An overview of Ginza's real estate market for May 2024
Ginza is perhaps the most famous retail destination in Japan. It’s also the most expensive in terms of rent and land prices and amongst the lowest in terms of cap rates. While land values took a dip during the pandemic when the country was closed to inbound tourism for 2.5 years, they have recently returned to positive territory. Below, we take a look at current market rents, land prices, and some commercial properties currently for sale in the Ginza address.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
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
Shibuya office building sells for 25 billion Yen
JR East Building Co., the real estate division of East Japan Railway, acquired the Shibuya Prime Plaza office building in February. The sale price was not disclosed, but assumed by the Nikkei Real Estate Market Report to exceed 25 billion Yen (approx. US$165 million).Read more
REIT sells Shinagawa office at loss as vacancy rate jumps to 50%
A J-REIT has sold a large office building in Shinagawa at a 12% loss to an unnamed buyer. The sale price of 61 billion Yen (approx. US$403 million) is 12% below book value and 8.5% below an October 2023 appraisal.Read more
Chiyoda office vacancy rate reaches 39-month low
In February, the office vacancy rate in the Chiyoda business district in Tokyo reached the lowest level in 39 months. According to office brokerage Miki Shoji, the vacancy rate dropped by 0.2 points from the previous month to 2.96%. This is 1.4 points lower than 12 months ago.Read more