The general business mood in March has worsened for the six month in a row according to credit research firm Teikoku Databank. The diffusion index (DI) of confidence from a survey of 11,330 companies across various industries dropped 6.2 points from February to 32.5. A month-on-month drop of this magnitude has not been seen since April 2014 which recorded a 4.2 point decline.
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The following is a selection of apartments that were reported to have sold in central Tokyo during the month of March 2020:
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Tokyo Shoko Research released a report on March 18 on the current impacts the coronavirus is having on Japan’s hotel industry. We are only two months into the crisis and listed companies are one-by-one lowering their earnings estimates for the year.
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On March 30, Jiji Press reported that off-the-plan sales in Harumi Flag have been temporarily suspended and the sales showroom closed. The large-scale condo complex on a manmade island in Tokyo Bay was initially planned to be used as the Athletes Village for the 2020 Olympics, but the postponement of the games has thrown a wrench into the scheduling of the post-Olympic refurbishment of the apartments.
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The 180-meter, 38-story Kamiyacho Trust Tower building reached completion on March 16. This high-rise mixed-use tower forms part of the 1.6 hectare Tokyo World Gate complex in Tokyo’s Toranomon district.
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During an appearance on a morning show on March 27, Tokyo governor Yuriko Koike floated the idea of using the soon-to-be-completed Athletes Village in Harumi as a temporary hospital to house non-critical coronavirus patients.
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Gucci owner and global luxury group Kering has purchased the Tod’s Omotesando building through a special-purpose company. The seller was a subsidiary of Tod’s.
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With school closures, event cancellations and telecommuting becoming the new normal for us over the several weeks, let’s take a look at how Tokyo’s real estate industry is (or isn’t) doing its part to minimize the spread of the coronavirus.
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The number of brand-new apartments released for sale across greater Tokyo reached the lowest level seen for the month of February since 1975.
According to the Real Estate Economic Institute, February’s figures were not the direct result of the recent worldwide outbreak of the novel coronavirus. However, should economic conditions and consumer outlook worsen as a result of the unprecedented global slowdown, it is likely that Japan’s developers will continue to limit the supply of new apartments in the coming months.
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The historic Shibaura Kenban building in Tokyo will re-open in April after undergoing a full restoration. Built in the 1930s, this is said to be the only surviving pre-war, wood-frame ‘kenban’ in Tokyo. A kenban was traditionally an office that oversaw the operations of the geisha in the district.
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