Otemachi business area to see first apartments in 2017

Ascott The Residence Otemachi 2

Japan’s top business district is about to get its very first apartment development. Mitsubishi Jisho announced on April 14 that luxury serviced apartment operator, The Ascott Limited, will occupy part of a new high-rise development in Otemachi 1 Chome.

While the Singaporean company already operates Citidines and Somerset serviced apartments throughout Tokyo, this will be their first ‘Ascott The Residence’ branded property in Japan. The residence will cater to domestic and foreign business people looking for long-stay accommodation. The apartments should begin taking guests from early 2017. Read more

by Zoe Ward

Supply of new apartments in Tokyo shrinking

According to the Real Estate Economic Institute, 4,641 new apartments were released for sale across greater Tokyo in March, up 75.1% from February but down 9.7% from March 2013. This is the second month in a row where the apartment supply has fallen below the level from last year.

Since Spring in 2013, demand for new apartments has exceeded developer expectations and supply is starting to run short. The current stock of 3,828 apartments at the end of March is about half of the normal level for greater Tokyo.Read more

by Zoe Ward

Akasaka Twin Tower demolition to begin next month

Akasaka Twin Tower 1After several years of delays, Mori Trust will finally begin their redevelopment of the Akasaka Twin Tower buildings near Tameikesanno Station in Tokyo.

Taisei Corporation will begin demolition work of the 31-year old buildings in mid-May.

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by Zoe Ward

Secondhand apartment sales in March - REINS

According to REINS, 3,994 secondhand apartments were sold across greater Tokyo in March, up 20.6% from the previous month and up 4.3% from March 2013. The average sale price was 26,650,000 Yen, down 1.0% from February but up 2.7% from last year.

The average price per square meter was 416,600 Yen, down 200 Yen from February but up 4.9% from last year. The average apartment age was 19.40 years and the average apartment size was 63.96 sqm (688 sqft).

The Tokyo Metropolitan area saw 1,983 apartments sold, up 20.9% from February and up 6.1% from last year. Read more

by Zoe Ward

Office vacancy rates in March - Miki Shoji

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 6.70% in March, down 0.31 points from the previous month and down 1.86 points from March 2013. This is the first time since May 2009 that vacancy rates have dropped to the 6% range.

The vacancy rate in brand new buildings was 20.26%, up 0.61 points from the previous month but down 2.98 points from last year. Read more

by Zoe Ward

Residential yields and vacancy rates in Minato-ku - April 2014

According to real estate listing site Homes, the average gross yield on an apartment in Minato-ku in April was 5.4%, down 0.1 points from March. The average gross yield across Tokyo was 7.2%, down 0.1 points.

The vacancy rate remains unchanged at 9.9% across Minato-ku and 11.0% across Tokyo.

The average asking price of a secondhand apartment in Minato-ku was 781,143 Yen/sqm as of April 1, up 0.1% from the previous month. The average asking price for land was 1,113,333 Yen/sqm, up 4.6%.Read more

by Zoe Ward

Sekisui House to acquire Akasaka building for 74 billion Yen

Kokusai Akasaka Building According to Reuters, Sekisui House plans to acquire the Kokusai Akasaka Building for 74 billion Yen (724 million USD). The office building is located alongside Sotobori Dori Avenue and is meters from Tameikesanno Station. It is also just across the street from Sanno Park Tower.Read more

by Zoe Ward