Tokyo apartment rent hits 2.5 year low
In September, the average monthly rent of a condominium-type apartment in the Tokyo metropolitan area was 3,712 Yen/sqm, down 0.3% from the previous month and last year, and the lowest level seen in 12 months. Neighboring Saitama and Chiba both saw rents fall by 1.0% and 1.7% from the previous month, although they are still higher than they were 12 months ago.
Mita office building to sell for 13 billion Yen
Machinery component manufacturer, MinebeaMitsumi, announced the planned sale of its Tokyo Honbu Building in Minato ward’s Mita address.
26-story office and apartment tower for Iidabashi
On October 12, the Tokyo Metropolitan Government approved the formation of the committee for the Iidabashi Station East District Redevelopment. This will see a 130-meter tall, 26-story office and apartment tower built next door to Iidabashi Station.
What do Tokyo's most aging neighborhoods have in common
Tokyo’s 23 wards have as many as 15 city blocks that would be classed as ‘marginal villages’ due to their aging demographics. A marginal village is one where over 50% of the residents are over the age of 65.
The Asahi Shimbun newspaper used census data from 2020 to create a list of the oldest neighborhoods in Tokyo. Of the approximately 3,000 city blocks in the 23 wards, 15 are marginal villages.
Office vacancy rate stays flat in Tokyo
The office vacancy rate in central Tokyo remained unchanged at 6.49% in September, according to office brokerage Miki Shoji. Office rents, however, continued to decline with the average rent dropping 94 Yen from August to 20,156 Yen per tsubo (approx. 6,098 Yen/sqm).
Patina hotel to open in Osaka in 2025
Capella Hotel Group is planning to open a Patina Hotels & Resorts-branded property in Osaka by 2025. This will be the second hotel under this luxury brand to open worldwide, following the Patina Maldives in 2021.
Central Tokyo apartment transactions up 11.9%
According to REINS, the average sale price per square meter for a second-hand apartment sold across greater Tokyo in September reached 691,000 Yen, a 11.2% increase from last year and the 29th month in a row to see a year-on-year increase.