Tokyo's compact office market sees some record high rents
How are office rents doing for the compact sector of the office market? According to the latest biannual report by AtHome, the market seems fine. Overall, rents in Tokyo were relatively flat in the first half of 2023 but several areas saw rents hit 10-year highs. Read more
Omotesando retail sells for over 5 billion Yen
A 3-story retail building alongside Kotto-dori Street in Omotesando has reportedly sold for 5.383 billion Yen (approx. US$37 million). The seller was the Japan Metropolitan Fund Investment Corporation, a J-REIT. The buyer was not disclosed but is a domestic corporation.Read more
Rapidly rising condo prices causing rental renaissance in Japan
An interesting shift is underway in the rental market as investors and developers see the potential in roomier apartments. This has been spurred on by the rising price of condominiums. Would-be home buyers priced out of the market are renting instead, leading to a new influx of tenants.Read more
Demolition starts on 56-yr old building in Akasaka
Demolition of the 56-year old Sankaido Building near the US Embassy will start this month. The building is making way for a new redevelopment project by Norin Suisan Shoreikai and construction giant Kajima Corporation.Read more
MUJI to sell Ikebukuro head office
On July 26, the operator of home goods retailer MUJI announced the planned sale of its head office building in Ikebukuro. The company, Ryohin Keikaku, did not comment on the scale of the profit from the sale.Read more
Larger apartments seeing greater rent increases than smaller studios
Changes in rental prices in greater Tokyo are not uniform, with larger apartments now outperforming smaller, single-occupant housing. This is happening for a few reasons.Read more
51-yr old building in Tsukiji transacts for high price
A developer has paid an assumed 17.5 billion Yen (US$125 million) for a 51-year old office building in Tsukiji. The new owner plans to demolish the Shin Hanwa Building and redevelop the site.Read more