Ark Hills Sengokuyama Mori Tower reaches completion
Construction of Ark Hills Sengokuyama Mori Tower, a combined residential and office tower in the Roppongi/Toranomon area, was completed on August 7.
The two hectare site has a 47-storey mixed residential and office tower, along with 8-storey low-rise apartments. The development took a total of 24 years, when including the long process of negotiating with local residents.
In the high-rise tower, offices are located on floors 25 to 47, while residences are on floors 3 to 24. Currently, 55% of the commercial tenants have been confirmed. They are predominantly foreign law offices and IT companies.Read more
Foreign investors return to Japan's property market
According to the Mainichi Shimbun, Foreign investors and foreign capital investment corporations are showing enthusiasm for Japan's real estate market. European and American property and investment companies are continuing to purchase residential and commercial buildings, while a major US bank has set forth on establishing a REIT in Japan.
The background to this renewed vigor is the outflow of funds in Europe due to the European debt crisis, and a general feeling that the real estate market in Japan has bottomed out. Experts are anticipating that the long-stagnating real estate market is finally reaching a turning point.Read more
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