Tokyo’s office vacancy rate increased only slightly by 0.01 points to 6.38% in April as large-scale leases continued to be filled in existing buildings in the city center. Some tenants were relocating to be better located in Tokyo’s business districts. Vacant office space, too, saw little change from the previous month.
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Real estate giant HULIC is embarking on a redevelopment project that will see an older office building demolished to make way for a new data center in Nihonbashi.
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With rental growth exceeding the increase in sale prices, the average price-earnings ratio (PER) for a brand-new apartment across greater Tokyo in 2021 was 24.56, down slightly from 2020 (24.69) but up from 2019 (24.36). A high PER means a low rental yield.
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The average total household savings of a household of 2 or more people in Japan reached 18,800,000 Yen in 2021, up 5.0% from 2020. This is the 3rd year in a row to see a year-on-year increase and the highest level since 2002. Households have seen savings increase in the pandemic due to fewer outings and expenditures.
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The Japanese government is working on creating an online resource that will provide information on land values (government assessed values, not market values), town planning, and risk maps all in one place.
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The average reported sale price of a second-hand apartment in the Tokyo metropolitan area reached 919,400 Yen/sqm in April. This is a 4.2% increase from March and a 14.1% increase from last year. It’s also the 24th month in a row to see a year-on-year increase in sale prices.
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U.S. investment fund Lone Star is acquiring approximately 1,200 share houses from debtors that fell for a failed investment scam operated under the Kabocha-no-basha brand. The total acquisition price is estimated to be around 70 billion Yen (approx. US$536 million).
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On May 11, the Toyo Keizai Online publication reported that China’s sovereign wealth fund is considering the sale of the landmark Meguro Gajoen hotel and office property in Tokyo.
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The latest report from the Real Estate Economic Institute has estimated that a total of 112,000 apartments in high-rise towers are currently in the pipeline to be built across Japan from 2022 onwards. This is an increase of 17,000 units from last year’s report.
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A famed temple in Osaka with a history going back over 1,000 years has been put up for a foreclosure auction to be held this month.
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