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
Slim pickings for large apartments in Tokyo
Small housing options continue to dominate Tokyo's rental supply, while larger ones remain a rare find. In the 23 wards, 93% of rental apartment listings are under 60 m2 (645 sq.ft) in size and just 0.7% are over 100 m2 (1,076 sq.ft) in size. Read more
Omotesando office building sells at 3% cap rate
A recently-built office building in Omotesando has been acquired by a J-REIT at an assumed cap rate of 3.0%. Japan Real Estate Investment Corporation (JRE) acquired a 77% ownership interest in the 13-story ‘3rd Minami Aoyama’ building from its sponsor Mitsubishi Estate for 21 billion Yen (approx. US$143 million) on March 8.Read more