Office vacancy rates shrink while Marunouchi’s rents reach record high
The office vacancy rate in central Tokyo’s five business districts reached a 57-month low, dropping to 3.56% in May, according to office brokerage Miki Shoji. For existing buildings, the vacancy rate was 3.20%, the lowest level since August 2020. In just the span of a month, 15,000 tsubo (49,575 square meters) of office space was taken off the market either by leasing activity.Read more
Our 2025 Q2 Japan Real Estate Market Report
Subscribers can download our Q2 report below.Read more
REIT disposes of R&D building at 18% loss
NTT UD REIT Investment Corporation sold its share of the Research & Development building in the Kanagawa Science Park at a 1.143 billion Yen loss on its book value. The trust beneficiary rights to the 12-story building were transferred to a domestic corporation in May for 5.214 billion Yen (approx. US$36 million).Read more
Japan nationwide ‘rosenka’ land values increase for 4th year in a row
The ‘rosenka’ or roadside land values across Japan increased by an average of 2.7% in 2025, expanding on a 2.3% increase in 2024 and a 1.5% increase in 2023. This is the fourth year in a row to see an increase and the highest rate seen since 2010 when the National Tax Office updated its reporting method.Read more
Build-to-rent developers going bathless in Japan?
There has been a long-held belief that apartments with full bath tubs are a lot easier to lease out than ones with just showers, no matter how small the apartment. Few build-to-rent developers have been willing to take the risk to go bathless in their projects. But, with a younger generation of tenants, and new pressures in the rental market, some are taking the plunge with shower-only offerings.Read more
Multi-family value add project in Tokyo leads to 35% increase in rent
Developer Tokyu Land Corporation has completed a value-add project for a multi-family asset in Tokyo’s Edogawa ward that has boosted the rent on new leases by an average of 35%.Read more
Does Fukuoka's luxury build-to-rent market have a limit?
Fukuoka’s city center is seeing an influx of high-end rental listings as landlords target increasingly affluent tenants. While the city’s growth is creating pockets of demand for luxury rentals, tenant uptake has been uneven, raising questions about the potential depth of the luxury build-to-rent market.Read more