Real estate transaction volume reaches 4 year high
The volume of real estate transactions in Japan has started to pick up, showing signs of an economic recovery.
In the first half of 2012, transactions of office and residential buildings in major cities (Tokyo, Osaka, Nagoya etc), reached the highest level in four years.
The total volume of transactions by listed companies, including REITs, reached 1.1375 trillion Yen (14.5 billion USD). This is 10% higher than the first half of 2011, and is the highest level since the second half of 2008 which was the time of the Lehman Shock.Read more
Tokyo's office construction boom and it's repercussions
The construction of new office buildings in central Tokyo is steadily progressing. In January, Mitsubishi Jisho's Marunouchi Eiraku Building was completed. In Spring, JP Tower and the Palace Building were completed, and Otemachi Financial City will be completed in fall.
According to the Urban Research Institute Corporation, the total supply of commercial office space in 2012 will reach 2,680,000 sqm (28,836,800 sqft). This is close to the past decade's peak of 2,980,000 sqm in 2003. A quarter of the office supply is located in the Marunouchi area on the western side of Tokyo Station.Read more
Ginza Theatre Building sold
Tokyo Theatres Company announced that they will be selling the Ginza Theatre Building in Ginza 1 Chome for 17.8 billion Yen (222.5 million USD) to an undisclosed buyer.
The building was sold to improve the financial situation of the company. The future of the company's "Ginza Theatre Cinema" and Hotel Seiyo Ginza which are located in the building are yet to be decided.Read more
Hulic purchases Ginza building from Recruit
Hulic announced on January 27 that they have acquired the Recruit Ginza 7 Building from Recruit. The retail and commercial building is located at the Ginza Nishi 6 Chome crossing. The building has 9 stories and 5 basement floors and was completed in 1962. The land is 1500 sqm and the total building area is 19,790 sqm.Read more