JREIT trades Tokyo office for multi-family
ORIX JREIT and Osaka Gas Urban Development are trading several properties between each other this month, including some multi-family at appraised cap rates in the low-to-mid 3% range.Read more
Tsukiji Fish Market redevelopment proposal announced last week
The proposed redevelopment plan for the old Tsukiji Fish Market site in Tokyo was announced last week by the Tokyo Metropolitan Government. Mitsui Fudosan has been selected to lead a group of 11 project participants.Read more
Tokyo's median apartment price is almost 30% lower than its average
You might recall some recent headlines about surging property prices in Tokyo. And while that maybe true, the numbers reported by most of the research companies tend to be averages rather than median pricing. Some of those headlines are also referring solely to the cost of brand-new condos, not properties on the resale market. Again, another number that is not representative of the market as a whole.Read more
Shibuya office building sells for 25 billion Yen
JR East Building Co., the real estate division of East Japan Railway, acquired the Shibuya Prime Plaza office building in February. The sale price was not disclosed, but assumed by the Nikkei Real Estate Market Report to exceed 25 billion Yen (approx. US$165 million).Read more
Japan's land values reach highest level since 1991
Annual land values were announced on Tuesday and the return-to-work trend, recovery in inbound tourism, and a dispersal of attention away from Niseko and towards other cheaper ski resort destinations is apparent.Read more
REIT sells Shinagawa office at loss as vacancy rate jumps to 50%
A J-REIT has sold a large office building in Shinagawa at a 12% loss to an unnamed buyer. The sale price of 61 billion Yen (approx. US$403 million) is 12% below book value and 8.5% below an October 2023 appraisal.Read more
Chiyoda office vacancy rate reaches 39-month low
In February, the office vacancy rate in the Chiyoda business district in Tokyo reached the lowest level in 39 months. According to office brokerage Miki Shoji, the vacancy rate dropped by 0.2 points from the previous month to 2.96%. This is 1.4 points lower than 12 months ago.Read more