Tokyo Kantei

According to Tokyo Kantei, the average monthly rent of a condominium apartment in greater Tokyo was 2,637 Yen/sqm in April, up 1.4% from the previous month and up 4.4% from April 2013. The average apartment size was 59.28 sqm and the average building age was 18.1 years.Read more

by Zoe Ward