Domestic REIT acquires multi-family portfolio at 3.7% cap rate
Japan Metropolitan Fund Investment Corporation (JMF) is acquiring the trust beneficiary rights to four rental apartment buildings in Tokyo for 9.5 billion Yen (approx. US$63 million), with an appraised net yield averaging 3.7%.Read more
Harumi's office market woes continue
News broadcaster NHK has now picked up on the struggling office market conditions around Tokyo Bay, particularly Harumi island. Of interest is the Harumi Island Triton Square office complex. The landmark project was completed in 2001 with a shopping mall inspired by Southern Europe. Above, there are four office blocks with a total floor area of 383,300 m2 (4.1 million sq.ft).
Office occupancy was great up until five years ago, with some of the towers fully leased up. Now, there is around 10,000 tsubo or 33,000 m2 of vacant space. One of the office towers has a vacancy rate of 20%.Read more
Ebisu apartment rental offers Tesla car sharing
Landlords continue to get creative with their rental properties with one in Ebisu offering a Tesla car share for residents. A Tesla Model Y will be available for rental to the building’s residents from April.Read more
Office vacancy rates in Tokyo shrink for 8th month in a row
The average vacancy rate for existing office buildings in Tokyo’s central five districts has seen a month-to-month decrease for the past 8 months. In January, it decreased by 0.15 points from the previous month to 5.17%. This is the lowest level seen since January 2021.Read more
Nozawa Onsen’s housing shortage
A shortage of housing in Nozawa Onsen is creating headaches for new residents. The bustling hot spring and ski resort village had entered into a decline in the 1990s and 2000s as the domestic ski boom waned, but has seen a recovery since the 2010s as foreigners descended on the mountainous destination, opening up tourism and accommodation businesses.Read more
Roppongi site sells for 63.4 billion Yen
On February 16, Bridgestone reported the sale of a company housing compound in Roppongi to an unnamed buyer for a staggering ¥63.4 billion (US$422 million) profit over its original book value. A private bidding process took place last year, drawing quite a bit of interest. The land had been originally held by the Bridgestone family since 1897. The traditional residence was destroyed in WWII air raids.
Omotesando retail to sell for 5 billion Yen
This retail building in Omotesando is selling for 5 billion Yen. A-FLAG Kotto-dori is being sold by the Activia Properties REIT with delivery to take place by the end of May. The buyer is an unnamed domestic corporation.Read more