Construction starts on Omotesando public housing redevelopment
Construction on the Kita Aoyama 3 Chome District Project began on March 1. This is the redevelopment of the former Aoyama Kitamachi Apaato public housing complex located just behind Omotesando Station.
The redevelopment is being carried out under a joint venture between Tokyo Tatemono, Mitsui Fudosan, Mitsui Fudosan Residential and Kajima Corporation. The exterior has been designed by Kengo Kuma and Associates - the same architect as the nearby Olympic Stadium which is currently under construction.Read more
Tokyo Apartment Sales in February 2018
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of February 2018:Read more
Only 0.3% of Japan's apartment buildings approve of short-term letting
A survey of condominium management associations across Japan has found that only 0.3% have decided to allow Airbnb-type short term letting. Over 80% have already updated building bylaws to ban any of these ‘minpaku’ rentals, while the remainder are still in the process of making a decision.Read more
Asakusa’s Ryounkaku Tower foundations unearthed at construction site
Red-brick foundations of the Ryounkaku Tower in Asakusa were unearthed in a construction site in February. News of the discovery quickly spread, with a number of people visiting the site to catch a glimpse of the long-lost tower’s traces.
According to the Taito-ku Board of Education, similar red-brick foundations were found in a construction site nearby in 1980. However, since the remains are not considered cultural property and are not in particularly good condition, there are no heritage protections or limitations to restrict the construction work. A 3-storey retail building is planned for the site.Read more
Apartment asking prices in Tokyo in January 2018
According to Tokyo Kantei, the average asking price of a 70 sqm (753 sq.ft) apartment across greater Tokyo was 35,980,000 Yen in January 2018, down 0.5% from the previous month but up 0.8% from last year. The average building age was 23.2 years.Read more
Central Tokyo office rents increase for 49th month in a row
The average monthly office rent in central Tokyo’s business districts was 19,338 Yen per Tsubo (approx. 5,860 Yen/sqm) in January, up 4.1% from last year and the 49th month in a row to see a year-on-year increase. This is the highest level seen since October 2009. Office rents are now up 19.3% from their recent low of 16,207 Yen/Tsubo seen in December 2013, but are still 15.5% below a previous record high in mid-2008.
Vacancy rates were down 0.67 points from last year to 3.07%. This is similar to levels last seen in 2007 and a marked improvement from the average 8 ~ 9% vacancy rate seen between 2010 and 2014.Read more