Studio apartment sale listings reach all-time high
The number of secondhand 'one-room' or studio apartments listed for sale in greater Tokyo has reached an all-time high. According to Tokyo Kantei, as many as 70,000 units were listed in 2012, an increase of almost 10% from 2011.
Many of the studios were built during the bubble period from the late 1980s to 1990 and are hitting the market as investors show a trend towards reducing their asset holding time.Read more
Can I hang Christmas lights on my balcony?
Apartment dwellers may want to get into the Christmas spirit by hanging lights on their balcony, but they should be aware that their building's management association may have rules that prescribe if and how they can hang lights.
While you have exclusive ownership of the inside of your apartment, your balcony is technically part of the building's public space with usage rights granted to the apartment owner. As such, owners and tenants must follow the rules for the use of balconies which are set out in the management agreement.Read more
Vacancy rate for distribution facilities at low level
According to research by Ichigo Real Estate Service, the vacancy rate for distribution facilities in greater Tokyo in October 2012 was 2.5%. While this figure has increased by 0.2% since the last data collection in July, it remains at a very low level.
With the completion of Prologis Park Zama 2 in August, the new supply of distribution facilities reached a three year high of 808,500 sqm (8,699,460 sqft). Most of the new space was taken up by demand, which reached 735,000 sqm (7,918,284 sqft). This helped to limit the rise in the vacancy rate.Read more
Chiyoda-ku office bldg sold for 50 billion Yen
Tokyu Land, the Development Bank of Japan (DBJ) and Kenedix have purchased the former head office of the Shinsei Bank in Chiyoda-ku from a Morgan Stanley fund for 50 billion Yen (605 million USD) - less than half what Morgan Stanley paid for it in 2008.
The new owners plan to demolish the 19-year old building and replace it with a new one. The total cost of the project, including purchasing the existing building, is estimated at 80 billion Yen (970 million USD).
Demolition will commence in 2013 and the new 20-storey building will be completed in 2017. The new building will have a total floor area of 57,500 sqm, and will be almost the same scale as the current building, which is 60,000 sqm. However, the new building will have more leasable floor space.Read more