Luxury rental apartment project near Canal City paused
Plans for a luxury mixed-use development next-door to Fukuoka’s Canal City might be put on hold due to a labor shortage and rising construction costs. The now-closed Canal City Hakata East Building opened in 2011 as a retail complex. Initially, tenants included many international fast fashion brands.Read more
REIT acquires student housing in Tokyo
A J-REIT is acquiring the trust beneficiary rights to a 182-unit purpose-built student accommodation asset in Tokyo from its sponsor at a cap rate of 4.07%.Read more
Free rent on the rise in the office leasing sector
Although office vacancy rates in Tokyo have been shrinking and rents appear to be recovering from a recent low, incentives, such as free rental periods, are on the rise. This might indicate some continued softness in the office market sector.Read more
Kitakyushu next in line for semiconductor boom?
Kyushu may have a new hotspot, with Taiwan-based Advanced Semiconductor Engineering, Inc. (ASE) signing a provisional purchase agreement on land in Kitakyushu on July 31. The site offers good access to water, logistics infrastructure, and a pool of talent in the science and tech sectors.Read more
18,000 m2 Toranomon office building sells for 860 million Yen
Nippon Building Fund (NBF) has sold a 61-year old office building in Toranomon back to its sponsor, Mitsui Fudosan, for just 860 million Yen (US$5.5 million). This may seem like a remarkably low price, considering the REIT paid 13.3 billion Yen for it in 2004, and there’s a good explanation.Read more
Once-bankrupt resort hotel finds Hong Kong buyer
A Hong Kong-based tech and investment firm has acquired the Awashima Hotel in Shizuoka. This resort hotel is located on a small, uninhabited island off the coast of Numazu, with guests ferried over from the mainland.Read more
Housing starts plummet near Kumamoto's semiconductor plants despite strong demand
Despite the excitement surrounding the new semiconductor plants in Kumamoto, new housing starts in Kikuyo and Ōzu towns have dropped drastically. In February of 2024, housing starts were over 30% higher than they were 12 months prior, but in March they had dropped 50% y-o-y.Read more