Tokyo's office construction boom and it's repercussions

June 19, 2012Tokyo Office Market,MarunouchiNew Construction,Office/Retail News & Information,Real Estate News,All,Commercial Real Estate

JP Tower in Marunouchi

The construction of new office buildings in central Tokyo is steadily progressing. In January, Mitsubishi Jisho's Marunouchi Eiraku Building was completed. In Spring, JP Tower and the Palace Building were completed, and Otemachi Financial City will be completed in fall.

According to the Urban Research Institute Corporation, the total supply of commercial office space in 2012 will reach 2,680,000 sqm (28,836,800 sqft). This is close to the past decade's peak of 2,980,000 sqm in 2003. A quarter of the office supply is located in the Marunouchi area on the western side of Tokyo Station.Read more

by Zoe Ward

Nakagin Capsule Tower Demolition Plans

June 17, 2012Nakagin Capsule TowerDemolition,Redevelopment & Reconstruction,All

Nakagin Capsule Tower Tokyo

The management association of the 40 year old Nakagin Capsule Tower in Ginza are moving forward with plans to demolish and rebuild the metabolist structure.

Although no final date has been set, demolition and reconstruction plans have been in the pipeline since 2007. Back in 2005, the architect, Kisho Kurokawa, and Taisei Corporation put forward a plan to replace the aging capsules with new ones. This was in line with Kurokawa's initial concept for the building, whereby all capsules were designed to be interchangeable and replaceable. However, it seems more likely that it will be replaced with a nondescript building.Read more

by Zoe Ward

Proud Minamiazabu on sale from today

June 16, 2012Minamiazabu,Minato-kuNew Construction,All

Apartments in Proud Minamiazabu go on sale today. 64 of the 88 units will be available for sale in the first round and prices range from 60.9 to 490 million Yen, with an average price of 1,257,000 Yen/sqm.Read more

by Zoe Ward

Supply of family-type apartments down 60% from peak

June 15, 2012Real Estate News,Market Information,All

A recent survey by the Haseko Research Institute has found that the supply of brand new family-type* apartments totaled 12,588 units in 2011 - just 28.3% of the total apartments to hit the market last year.

While this is the second year where the ratio has increased, it is still at a low level compared to the early to mid 2000s. Compared to the peak in 2005, the current supply has fallen by over 60%.

*For the purpose of this survey, family-type apartments are those sized between 60 - 80 sqm (645 - 860 sqft) and priced under 40 million Yen.

Source:
The Asahi Shimbun, May 2, 2012.

by Zoe Ward

Introducing Ark Hills Sengokuyama Residence

June 14, 2012Ark Hills Sengokuyama,Luxury real estate in JapanNew Construction,All

The latest condominium / office project by Mori Building.

*Updated with floorplans and interior images*

Built to a global luxury standard that Mori Building is renowned for, Ark Hills Senkokuyama Residence will undoubtedly be the finest apartment offering in Japan this year. The 243 apartments will have one to five bedrooms and range in size from 56.34 to 416.55 sqm (606 ~ 4482 sqft) and priced from ¥66.3 million to ¥1.35 billion.Read more

by Zoe Ward

Contract rate in greater Tokyo exceeds 80%

June 13, 2012New Construction,Real Estate News,Market Information,All

The contract rate on condominiums in greater Tokyo reached 81.8% in April. This is the first time since February 2011 where the rate has exceeded 80%. The high percentage was helped by strong sales of large-scale condominiums, and signals a change towards positive market conditions.Read more

by Zoe Ward

What is the lifespan of an apartment in Japan?

June 12, 2012apartment reconstructionDemolition,All

It is a commonly held idea that homes in Japan only last 30 years before they deteriorate to a state where they have to be torn down. But how accurate is this statement, and what about the lifespan of apartment buildings?

"Japanese homes do not last as long as European or American ones"

Japanese residential properties are thought to have a lifespan of 30 years. In America that number is 55 years, and 77 years in England. Many apartment buyers hold the same belief and think that an apartment can only be held for 30 years. However, this assumption is incorrect.Read more

by Zoe Ward