1 in 4 Tokyo office tenants looking to move
According to a survey by MORI Building of companies with headquarters in Tokyo’s 23 wards, 24% of them have plans to lease new office space. This is a 3 point decrease from the previous survey conducted last year.
Quick real estate news summary for the week
New apartment supply to increase 31% next year, US$7 billion bet that Japan’s telework trend is short-lived, Nuveen and Kenedix acquire more apartment buildings in Tokyo, and 6% of Osaka's restaurants shut amidst pandemic. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Okinawa apartment prices up 108% over past 12 years
According to the Ryugin Research Institute, the average price of a 70 sqm (753 sq.ft) second-hand apartment in Okinawa as of October 2020 was 2.1 times higher than it was back in 2008.
Quick real estate news summary for the week
Tokyo’s office vacancy rate hits 4%, cash bonus for anyone who moves near the Fukushima nuclear plant, and apartment rents drop in Tokyo and Yokohama. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Tokyo apartment discounts in November
The median discount on an existing apartment sold in Tokyo’s 23 wards was just 1.04% in November. This is a 0.7 point drop from November 2019. 43% of transactions sold at their full asking price, up from a 31% share in 2019.
November apartment transactions reach 30-year high
According to REINS, a total of 3,620 second-hand apartments were reported to have sold across greater Tokyo in November, up 14.0% from last year and the highest number seen for the month of November since REINS began recording data in May 1990. Detached home sales set the same 30-year record in November with 1,303 reported transactions, up 23.6% from last year and the 5th month in a row to see a year-on-year increase.
Quick real estate news summary for the week
Hiramatsu to open new hotel in Karuizawa, 1 million Yen on offer if you relocate to the countryside, and real estate companies expect pandemic-related conditions to continue for next few years. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.