Avex sells HQ building for 70 billion Yen
According to the Nikkei Shimbun, music and entertainment production company Avex is selling their headquarter building in Omotesando for an estimated 70 billion Yen (approx. US$675 million).
Quick real estate news summary for the week
New apartment supply to increase 31% next year, US$7 billion bet that Japan’s telework trend is short-lived, Nuveen and Kenedix acquire more apartment buildings in Tokyo, and 6% of Osaka's restaurants shut amidst pandemic. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
97-yr old building to be relocated
Don’t despair. The historic Toranomon Osaka-ya Sunaba Restaurant isn’t being demolished, it’s being shifted to make way for a road-widening project.
Harajuku’s Togo Shrine to redevelop vintage function hall
Togo Shrine will be redeveloping their 43-year old wedding and event building within the Shrine grounds next year.
Quick real estate news summary for the week
Tokyo’s office vacancy rate hits 4%, cash bonus for anyone who moves near the Fukushima nuclear plant, and apartment rents drop in Tokyo and Yokohama. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
1930s building in Shimbashi to be converted into share offices
An 88-year old heritage-listed building in Shimbashi is being converted by construction giant Takenaka Corporation into a share office for start-ups.
Tokyo apartment discounts in November
The median discount on an existing apartment sold in Tokyo’s 23 wards was just 1.04% in November. This is a 0.7 point drop from November 2019. 43% of transactions sold at their full asking price, up from a 31% share in 2019.