Tokyo office rents at historically low levels
July 19, 2011Commerical Rent,Japan Office,Japan Office Rent,Tokyo Office,Tokyo Office Market,Tokyo Office RentOffice/Retail News & Information,Real Estate News,Rental Market,Market Information
Miki Shoji announced on July 7 that office rents for commercial properties in central Tokyo have fallen 4% in the past 12 months and are now at the lowest levels ever seen since data collection began.
A major contributing factor to this fall are the companies who are seeing lower earnings as a result of the March 11 Tohoku disaster and can no longer pay high rent for their office space.Read more
New certificates to be issued for earthquake-resistant buildings
July 18, 2011construction,earthquake-resistance,Japan building standards,Tokyo earthquake-resistant buildingsEarthquake Information,Real Estate News
Starting in Fall, the Tokyo Metropolitan Government will issue certificates for free to buildings that satisfy current earthquake-resistance standards. The certificates will cover office buildings, apartments and houses and will be issued to all who apply.
The certificate can be displayed at the building entrance to put building occupants at ease. While self-governing bodies have been creating assistance measures, there are over 500,000 buildings in Tokyo that do not meet minimum earthquake-resistance levels. The city hopes that the introduction of the certificate will encourage owners of unsafe buildings to have them upgraded.Read more
Rent for condominium-type apartments down in June
July 17, 2011average rent japan,average rent tokyo,real estate market japan,real estate market tokyo,rent apartment japan,rent apartment tokyo,rental market japan,rental market tokyoReal Estate News,Rental Market,Market Information
According to Tokyo Kantei, the average monthly rent for a condominium-type apartment in greater Tokyo for the month of June has fallen compared to the previous month.
Average Rent:
- Tokyo City: 2960 Yen/sqm, down 0.5%
- Kanagawa: 2027 Yen/sqm, down 0.6%
- Saitama: 1620 Yen/sqm, down 1.6%
- Chiba: 1593 Yen/sqm, down 0.2%
New condominium supply down 32.9% in Tokyo area
July 16, 2011apartment salesReal Estate News,Market Information
The Real Estate Economic Institute announced that new apartments offered for sale in the greater Tokyo area (Tokyo, Kanagawa, Saitama and Chiba) have fallen to 3441 units in June, 2011. This is a steep fall of 32.9% from June of 2010.
This is being attributed to the March 11 Tohoku disaster which has led to consumers putting off purchases of large-ticket items and has caused developers to delay sales of new properties. Developers are anticipating a recovery from Fall, 2011, so the supply of apartments in the Tokyo area is expected to increase in a few months time.Read more
Temporary upswing in real estate market in Sendai
July 15, 2011Japan earthquake,Japan land values,japan real estate market,Sendai,rosenkaLand,Real Estate News,Market Information
The 2011 rosenka land valuations released by the National Tax Agency on July 1st showed a decline in land prices across Japan for the third continuous year. Concern is rising, however, over a large scale crash in prices in areas of Northern Japan that were affected by the Tsunami and Fukushima Daiichi Nuclear Power Plant where real estate transactions have almost ceased.
Sendai City, on the other hand, is experiencing a hike in emergency demand from displaced residents.Read more
Harajuku Danchi Reconstruction Plans
July 14, 2011Antonin Raymond,danchi,Harajuku,Jingumae,new apartment,tokyo apartmentDemolition,New Construction,Redevelopment & Reconstruction
Nippon Steel City Produce and Mitsui are redeveloping the Harajuku Danchi apartments alongside Gaien Nishidori in Shibuya-ku's Jingumae 3 Chome neighborhood.
The original 6 buildings were completed in 1957. The buildings were considered modern for their time and were a landmark for the area. Due to aging and deterioration, reconstruction plans were made and the apartments were vacated in 2010.Read more
Tokyo's second-hand apartment prices down 4.2% from 1 year earlier
July 13, 2011Tokyo apartment pricesReal Estate News,Market Information,Tokyo
The Real Estate Information Network for East Japan (REINS) announced the results of their data collection on real estate movements for the Tokyo area for the month of June, 2011. The data is based on property listings registered on the REINS multiple listing database.
The total number of units listed for sale in the greater Tokyo area on the secondary market surpassed 40,000 units. The total of 40,016 units was an increase of 2.6% from May, and a very large increase of 31.3% compared with June, 2010. Tokyo had a total of 22,950 units, Saitama had 4004 units, Chiba had 3451 units and Kanagawa had 9611 units listed with the REINS database.Read more