Tokyo office market showing further signs of slowing
The central Tokyo office building market is stagnating. At the end of November, the office vacancy rate for Tokyo's central 5 wards (Chiyoda, Chuo, Minato, Shinjuku and Shibuya) reached 8.90%. This is the second continuous month with an increase in vacancy rates and the first time since April, 2011, that rates had reached this level. Meanwhile, the average office rent for central Tokyo has declined for the 39th continuous month.
With the Euro crisis and strong Yen, there is a deceleration in demand from tenants with many companies being more prudent and delaying moving. The demand for buildings with high disaster preparedness and earthquake resistance has slowed.Read more
First historical listing for Oiso Town
The former Kinoshita Villa alongside Sagami Bay has been registered as a tangible cultural property. The house has been recognized for its contribution to the historical scenery of the area. This is the first listing for Oiso, and the 157th listing for Kanagawa Prefecture. Read more
Yamagata City to start measuring homes for radiation
Yamagata City will be the first area in Yamagata Prefecture to start measuring the radiation levels of homes. Between 150 and 200 homes will be tested by the city to determine whether decontamination is needed.
If the radiation level at 50 cm above ground exceed 1 microsievert/hr, the city can provide advice to the homeowner and hire decontamination workers. Residents can submit applications to have their home measured, and testing will begin on December 20. The city believes they can visit up to 25 homes per day.Read more
Compact Living in Tokyo
With typically high rents, tiny, cramped apartments are plentiful in Tokyo and there is no shortage of tenants looking for smaller, affordable accommodation. There is a boom in 'one-room', or studio apartments, as more and more young people move closer to Tokyo for work. Limited space has led to some creative designs, and this apartment building in Tsukiji called "CT7165" is no exception.Read more
Niseko Kogen Hotel sold
Niseko Kogen Kanko, a subsidiary of Tokyu Land, announced that they will be selling the Niseko Kogen Hotel to an undisclosed buyer for just over 1 billion Yen. The buyer is said to be a fund based in Asia.
The Niseko Kogen Hotel will remain open until March, 2012, at which time the new buyer will take over the property. The hotel is aging, so it is expected that the new buyer will demolish and rebuild a high class international hotel on the site. The current 59 room, 4-storey hotel was built in 1975, and room rates start from 7,000 Yen/night (90 USD). In recent years, construction of new condominiums in the area have had a negative impact on the hotel's profitability. Read more