Tokyo’s office vacancy rate flattens in April
Tokyo’s office vacancy rate increased only slightly by 0.01 points to 6.38% in April as large-scale leases continued to be filled in existing buildings in the city center. Some tenants were relocating to be better located in Tokyo’s business districts. Vacant office space, too, saw little change from the previous month.
Government to collate real estate info on one website
The Japanese government is working on creating an online resource that will provide information on land values (government assessed values, not market values), town planning, and risk maps all in one place.
Japan’s high-rise apartment market from 2022 onwards
The latest report from the Real Estate Economic Institute has estimated that a total of 112,000 apartments in high-rise towers are currently in the pipeline to be built across Japan from 2022 onwards. This is an increase of 17,000 units from last year’s report.
Tokyo Apartment Sales in April 2022
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of April 2022:
Mita Garden Hills selected as name of new luxury project in central Tokyo
Mita Garden Hills is now the official name of the large-scale luxury condominium project being developed by Mitsui Fudosan Residential and Mitsubishi Estate Residence in Minato's Mita neighborhood. This is the second ‘Garden Hills’ since Hiroo Garden Hills was developed in the 1980s.
New apartment price in Tokyo hits 31-year high
The average price of a brand-new apartment across greater Tokyo has now exceeded a bubble-era high.
Why Tokyo’s real estate prices did not crash post-Olympics
Over the past few years, more than a few people told us that property prices in Tokyo were artificially inflated by the coming Olympics and that they were going to wait until the games were over to ‘pick up a bargain’. Since the announcement of the Olympics, there were frequent opinion pieces that predicted property prices would crash immediately after the Olympics.