Tokyo office vacancy rate climbs for 20th month
According to brokerage Miki Shoji, the average vacancy rate for office space across Tokyo’s five business districts of Chiyoda, Chuo, Minato, Shinjuku and Shibuya reached 6.47% in October, up 0.04 points from the previous month and up 2.54 points from last year. This is the 20th month in a row to see an increase.
Tokyo apartment prices increase for 18th month
Apartment prices across Tokyo continued to climb last month with REINS reporting a 7.9% year-on-year increase in the average price per square meter of a second-hand apartment sold across the greater Tokyo area. This is the 18th month in a row to see a year-on-year increase.
Modernist National Theatre to be demolished
The Japan Arts Council is moving forward on plans to demolish the National Theatre of Japan building in Chiyoda and replace it with a new theatre with a hotel on the upper floors.
Historic home matching service for Karuizawa
In an effort to save the historic holiday villas of Karuizawa, a matching-service has been set up by the Karuizawa Cultural Heritage Preservation Association.
Larger apartments take up larger share of supply in Tokyo
Good news for buyers hoping to find a decently-sized apartment in Tokyo - the share of brand-new three-bedroom apartments over 100 sqm supplied to the market in Tokyo’s 23 wards so far in 2021 has reached 5.7%, up from a 5.1% share in 2020. This is still below the record high of 8.4% seen in 2007.
Tokyo Apartment Sales in October 2021
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of October 2021:
Price growth higher for larger apartments
Last month, Tokyo Kantei published a report that looked into the connection between apartment sizes and prices, and to see if there have been any identifiable shifts since the start of the pandemic.