Business confidence returns to hotel operators as travel spending exceeds pre-pandemic level
Domestic travel spending by Japanese travellers saw a 14.8% increase in 2023 compared to the pre-pandemic level in 2019. According to the Japan Tourism Agency (JTA), travellers spent an average of 63,212 Yen per person.Read more
Japan now has 9 million empty homes, but not all are ‘akiya’
Japan has 9 million empty homes, according to the latest House and Land Statistical Survey published by the Ministry of Internal Affairs and Communications on April 30. But… this number includes temporarily vacant properties and holiday homes, making the true ‘akiya’ or vacant house number closer to 3.85 million, or 5.9% of total housing stock.Read more
Luxury apartments and hotel planned for Yokohama high-rise
A high-rise tower containing luxury rental apartments and an internationally-branded hotel is set to open in Yokohama in 2027. On April 10, Sumitomo Realty & Development announced details of what’s planned to go in its 40-story mixed-use project located in the Kitanaka district near Bashamichi Station.Read more
Station access is make-or-break for one segment of Tokyo’s office market
Major corporate tenants in Tokyo are placing increasing priority on location as they seek convenience. Offices with better transport access are seeing vacancy rates fall, while those in slightly less convenient locations are continuing to see vacancy rates climb. The difference can be stark.
What’s causing this shift?Read more
Our 2024 Q1 Japan Real Estate Market Report
JREIT trades Tokyo office for multi-family
ORIX JREIT and Osaka Gas Urban Development are trading several properties between each other this month, including some multi-family at appraised cap rates in the low-to-mid 3% range.Read more
Tsukiji Fish Market redevelopment proposal announced last week
The proposed redevelopment plan for the old Tsukiji Fish Market site in Tokyo was announced last week by the Tokyo Metropolitan Government. Mitsui Fudosan has been selected to lead a group of 11 project participants.Read more