New construction pre-sales slowing
Over the past three years, the number of buildings selling out before completion has dropped to just 50%. For some developers, this can spell disaster, but a surprising number have the patience to wait and take a slower approach to sales.
Tokyo office vacancy rate hits new low in November
The average vacancy rate for prime office space in Tokyo’s central five business districts hit a new low in November, dropping 0.07 points from the previous month to 1.56%. This is the lowest vacancy rate seen since December 1990 when the average rate was just 0.39%. Meanwhile, average rents have increased for the past 71 consecutive months.
Onomichi Castle to be demolished
Onomichi Castle, a replica of a traditional Japanese castle tower, will be demolished after sitting vacant for almost three decades.
Japan’s first winery to be leased for ¥4.62 million a month
Ushiku City in Ibaraki has agreed to lease a historic winery for 4,620,000 Yen (approx. 42,000 USD) per month. Ushiku Chateau (formerly Chateau Kamiya) was opened in 1903 by Denbe Kamiya (1856-1922) and was Japan’s first winery. In more recent years the winery was receiving as many as 400,000 visitors a year when it was open to the public. It closed last year, prompting locals to lobby the city to find a public use for the property.
Okinawa real estate market outlook turns dim
The outlook for Okinawa’s real estate market has shifted negative.
Tokyo Apartment Sales in November 2019
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of November 2019:
Hiramatsu to open Kyoto hotel in 2020
Hiramatsu, a fine-dining and wedding function company, will be opening a boutique luxury hotel in Kyoto in March 2020.