Higher rents and lower vacancy rates expected for Tokyo’s office market

Marunouchi office buildings TokyoCentral Tokyo’s office market is experiencing a rebound as vacancy rates drop to their lowest level since 2009. According to Miki Shoji, the vacancy rate in Tokyo’s central five wards (Chiyoda, Chuo, Minato, Shinjuku and Shibuya) was 6.70% in March - the first time it had fallen below 7% in 4 years and 10 months. In April, it dropped a further 0.06 points to 6.64%.

As market conditions and business outlooks improve, demand is growing from companies looking to locate their operations in earthquake-resistant buildings in the centre of the city. Read more

by Zoe Ward

Land prices up in 79% of locations - MLIT Look Report

According to the latest data on land price movements published by the Ministry of Land, Infrastructure, Transport and Tourism (MLIT), 79.4% of the surveyed locations across Japan saw an increase in land prices in the first quarter of 2014.

119 of the 150 survey sites saw an increase in land prices, 27 sites (18%) saw no change in prices and just 4 sites (2.7%) saw a decline of between 0~3% in land prices. This is the first time in three years, however, that the number of survey locations to see an increase in land prices has declined.Read more

by Zoe Ward

Shinagawa apartment buildings designated as tsunami evacuation facilities

Shinagawa Apartments

Three apartment buildings in Shinagawa-ku, Tokyo, have been designated as tsunami evacuation facilities. The ward has already assigned three private buildings and hotels, but these recent additions are the first residential properties to receive the designation.Read more

by Zoe Ward

Vacancy rates by apartment building in Tokyo - May

The following is a list of apartment buildings in Tokyo and their estimated vacancy rates in May:Read more

by Zoe Ward

Hotel Okura Tokyo to be redeveloped

Hotel Okura Tokyo

Yesterday it was announced that the Hotel Okura Tokyo in Toranomon, Minato-ku, will be redeveloped. The new hotel is expected to be completed in time for the 2020 Summer Olympics.

The current 408-room hotel was completed in 1962 - two years before Tokyo hosted the 1964 Summer Olympics. The annex building was completed in 1973. It has been a landmark hotel and has hosted numerous foreign dignitaries and VIPs, the most recent being US President Obama who stayed in the hotel during his visit to Tokyo in April.Read more

by Zoe Ward

Secondhand apartment prices in April - Tokyo Kantei

According to Tokyo Kantei, the average asking price of a 70 sqm (753 sqft) second-hand apartment in Tokyo’s 23 wards was 41,500,000 Yen in April, up just 20,000 Yen from the previous month and up 5.4% from April 2013. Although the last three months saw month-on-month increases, the rate of growth has been shrinking and appears to have almost stopped. The average apartment age was 21.4 years, up 0.5 years from the previous month.

In central Tokyo’s six wards (Chiyoda, Chuo, Minato, Shinjuku, Bunkyo and Shibuya), the average apartment asking price was 57,250,000 Yen, up 0.1% from the previous month and up 8.8% from last year. This is the ninth month in a row to see a month-on-month increase, although the rate of growth also appears to have slowed considerably in April after seeing a 2.1% increase in February and a 0.7% increase in March. The average apartment age was 21.3 years, up 0.3 years from the previous month.Read more

by Zoe Ward

Future redevelopment in Akasaka 7 Chome

Landowners in Akasaka 7 Chome have formed an association with a view to redeveloping their neighbourhood. Although details are yet to be confirmed, its possible that a developer is already involved in the planning.Read more

by Zoe Ward