
Tokyo Tatemono is planning a 35-story, 180-meter-tall high-rise for Kyobashi. Construction will start in 2025 with completion tentatively scheduled for 2029. A city planning decision was granted on January 13.
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Tokyo Tatemono is planning a 35-story, 180-meter-tall high-rise for Kyobashi. Construction will start in 2025 with completion tentatively scheduled for 2029. A city planning decision was granted on January 13.
564 total views, 6 views today
A low-rise retail and office building just behind Daikanyama Station sold for 1.877 billion Yen (approx. 14.3 million USD). The seller, Starhill Global REIT, entered into a sale agreement in December with an undisclosed buyer.
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2022 was a year of turmoil for markets, with interest rate rises, high inflation, and ongoing supply chain disruptions. Japan did not suffer to the same extent, with interest rates and inflation remaining low. The stable domestic conditions favored the real estate market with prices continuing to rise throughout the year.
Please feel free to view or download the PDF of our annual Japan Property Market Report, linked below.
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Investors are expecting lower rental yields from office and residential assets in Tokyo. According to the Japan Real Estate Institute’s investors survey published on November 2022, the expected rental yield on Class A office space in Tokyo’s Marunouchi and Otemachi district was 3.2% as of October 2022, down from a 3.3% expected yield in April.
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On November 29, the Japan Real Estate Institute released its six-monthly report on the total earnings rate (rental income and capital gains) of office buildings in central Tokyo.
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On November 30, the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) released the nationwide property price index for the month of August 2022. What is interesting to note is the recent growth in residential land and detached house prices. Both segments had remained somewhat flat for around 10 years, but have seen a surge in price appreciation since mid-2020.
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Panasonic Holdings is buying back its office tower in Shiodome. In 2013, the beneficiary rights to the rental income from the building were sold to two funds for 50.7 billion Yen, after the company reported a record loss of 772.1 billion Yen in 2012.
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Last month, construction giant Kajima Corporation announced plans to enter the luxury sector of the real estate market, and has already kicked things off with the acquisition of two properties from British developer Grosvenor. Within the year, the company is also expected to complete the purchase of luxury housing to lease to wealthy domestic and foreign tenants.
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Construction on a new retail project in Harajuku kicked off last month. The 6-story building will have a total floor area of 7,800 sqm (84,000 sq.ft) and occupy a 1,960 sqm site with front and rear street frontage.
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Machinery component manufacturer, MinebeaMitsumi, announced the planned sale of its Tokyo Honbu Building in Minato ward’s Mita address.
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