Construction starts on 230m office and hotel tower in Hibiya
On December 8, NTT Urban Development and TEPCO Power Grid announced the official start of construction for the NTT Hibiya Tower. The 48-story high-rise is part of a large block development that will see three buildings redeveloped, including the Imperial Hotel next-door, by 2037 or later. Each of the three buildings are expected to include a hotel component.Read more
Vintage apartment building in Omotesando sells at 19 billion Yen gain
Oji Holdings is selling the 50-unit Oji Homes Aoyama apartment building in Omotesando to an unnamed domestic corporation, with a 19.9 billion Yen gain to be recorded upon sale. The transaction price has not been disclosed at the request of the buyer.Read more
Japan's land prices increase for 7th quarter
Japan’s land prices have now increased for the seventh straight quarter, with the latest LOOK Report published by the Ministry of Land, Infrastructure, Transport, and Tourism (MLIT) showing an increase in all surveyed locations.Read more
Tokyo’s residential rental market remains stand-out performer as surrounding areas continue to decline
The average advertised rent for a condo-type apartment in Tokyo’s 23 wards reached a new record high in October of 4,866 Yen per square meter, up 14.1% year-on-year, according to Tokyo Kantei. Asking rents in newer builds less than five years old have come down from their peak seen in July, while rents in older buildings have shown more consistent growth since spring.
Rents in Yokohama City have dropped month-on-month for the past six months, and are currently 14.1% below their peak seen in May 2024. The average asking rent in October was 2,800 Yen per square meter, down 1.3% from the previous month and down 7.0% year-on-year. Rents in Saitama and Chiba cities are also down 12.7% and 16.1% respectively from their peaks seen in 2024.Read more
Keio launches private fund targeting office buildings
Railway operator Keio Corporation and Keio Realty & Development have launched a private real estate fund centered on office buildings. The fund is comprised of five office buildings in central Tokyo along with a commercial leased land site in the greater Tokyo area.Read more
Shinagawa Prince Hotel to undergo 22 billion Yen refurbishment
Seibu Holdings is embarking on a 22 billion Yen refurbishment of its Shinagawa Prince Hotel in order to attract more inbound and wealthy guests.Read more
170m tall office tower planned for Kudanshita
The Tokyo Metropolitan Government has approved the formation of a redevelopment committee for several city blocks above Kudanshita Station. The 93.2 billion Yen (600 million USD) project will see a 170-meter tall office tower with a GFA of 81,000 square meters.Read more