An update on the long-awaited ‘Roppongi Hills 2’ project
It’s been a while since we had an update on the ‘Roppongi Hills 2’ project in Tokyo. Luckily, some more concrete project details were made public for online viewing between June 24 and July 3. Read more
Chiba City wants more office buildings and is willing to pay for them
Chiba City has been suffering from a lack of quality office buildings in the city center, particularly in front of major stations, and is going to offer financial incentives of up to 2 billion Yen (approx. US$14.3 million) per project to encourage new construction or building extensions.Read more
Expected yields on Japanese real estate remain at historic lows
Despite the turmoil happening in some overseas commercial real estate sectors, investors in Japanese real estate continue to anticipate record-low yields. That may be due in part to low interest rates which make it one of the few places with a positive yield spread over government bonds. The latest investor survey by the Japan Real Estate Institute in April shows expected yields have either remained the same or dropped, depending on the asset class and location.Read more
Tokyo office vacancy rates expected to stabilize at the 6% range
According to a report by Mitsubishi UFJ Trust and Banking Corporation, the office vacancy rate in Tokyo is expected to remain around the 6% range for the next five years. Rents are expected to bottom out in 2024, followed by a mild increase.Read more
Honda Aoyama Building to be redeveloped
Honda Motor Company is planning to spend 50 billion Yen (approx. US$356 million) to redevelop its headquarters above Aoyama Itchome Station in central Tokyo.Read more
Omotesando office/retail buildings sold to domestic buyer
Two buildings alongside Omotesando’s Kotto-dori Street have been sold to a Kobe-based realtor.Read more
Partner sought for Toranomon redevelopment project
The semi-governmental Urban Renaissance Agency is seeking a partner for a large-scale redevelopment project in Toranomon.Read more