Tokyo office vacancy rate falls to 6 year low

According to MIki Shoji’s Office Report, the office vacancy rate in Tokyo’s five central business districts (Chiyoda, Chuo, Minato, Shinjuku and Shibuya) was 5.36% in January 2015, down 0.11 points from the previous month and down 1.82 points from last year.

The vacancy rate in brand new office buildings was 14.85%, up 1.45 points from the previous month and up 0.43 points from last year.Read more

by Zoe Ward

January 2015 rental data - Tokyo Kantei

January apartment rent Japan

According to Tokyo Kantei, the average monthly rent of a condominium apartment in greater Tokyo was 2,545 Yen/sqm in January, down 0.7% from the previous month and down 1.1% from last year. The average apartment size was 60.03 sqm and the average building age was 19.7 years.

In Tokyo’s 23-ku, the average monthly rent was 3,180 Yen/sqm, down 0.5% from the previous month but up 1.1% from last year. This is the 3rd month in a row to see a month-on-month decline.  The average apartment size was 56.58 sqm and the average building age was 18.0 years.Read more

by Zoe Ward

Central Tokyo apartment prices up 6.9% from last year

According to REINS, 2,440 second-hand apartments were sold across greater Tokyo in January 2015, down 2.3% from the previous month and down 9.2% from last year. This is the 10th month in a row to see a year-on-year decline.

The average apartment sale price was 27,980,000 Yen, down 1.7% from the previous month but up 4.7% from last year. The average price per square meter was 437,300 Yen, down 2.6% from the previous month but up 5.3% from last year. The average building age was 19.51 years.

1,193 second-hand apartments were sold in the Tokyo metropolitan area, down 4.6% from the previous month and down 9.3% from last year. The average sale price was 33,220,000 Yen, down 5.3% from the previous month but up 1.3% from last year. The average price per square meter was 567,600 Yen, down 4.4% from the previous month but up 4.1% from last year. The average building age was 18.89 years.

In central Tokyo’s 3 wards (Chiyoda, Chuo and Minato), the average sale price was 48,030,000 Yen, down 16.2% from the previous month and down 1.4% from last year. The average size of an apartment sold in January shrunk by 10.3% from the month before, while the average building age was 4 years older, which may help explain the fairly large drop in price from the previous month. The average sale price per square meter was 933,000 Yen, down 6.6% from the previous month but up 6.9% from last year.Read more

by Zoe Ward

Residential yields in Minato-ku - February 2015

Tokyo and Minato Yields

According to real estate listing site Homes, the average gross yield on an apartment in Minato-ku in February was 5.2%, down 0.1 points from the previous month and down 0.2 points from last year. The average gross yield across Tokyo was 6.8%, showing no change from the previous month and down 0.6 points from last year.

The average asking price of a second-hand apartment in Minato-ku was 884,371 Yen/sqm as of February 1, up 4.9% from the previous month and up 16.4% from the previous year. The average asking price for land was 1,254,242 Yen/sqm, down 0.6% from the previous month but up 17.0% from last year.Read more

by Zoe Ward

Historic home in Kunitachi open to public before demolition

Takada Residence Kunitachi 2A historic home in Kunitachi City, Western Tokyo, will be open to the public for a viewing on February 8 and 9 before it is demolished.

The Takada Residence was built in 1929 ~ 1930 by physician and author Giichirou Takada. Mr. Takada moved his family from their former residence in the Akasaka Tameikesanno area in order for his eldest son to attend school in Kunitachi. This home would have been one of the original homes built when the suburb was developed in the 1920s.

The 2-storey wooden house sits on a 600 sqm block of land. It has a concrete basement (used as archives) and the house was equipped with steam heating.

Demolition is scheduled to begin at the end of March 2015.Read more

by Zoe Ward

Tokyo apartment sales in January 2015

Tokyo apartment sales Jan 2015

The following is a selection of apartments that were sold in central Tokyo during the month of January 2015:Read more

by Zoe Ward

Apartment in Daikanyama Hillside Terrace for Sale

Daikanyama Hillside Terrace 4

Price: No longer on the market

A 2-Bedroom apartment in Daikanyama Hillside Terrace was listed for sale this week. Hillside Terrace is one of those places that is yearned for by locals, but only very few are lucky enough to call it their home.

The apartments are in very high demand with buyers waiting years or even decades for the chance to buy an apartment, but it is such a tightly-held building that it is very rare to see anything offered for sale. In fact, this is only the second apartment we have seen on the market in over five years.

This current listing is on the 3rd floor, which is the top floor of the building. It has an internal floor area of 131.05 sqm (1,410 sqft). It is occupied by the seller, but can be inspected with advance appointment.Read more

by Zoe Ward