Developer acquires Gaetano Pesce-designed building in Osaka
A landmark office building in Osaka has been sold to Kintetsu Real Estate in June. Organic Building was designed by Gaetano Pesce and built in 1993. The facade is comprised of various red planter panels, with the 80 varieties of plants kept alive with a computer-controlled watering system. Read more
Historic Osaka office building demolished and sold to developer
A landmark heritage building alongside Dojima River in Osaka is under demolition by a local developer. Demolition started in April 2023 with completion expected by late October.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
Aldo Rossi-designed hotel sold
A long-closed Aldo Rossi-designed hotel in Osaka has been sold. According to the Nikkei Real Estate Market Report, Sumitomo Mitsui Trust Panasonic Finance acquired the closed hotel late last year.Read more
Temple wins appeal over tax bill
A temple in Osaka has won an appeal trial over the taxation of land within the temple grounds, resulting in the cancellation of a 4.8 million Yen tax bill. Under the Religious Corporations Act, temple and shrine land is normally not taxed unless it is for commercial use.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 rents continue 3-month record-high streak
In March, average apartment rents in Tokyo, Kanagawa, Saitama and Chiba all saw a year-on-year increase due to both a continued increase in the share of newer apartments commanding higher rents as well as being the peak moving season. Read more