Central Tokyo’s office vacancy rate reached 6.49% in August, up 0.12 points from the previous month, however, there was a slight decrease of 0.08 points in the vacancy rate in existing buildings. Brand-new office buildings saw vacancy rates increase by 3.40 points to 42.12%.
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An historic merchant house in Hokkaido has apparently been listed for sale for just 30 million Yen (US$210,000). The heritage-listed Yokoyama Residence was built in the 1860s and later.
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Despite the Yen dropping to a 24-year low, a domestic consortium led by Hulic has outbid foreign investors to acquire the Ministry of Finance’s share in the Otemachi Place office tower in Tokyo. And at an astronomical price…
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An onsen resort that cost 4.17 billion Yen to develop during Japan’s bubble years sold last year for just 11,000 Yen (approx. US$100 at the time).
Why did it sell for such a low price?
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Some old things deserve to be preserved and that is the thinking behind a newly-opened art gallery in Kanagawa’s Fujisawa City that features a 180-year-old tatami room as part of its gallery space.
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Another cautionary tale from the whole-building investment scandal that had been targeting novice real estate investors for over a decade. This time, a Fukuoka-based news channel interviewed a government worker that just filed a 290 million Yen (US$2 million) lawsuit against the bank at the center of the scandal.
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The Ministry of Justice is looking at further revising Japan’s Act on Building Unit Ownership (建物の区分所有等に関する法律) which could see a further relaxation of voting ratios and the way votes are counted for missing apartment owners.
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The following is a selection of apartments that were reported to have sold in central Tokyo during the month of August 2022:
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According to Tokyo Kantei, the average asking price of a 70 sqm second-hand apartment in Tokyo’s 23 wards reached 68,460,000 Yen in July, up 0.1% from the previous month and up 7.3% from last year. This was the 25th month in a row to see an increase. Asking prices have increased by 20.9% since the start of the pandemic in early 2020.
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Island City in Fukuoka has sold out, and it only took 28 years. The city-developed manmade island was created in Hakata Bay in 1994. The deficit at the time of completion was 18 billion Yen, but Fukuoka City was expecting land sales to result in a 12.5 billion Yen profit.
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