Roppongi site sells for 63.4 billion Yen
On February 16, Bridgestone reported the sale of a company housing compound in Roppongi to an unnamed buyer for a staggering ¥63.4 billion (US$422 million) profit over its original book value. A private bidding process took place last year, drawing quite a bit of interest. The land had been originally held by the Bridgestone family since 1897. The traditional residence was destroyed in WWII air raids.
Omotesando retail to sell for 5 billion Yen
This retail building in Omotesando is selling for 5 billion Yen. A-FLAG Kotto-dori is being sold by the Activia Properties REIT with delivery to take place by the end of May. The buyer is an unnamed domestic corporation.Read more
Vacant office building in Tokyo sells for 30% premium
A 13-story office building in Takanawa, Tokyo, has just been flipped for a 7 billion Yen gross gain over the span of a year.Read more
Greater Tokyo sees net inflow of 126,000 residents in 2023
Greater Tokyo, which includes Tokyo, Kanagawa, Saitama and Chiba Prefectures, recorded a net inflow of 126,515 residents in 2023, a 27% increase from 2022.Read more
Platinum Avenue office sells for 8 billion Yen
Last month, Orix JREIT signed an agreement to sell this office building alongside Platinum Avenue in Shirokane for ¥8.78 billion. The cap rate would be in the high 3% range.Read more
Apartment rents in Tokyo reach record high in 2023
Renewed population growth in Tokyo has resulted in rents in the 23 wards increasing by 8.0% to a record high of 4,152 Yen/sqm in 2023. Average rents are now 30% higher than they were in 2014.
Rising property prices are also causing a growing number of would-be buyers to turn to the rental market instead, adding extra pressure on the demand side.
All major urban centers surveyed by Tokyo Kantei saw annual rental price growth in 2023, although some have seen growth at a higher pace than others. Tokyo’s 23 wards saw the highest year-on-year increase of 8.0%, followed by Saitama City (+7.6%) and Kobe City (+7.4%). Osaka City saw a 3.9% increase after a 7.7% increase in 2022.
The data provided by Tokyo Kantei is based on the advertised rent of condominium-type apartments recorded in Tokyo Kantei’s database and is limited to family-type apartments (excluding apartments under 30 sqm in size, office and retail space).
Source: Tokyo Kantei, January 17, 2023.
Back-to-work trend sees increase in fees for rental meeting rooms
Those rental meeting rooms that you see dotted around central Tokyo are starting to increase their fees as workers return to the office. Prices have increased by as much as 10 ~ 15% over the past two years.Read more