Tokyo Governor's Residence fails to sell

The unused official residence of the Govenor of Tokyo again failed to attract any bids during its second time on the market.

The 2-storey residence was built at a cost of 1.2 billion Yen in 1997 but was only occupied for a little over a year. It was first listed for sale in 2008 with a minimum price of 4.8 billion Yen, but did not attract any offers. It was listed again in 2013 seeking offers over 3.3 billion Yen.Read more

by Zoe Ward

Office vacancy rates in November - Miki Shoji

According to Miki Shoji's office report, the office vacancy rate in Tokyo's 5 central business districts (Chyoda, Chuo, Minato, Shinjuku and Shibuya) was 7.52% in November, down 0.04 points from the previous month and down 1.24 points from last year. This is the fifth month in a row where vacancy rates have fallen.

The vacancy rate in brand new buildings was 16.71%, down 0.33 points from the previous month and down 14.15 points from last year.Read more

by Zoe Ward

Shibuya Station area redevelopment to include residential component

Shibuya Station Sakuragaoka Entrance Redevelopment 3

Details of the Shibuya Station Sakuragaoka Entrance Redevelopment were recently made announced. As part of the major redevelopment of the Shibuya Station redevelopment, the Sakuragaoka Entrance Redevelopment located to the south-west side of the station will include two office buildings and a 32-storey mixed-use residential/commercial building. Read more

by Zoe Ward

British Govt to return 20% of Tokyo Embassy land to Japan

British Embassy Tokyo 2The British Embassy in Tokyo is going to become a little smaller next year as the British government has decided to return a portion of the land. 

The embassy is sprawled across a 35,000 sqm (376,600 sqft) estate just west of the Imperial Castle in Chiyoda-ku. The land has been leased by the British government since 1872. The US and Spain are the only other countries that lease their embassy land in Tokyo from the Japanese government.

Read more

by Zoe Ward

November rental data - Tokyo Kantei

According to Tokyo Kantei, the average monthly rent of a condominium apartment in greater Tokyo was 2,552 Yen/sqm, in November, up 0.8% from the previous month and up 3.4% from last year. The average apartment size was 58.87 sqm (633 sqft) and the average building age was 19.0 years.

In Tokyo's 23-ku, the average monthly rent was 3,111 Yen/sqm, up 1.0% from the previous month and up 4.2% from last year. This is the highest it has been since February 2011. The average apartment size was 55.70 sqm (599 sqft) and the average building age was 17.6 years.Read more

by Zoe Ward

New apartment supply in greater Tokyo up 22.3% in November

According to the Real Estate Economic Institute, a total of 5,006 apartments were released for sale in greater Tokyo in November, up 42.8% from the previous month and up 22.3% from last year.

Of those, 3,984 apartments were sold, making the contract rate 79.6%.

The average new apartment price across greater Tokyo was 49,670,000 Yen, up 1.2% from the previous month but down 0.7% from last year. The average price per square meter was 694,000 Yen, down 2.4% from the previous month and down 3.7% from last year.Read more

by Zoe Ward

The latest revision to earthquake-retrofitting laws and what it means for old apartments

What the latest revision aims to avoid - A collapsed building blocks the road after the 1995 Hanshin Earthquake in Kobe.

The revision to the law to promote earthquake-resistant repairs to buildings went into effect on November 25. This revision obligates the owners of large-scale buildings such as hotels and other institutions to undertake earthquake-resistant building inspections, of which the results will be made public. It also applies to buildings alongside designated major roads. In the event of a major earthquake, there is a risk that older, unsafe buildings could topple onto roads and block access for emergency service vehicles.

So what does this mean for apartments in ageing buildings?Read more

by Zoe Ward