60-yr old office building in Tokyo to be renovated rather than redeveloped
Although Tokyo’s Marunouchi and Otemachi business district has been seeing multiple skyscrapers go up in recent years, one vintage building from the 1950s has been faithfully protected by its owner.
The 9-storey Otemachi Building built by Mitsubishi Estate in 1958 celebrated its 60th birthday this April. It served as their headquarters until last year when they moved across the street to the recently completed 140 meter tall Otemachi Park Building.Read more
Tokyo apartment sale prices increase for 69th month
According to REINS, 3,317 second-hand apartments were reported to have sold across Greater Tokyo in June, up 19.1% from the previous month but down 0.5% from last year. The average sale price was 33,200,000 Yen, up 0.5% from the previous month and up 5.0% from last year. The average price per square meter was 519,000 Yen, up 1.6% from the previous month and up 4.6% from last year. This is the 66th month in a row to record a year-on-year increase in sale prices.Read more
Shinjuku 65-storey residential high rise project moving forward
A town planning decision for the Nishi Shinjuku 3 Chome West District Redevelopment is expected sometime in February or March 2019. The project includes two high-rise residential towers containing approximately 3,200 apartments, which would make it the largest twin-tower development in Japan based on total floor size and unit count.Read more
Tokyo’s No. 2 Arterial Road to link bayside islands in 2022
The Tokyo government is aiming to have the No. 2 Arterial Road completed by 2022. This road will connect the man-made islands of Kachidoki, Harumi, Shin-Toyosu and Ariake with Shimbashi and provide more convenient access for trucks to access the new fish market and logistics facilities on the islands.
The opening of the road will be two years later than originally planned due to the delayed relocation of the Tsukiji Fish Market to Shin-Toyosu island. Part of the No. 2 road will need to pass through the fish market’s old location in Tsukiji, which means buildings will need to be demolished.Read more
Vacant home rate in central Tokyo at 2% or lower
The Ministry of Land, Infrastructure, Transport and Tourism (MLIT) released their 2018 White Paper on Land for the Greater Tokyo Area on June 8. This year’s report covered the growing problem of vacant homes.
The vacant home issue in Japan refers to unused, idle homes and land in Japan and it is important not to confuse it with rental vacancy rates.
Vacant homes across Greater Tokyo have increased by 43% over the 10 years to 2013, with Ibaraki, Tochigi, Gunma and Yamanashi prefectures seeing a 62% increase, and Saitama, Chiba and Kanagawa seeing a 52% increase. Tokyo saw a 7% increase.Read more
Tokyo Apartment Sales in June 2018
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of June 2018:Read more
Daikanyama retail to be replaced with residential building
La fuente Daikanyama, a low-rise retail complex in the heard of the Daikanyama district, will soon be demolished to make way for an apartment building. The retail mall will close in July 2018.Read more