Commercial real estate volume reaches 2.3 trillion in first half of 2023
The total volume of real estate acquisitions made during the first half of 2023 reached 2.3 trillion Yen (approx. US$15.5 billion), according to the Japan Real Estate Institute, up 9.5% from the second half of 2022.Read more
Developer acquires Gaetano Pesce-designed building in Osaka
A landmark office building in Osaka has been sold to Kintetsu Real Estate in June. Organic Building was designed by Gaetano Pesce and built in 1993. The facade is comprised of various red planter panels, with the 80 varieties of plants kept alive with a computer-controlled watering system. Read more
Imperial Hotel sells 35% of land for 62 billion Yen
On September 26, Imperial Hotel announced plans to sell a 35% share of the land under its tower building in its Tokyo property to Mitsui Fudosan for 62 billion Yen (approx. US$416 million). This purchase price works out to around 15 million Yen per square meter (US$9,300/sq.ft), which is approximately 93,600 times its book value.Read more
Japan's Standard Land Prices increase by 1.0% in 2023
Japan’s Standard Land Prices were announced on September 19, and as the pandemic winds down and dwellers and tourists return to central hubs, the major urban centers saw the steepest increase.
Nationwide, land prices across all uses increased by 1.0%, following a 0.3% increase in 2022. Regional areas saw the first increase across all uses for the first time in 31 years; however, this may have been driven by growth in cities such as Sapporo, Sendai, Hiroshima, and Fukuoka. Residential land outside of those cities continued to decline, while commercial land increased for the first time in 32 years.Read more
Tokyo apartment rents up 11.9% y-o-y
After remaining relatively subdued throughout the pandemic, apartment rents in Tokyo’s 23 wards are on the rise, increasing by 8% since the start of the year.
The average monthly rent of a condominium apartment in the 23 wards was 4,266 Yen/sqm as of August, up 2.3% from the previous month and up 11.9% from last year. This has exceeded the previous record high set in July. Read more
Luxury hotel in Sapporo now a casualty of rising construction costs
Plans for a luxury hotel to crown the top of a high-rise project in front of Sapporo Station in Hokkaido have been scrapped due to rapidly rising construction costs. The upper floors will, instead, be office space to cater to the high demand from office tenants in central Sapporo.Read more
New high-rise development announced for west side of Shinagawa Station
On August 29, Keikyu Corporation and East Japan Railway Company released details on the Shinagawa Station District Redevelopment Project that will see three buildings on a 3.3 hectare site on the western side of the station.Read more