Vacancy rate for distribution facilities at low level

Prologis Park Zama 2

According to research by Ichigo Real Estate Service, the vacancy rate for distribution facilities in greater Tokyo in October 2012 was 2.5%. While this figure has increased by 0.2% since the last data collection in July, it remains at a very low level.

With the completion of Prologis Park Zama 2 in August, the new supply of distribution facilities reached a three year high of 808,500 sqm (8,699,460 sqft). Most of the new space was taken up by demand, which reached 735,000 sqm (7,918,284 sqft). This helped to limit the rise in the vacancy rate.Read more

by Zoe Ward

Chiyoda-ku office bldg sold for 50 billion Yen

Tokyu Land, the Development Bank of Japan (DBJ) and Kenedix have purchased the former head office of the Shinsei Bank in Chiyoda-ku from a Morgan Stanley fund for 50 billion Yen (605 million USD) - less than half what Morgan Stanley paid for it in 2008.

The new owners plan to demolish the 19-year old building and replace it with a new one. The total cost of the project, including purchasing the existing building, is estimated at 80 billion Yen (970 million USD).

Demolition will commence in 2013 and the new 20-storey building will be completed in 2017. The new building will have a total floor area of 57,500 sqm, and will be almost the same scale as the current building, which is 60,000 sqm. However, the new building will have more leasable floor space.Read more

by Zoe Ward

Office building to be torn down after 2 years

This would set a record for one of the shortest lived office buildings in Japan. Only two years after completion, a high-rise office building near Osaka's Umeda area is now facing a threat of demolition.Read more

by Zoe Ward

New apartment supply in greater Tokyo down 14% in October

The total number of new apartments released for sale in greater Tokyo (Tokyo, Kanagawa, Chiba and Saitama) in October fell 14.4% from the year before to 2,887 units. This is the second month of decline after September's fall of 9.3%.

The most notable decline was in Tokyo's 23 wards, which saw a drop of 25.7%. According to local real estate agents, concerns over future economic conditions have possibly led to a drop in the number of high-priced apartments released for sale.Read more

by Zoe Ward

Mitsui buys development site in Harumi for 9 billion Yen

Mitsui Fudosan Residential have purchased a 8,800 sqm block of land in Harumi 2 Chome from the Tokyo Metropolitan Government for 9 billion Yen (109 million USD). The price works out to approximately 1,023,000 Yen/sqm.

Mitsui recently purchased a 10,200 sqm site on the eastern side of this block from Taiheiyo Cement for 8 billion Yen. Although they have not yet decided on development plans, there is a chance that they will combine the two blocks and built a large-scale residential tower.Read more

by Zoe Ward

Sales in Park Court Chiyoda Fujimi The Tower start today

Mitsui Fudosan Residential begin sales of apartments in Park Court Chiyoda Fujimi The Tower today. The 40-storey building will be completed by the end of March, 2014, and apartments will be ready to move into by the following July.Read more

by Zoe Ward

Able to offer improved rental apartment service for foreign students

Japanese rental agency, Able, have introduced a new service for foreign students that will assist them in finding an apartment to move into as soon as they arrive in the country.

Up until now, foreign students have had to stay in temporary accommodation, such as student dormitories, until they receive their alien registration card. It was only when they had received the card that they could rent an apartment privately. This resulted in the student waiting several weeks before moving into more permanent accommodation.Read more

by Zoe Ward