March rental data - Tokyo Kantei

April 22, 2014average rent tokyo,rental market tokyoReal Estate News,Rental Market,Market Information,All,Osaka,Nagoya,Tokyo

According to Tokyo Kantei, the average monthly rent of a condominium apartment in greater Tokyo was 2,601 Yen/sqm in March, up 1.5% from the previous month and up 2.4% from March 2013. The average apartment size was 59.50 sqm and the average building age was 18.5 years.

The average rent in Tokyo’s 23-ku was 3,191 Yen/sqm, up 1.3% from the previous month and up 3.6% from last year. This is the fifth month in a row where the average rent has increased from the previous month. The average apartment size was 56.40 sqm and the average building age was 16.7 years.Read more

by Zoe Ward

Otemachi business area to see first apartments in 2017

April 21, 2014OtemachiNew Construction,Office/Retail News & Information,Real Estate News,All,Tokyo

Ascott The Residence Otemachi 2

Japan’s top business district is about to get its very first apartment development. Mitsubishi Jisho announced on April 14 that luxury serviced apartment operator, The Ascott Limited, will occupy part of a new high-rise development in Otemachi 1 Chome.

While the Singaporean company already operates Citidines and Somerset serviced apartments throughout Tokyo, this will be their first ‘Ascott The Residence’ branded property in Japan. The residence will cater to domestic and foreign business people looking for long-stay accommodation. The apartments should begin taking guests from early 2017. Read more

by Zoe Ward

Supply of new apartments in Tokyo shrinking

April 18, 2014New Apartments in TokyoReal Estate News,Market Information,All,Tokyo

According to the Real Estate Economic Institute, 4,641 new apartments were released for sale across greater Tokyo in March, up 75.1% from February but down 9.7% from March 2013. This is the second month in a row where the apartment supply has fallen below the level from last year.

Since Spring in 2013, demand for new apartments has exceeded developer expectations and supply is starting to run short. The current stock of 3,828 apartments at the end of March is about half of the normal level for greater Tokyo.Read more

by Zoe Ward

Akasaka Twin Tower demolition to begin next month

April 16, 2014Demolition,New Construction,Office/Retail News & Information,Real Estate News,Redevelopment & Reconstruction,All,Tokyo

Akasaka Twin Tower 1After several years of delays, Mori Trust will finally begin their redevelopment of the Akasaka Twin Tower buildings near Tameikesanno Station in Tokyo.

Taisei Corporation will begin demolition work of the 31-year old buildings in mid-May.

Read more

by Zoe Ward

Secondhand apartment sales in March - REINS

April 15, 2014Tokyo apartment pricesReal Estate News,Market Information,All,Tokyo

According to REINS, 3,994 secondhand apartments were sold across greater Tokyo in March, up 20.6% from the previous month and up 4.3% from March 2013. The average sale price was 26,650,000 Yen, down 1.0% from February but up 2.7% from last year.

The average price per square meter was 416,600 Yen, down 200 Yen from February but up 4.9% from last year. The average apartment age was 19.40 years and the average apartment size was 63.96 sqm (688 sqft).

The Tokyo Metropolitan area saw 1,983 apartments sold, up 20.9% from February and up 6.1% from last year. Read more

by Zoe Ward

Office vacancy rates in March - Miki Shoji

April 14, 2014Tokyo Office Market,Tokyo Office Rent,Japan Office Vacancy RatesOffice/Retail News & Information,Real Estate News,All,Osaka,Nagoya,Tokyo

According to Miki Shoji’s office report, the office vacancy rate in Tokyo’s five central business districts (Chiyoda, Chuo, Minato, Shinjuku and Shibuya) was 6.70% in March, down 0.31 points from the previous month and down 1.86 points from March 2013. This is the first time since May 2009 that vacancy rates have dropped to the 6% range.

The vacancy rate in brand new buildings was 20.26%, up 0.61 points from the previous month but down 2.98 points from last year. Read more

by Zoe Ward

Former Kobe Sumitomo Building to be demolished

April 11, 2014Historic properties in Japan,Kobe CityDemolition,Historic Properties,Real Estate News,All

Former Kobe Sumitomo Building 1

The former Kobe Sumitomo Building in Kobe is going to be demolished this month.

Built in 1934, the 3-storey building was originally the Kobe branch of the Sumitomo Bank. It was a landmark in the former foreign settlement area around Motomachi.Read more

by Zoe Ward