20% of 'kyu-taishin' wooden buildings collapsed in Noto Earthquake
Almost 20% of wooden buildings built to the old earthquake codes (pre-1981) were destroyed in the 2024 Noto Earthquake that occurred on January 1, according to an interim report published by the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) on November 1.Read more
Demolition to start on Shibuya 2 Chome multi-block project site
The Shibuya 2 Chome West District Redevelopment project will kick off in a few months. This project includes National Strategic Housing, giving it a boost to its floor-area ratio. The overall project, covering blocks A, B, and C, covers a total site of 18,800 m2, and includes a small retail space, along with residential and office towers with a GFA of 322,200 m2.Read more
Construction starts on senior-residence rental in Meguro
Last month, Nomura Real Estate Development and Nomura Real Estate Wellness started construction on a senior-housing rental apartment building in Tokyo’s Meguro ward. The 75-unit, 5-story building is due for completion in 2027.Read more
140m tall office tower planned for Kayabacho Station
Heiwa Real Estate, Mitsubishi Estate, and Chuo-Nittochi Group have announced plans for a 140-meter tall, 27-story office tower between Kayabacho and Nihonbashi Stations in Tokyo. The project site covers 6,000 m2 and includes Hie Jinja Shrine.Read more
Hakuba’s hotel shortage may hinder tourism potential
The rise in inbound tourism is outpacing Hakuba’s supply of hotels, leading to a shortage of beds this ski season. Hotels opened up their winter reservations a month earlier this year and were quickly inundated with bookings from international guests. Many of the village’s hotels are now fully booked for this upcoming season.Read more
REIT disposes of office buildings in Osaka and Tokyo
KDX Realty Investment Corporation sold two office buildings in Osaka and Tokyo this month, one of which sold for 14% less than its book value. The buyers were domestic corporations.Read more
Development Bank sets up minpaku fund
Some countries and international cities may be banning Airbnb-style accommodation in an attempt to alleviate a housing crisis, but not Japan. With inbound tourism expanding, the government-owned Development Bank of Japan has established a real estate fund to invest in ‘minpaku’ or Airbnb-style short-term accommodation in Japan. This is the first domestic bank to establish this initiative.Read more