Office vacancy rates in August - Miki Shoji
According to Miki Shoji, the office vacancy rate in Tokyo's 5 central business districts (Chiyoda, Chuo, Minato, Shinjuku and Shibuya was 8.16% in August, down 0.13 points from the previous month. Vacancy rates decreased in four of the five districts.
The vacancy rate in new buildings was 17.93%, up 5.21 points from the previous month. Read more
The Parkhouse Grand Chidorigafuchi Sold Out
All apartments available for sale in The Parkhouse Grand Chidorigafuchi have already sold out. 22 apartments ranging from 160 ~ 542 million Yen (1.61 ~ 5.46 million USD) were offered for sale earlier this month.
A total of 112 purchase applications were made, with each apartment received an average of 5.09.Read more
Tokyu Hands Shibuya store sold for 10 billion Yen
Hulic have purchased the Nishi Shibuya Tokyu Building (aka the Tokyu Hands Shibuya Store) from a Tokyu-related company for 10 billion Yen (101 million USD). Hulic plan to redevelop the site when Tokyu's lease expires in 10 years.
The current building is 10 storeys with a total floor area of 13,000 sqm. It is on a 1,800 sqm block of land in the middle of Shibuya's retail precinct. It was originally owned by Tokyu Fudosan Group, but sold to a related fund in 2006 for 14 billion Yen.Read more
Should you buy into the Olympics hype for Tokyo's bayside areas?
Don't let the Olympics overshadow your thought process when buying.
Short-sighted buyers who buy under the hype of the Olympics could possibly find themselves in a difficult position after the games have finished.
Since the Olympics announcement last week, the real estate industry has been in a state of excitement as buyers scramble to buy apartments near the action. But the Olympics are still 7 years away and the event only lasts a few weeks. Can this excitement be sustained and what will happen to property prices after the games are over?Read more
Shibuya City Office redevelopment confirmed
On September 10, an official decision was made to redevelop the Shibuya City Office and adjoining Shibuya Public Hall (C.C. Lemon Hall). The two buildings were completed in 1964, with the hall hosting the weight-lifting events at the 1964 Summer Olympics.
Demolition of the City Office will begin in 2015 and the new building should be completed by 2018. The building will be similar in scale to the existing ones. Part of the 12,500 sqm block will be converted to leasehold and may become the site of a future residential building.Read more
Skyz Tower & Garden over half sold
Although completion is not expected until August 2014, 630 of the 1,110 apartments in Skyz Tower & Garden in Toyosu have already sold.Read more