Luxury hotel in Sapporo now a casualty of rising construction costs
Plans for a luxury hotel to crown the top of a high-rise project in front of Sapporo Station in Hokkaido have been scrapped due to rapidly rising construction costs. The upper floors will, instead, be office space to cater to the high demand from office tenants in central Sapporo.Read more
New high-rise development announced for west side of Shinagawa Station
On August 29, Keikyu Corporation and East Japan Railway Company released details on the Shinagawa Station District Redevelopment Project that will see three buildings on a 3.3 hectare site on the western side of the station.Read more
Tokyo's compact office market sees some record high rents
How are office rents doing for the compact sector of the office market? According to the latest biannual report by AtHome, the market seems fine. Overall, rents in Tokyo were relatively flat in the first half of 2023 but several areas saw rents hit 10-year highs. Read more
Omotesando retail sells for over 5 billion Yen
A 3-story retail building alongside Kotto-dori Street in Omotesando has reportedly sold for 5.383 billion Yen (approx. US$37 million). The seller was the Japan Metropolitan Fund Investment Corporation, a J-REIT. The buyer was not disclosed but is a domestic corporation.Read more
Demolition starts on 56-yr old building in Akasaka
Demolition of the 56-year old Sankaido Building near the US Embassy will start this month. The building is making way for a new redevelopment project by Norin Suisan Shoreikai and construction giant Kajima Corporation.Read more
Osaka office building sells at 3.5% cap rate
A 13-story office building in Osaka has been acquired by a J-REIT for 17.215 billion Yen (approx. US$121 million). Japan Real Estate Investment Corporation purchased Forecast Sakaisuji Hommachi on August 1 with delivery to take place by the end of the month. The seller was not named.Read more
MUJI to sell Ikebukuro head office
On July 26, the operator of home goods retailer MUJI announced the planned sale of its head office building in Ikebukuro. The company, Ryohin Keikaku, did not comment on the scale of the profit from the sale.Read more