2020 Office supply in Tokyo reaches 2nd highest level in history
According to a report published by Mori Building on May 25, a total of 1.87 million square meters (approx. 20 million sq.ft) of new office space is expected to be supplied in Tokyo’s 23 wards in 2020. This is the second-highest level seen since the company began collecting data in 1987. Despite the large supply, most of the new office space is already leased.
Number of registered short-term accommodations drop for first time
The number of registered ‘minpaku’ short-term accommodation providers has dropped for the first time since the new system was introduced in June 2018. According to the Japan Tourism Agency there were a total of 21,176 registered properties across Japan as of May 11, down from 21,385 just one month earlier.
Nationwide average apartment price drops for first time since 2012
According to the Real Estate Transaction Promotion Center, the average sale price of an existing apartment sold across Japan in April was 25,400,000 Yen, down 9.03% from last year. The average sale price per square meter was 385,200 Yen, down 8.76% from 2019. This is the first time since September 2012 to see a year-on-year drop in prices.
1,001 room hotel planned for Niigata
On May 21, hotel developer and operator APA Group held the ground-breaking ceremony for a 1,001-room hotel and 212-unit condo development in Niigata City. This will be the largest mixed-use hotel and residential development in East Japan.
New apartment sales in Tokyo reach 47-year low
According to the Real Estate Economic Institute, the number of new apartments released for sale across greater Tokyo in April reached the lowest level seen since the Institute began collecting data in 1973. As developers shuttered salesrooms following the declaration of the state of emergency in mid-April, new home sales have stalled. Just 686 apartments were released for sale, down 68.0% from the previous month and down 51.7% from last year. A new record low is expected in May with the Institute forecasting a supply of 500 apartments.
Heritage-listed ryokan in Chiba to close and be demolished
The latest coronavirus-related closure in Japan’s hotel industry is the heritage-listed Kappo Ryokan Tamagawa in Funabashi, Chiba. On May 19, the operator announced that the ryokan had closed permanently at the end of April. No time will be wasted, with demolition of the 92-year old ryokan to start as early as June.
Hakodate City looking to sell former Russian Consulate
Hakodate City in Hokkaido is looking to sell the 112-year old former Russian Consulate within the year but has met strong opposition from local historians. The building has been sitting vacant for the past 24 years.