Modernist theatre demolition delayed due to rising construction costs
Rising construction costs might have granted the National Theatre an inadvertent temporary reprieve of demolition. The 57-year old modernist building was scheduled to meet with the wrecking ball sometime after the end of October.Read more
Commercial real estate volume reaches 2.3 trillion in first half of 2023
The total volume of real estate acquisitions made during the first half of 2023 reached 2.3 trillion Yen (approx. US$15.5 billion), according to the Japan Real Estate Institute, up 9.5% from the second half of 2022.Read more
Foreign tourists are back and hotels are seeing record-high revenues
Despite the scorching summer temperatures, foreign tourists returned to Japan in droves in August and hotels are the first to benefit. The Nikkei Shimbun newspaper reported in early September that hotels in central Tokyo are seeing ADRs that are 30% higher than pre-pandemic levels, and the rate of increase has exceeded that of New York. The Palace Hotel Tokyo’s ADR has exceeded 100,000 Yen for the first time. Some city hotels in Osaka have seen their ADR increase by as much as 30% since the beginning of the year and over 100% from early 2022.
Japan's 40-year history of rent control
Did you know that Japan had 40-year history of strict rent control? There was a nationwide regulation called the Rent Control Act, implemented in 1939, 1940 and 1946. Under this Act, landlords could only charge rents that were within the limits set by the government. They couldn’t raise rents without obtaining government approval.Read more
Developer acquires Gaetano Pesce-designed building in Osaka
A landmark office building in Osaka has been sold to Kintetsu Real Estate in June. Organic Building was designed by Gaetano Pesce and built in 1993. The facade is comprised of various red planter panels, with the 80 varieties of plants kept alive with a computer-controlled watering system. Read more
Imperial Hotel sells 35% of land for 62 billion Yen
On September 26, Imperial Hotel announced plans to sell a 35% share of the land under its tower building in its Tokyo property to Mitsui Fudosan for 62 billion Yen (approx. US$416 million). This purchase price works out to around 15 million Yen per square meter (US$9,300/sq.ft), which is approximately 93,600 times its book value.Read more
Rare ruling sees leaseholders responsible for paying land taxes
In a rare court ruling, some leaseholders in a city in Toyama Prefecture are now on the hook for paying land taxes.Read more