Higher rents and lower vacancy rates expected for Tokyo’s office market

Marunouchi office buildings TokyoCentral Tokyo’s office market is experiencing a rebound as vacancy rates drop to their lowest level since 2009. According to Miki Shoji, the vacancy rate in Tokyo’s central five wards (Chiyoda, Chuo, Minato, Shinjuku and Shibuya) was 6.70% in March - the first time it had fallen below 7% in 4 years and 10 months. In April, it dropped a further 0.06 points to 6.64%.

As market conditions and business outlooks improve, demand is growing from companies looking to locate their operations in earthquake-resistant buildings in the centre of the city. Read more

by Zoe Ward

Land prices up in 79% of locations - MLIT Look Report

According to the latest data on land price movements published by the Ministry of Land, Infrastructure, Transport and Tourism (MLIT), 79.4% of the surveyed locations across Japan saw an increase in land prices in the first quarter of 2014.

119 of the 150 survey sites saw an increase in land prices, 27 sites (18%) saw no change in prices and just 4 sites (2.7%) saw a decline of between 0~3% in land prices. This is the first time in three years, however, that the number of survey locations to see an increase in land prices has declined.Read more

by Zoe Ward

Annual real estate taxes to increase in 2015

Home owners are likely to see their annual fixed asset and city taxes increase in 2015. The Ministry of Internal Affairs and Communications has decided that residential buildings will be valued at a higher rate next year to account to reflect the recent increase in construction and labour costs. This will be the first increase in the taxable value since 2009.Read more

by Zoe Ward

Vacancy rates by apartment building in Tokyo - May

The following is a list of apartment buildings in Tokyo and their estimated vacancy rates in May:Read more

by Zoe Ward

Okinawa’s Naha Tower sold to hotel operator

Okinawa Naha TowerNaha Tower, a local landmark and relic of the 1970s, has been purchased by a Kyushu-based hotel operator for an undisclosed price. The seller was Tokyo-based Intrance Co., Ltd. 

In 2006, developer Zephyr Co., Ltd. acquired the building and renamed it ‘Zephyr Naha Tower’. They filed for bankruptcy in 2008 and the building’s tenants moved out one month later. The building has been empty ever since. Intrance acquired the building in 2011. Read more

by Zoe Ward

Kyoto looking for tenant for historic restaurant/ryokan in Gion

Gion Shinbashi RestaurantKyoto City is looking for a tenant for a traditional-style residence/restaurant in the Gion-shinbashi neighbourhood. The 2-storey wooden house was during the Meiji period and is estimated to be around 120 years old.

Until recently it was used as a tempura restaurant. The owner of the property and former operator of the restaurant left the property to the city in June 2013 with the hope that the city could continue to conserve and protect the historical building.Read more

by Zoe Ward

Hotel Okura Tokyo to be redeveloped

Hotel Okura Tokyo

Yesterday it was announced that the Hotel Okura Tokyo in Toranomon, Minato-ku, will be redeveloped. The new hotel is expected to be completed in time for the 2020 Summer Olympics.

The current 408-room hotel was completed in 1962 - two years before Tokyo hosted the 1964 Summer Olympics. The annex building was completed in 1973. It has been a landmark hotel and has hosted numerous foreign dignitaries and VIPs, the most recent being US President Obama who stayed in the hotel during his visit to Tokyo in April.Read more

by Zoe Ward