Office vacancy rate stays flat in Tokyo
The office vacancy rate in central Tokyo remained unchanged at 6.49% in September, according to office brokerage Miki Shoji. Office rents, however, continued to decline with the average rent dropping 94 Yen from August to 20,156 Yen per tsubo (approx. 6,098 Yen/sqm).
Patina hotel to open in Osaka in 2025
Capella Hotel Group is planning to open a Patina Hotels & Resorts-branded property in Osaka by 2025. This will be the second hotel under this luxury brand to open worldwide, following the Patina Maldives in 2021.
Central Tokyo apartment transactions up 11.9%
According to REINS, the average sale price per square meter for a second-hand apartment sold across greater Tokyo in September reached 691,000 Yen, a 11.2% increase from last year and the 29th month in a row to see a year-on-year increase.
More details on Kyoto’s new building height rules
The city of Kyoto is planning to relax building height limits on the southern side of Kyoto Station in an effort to attract more office and residential development.
Tokyo Apartment Sales in September 2022
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of September 2022:
Akasaka Excel Hotel Tokyu to close
Akasaka Excel Hotel Tokyu will close its doors permanently in late August 2023 as its lease comes to an end.
Togo Murano-designed hotel in Kyoto to close its doors
Hotel Rubino Kyoto Horikawa will permanently close next March as the prolonged pandemic takes its toll. The hotel was designed by iconic modernist architect Togo Murano and opened in 1972.