Office vacancies increase for 13th month, Tokyo Midtown Yaesu to open in 2022, and 98 islands identified for foreigner-transaction reporting requirements. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
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Shibuya office building sells for 6 billion Yen, Hilton to open in Miyakojima, Hankyu closes hotels, and Gifu and Mie both to see largest condo projects in history. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
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Demolition of the Kenzo Tange-designed Dentsu Tsukiji Building will start on April 18. The brutalist landmark building will be flattened to make way for a multi-block redevelopment by Sumitomo Realty & Development.
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Construction has officially started on the redevelopment of the former Akasaka Twin Tower site in central Tokyo. The project will see a 210-meter tall office/hotel/serviced apartment tower completed by August 2024.
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On March 14, detailed plans for the redevelopment of the Kokusai Shin-Akasaka Buildings were released. The Akasaka 2, 6 Chome District project will see two towers of 230 meters and 110 meters tall.
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Human resources giant Recruit Holdings has sold its headquarters in Ginza to Hulic for an undisclosed amount. Recruit plans to lease back the office building after the sale.
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Central Tokyo apartment asking prices hit new record high, new apartment supply drops 43%, and Omotesando retail flipped at 10% markup. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
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Nakano Sun Plaza, a 48-year old hotel and concert building in Tokyo’s Nakano ward, will be demolished in 2024 and replaced with a new mixed-use building by 2028. The 181 billion Yen (approx. 1.7 billion USD) project will include a 235-meter tall mixed-use office and residential tower with a concert hall and hotel on the lower floors.
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There are signs of life on the site of a now-demolished scandal-ridden building in Roppongi.
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Tokyo’s office vacancy rate continues to climb, Hon-Atsugi popular with renters and Kachidoki popular with buyers. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
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