
On May 11, the Toyo Keizai Online publication reported that China’s sovereign wealth fund is considering the sale of the landmark Meguro Gajoen hotel and office property in Tokyo.
1,392 total views, 14 views today
On May 11, the Toyo Keizai Online publication reported that China’s sovereign wealth fund is considering the sale of the landmark Meguro Gajoen hotel and office property in Tokyo.
1,392 total views, 14 views today
Several relocations to larger office spaces and some building closures due to redevelopment saw central Tokyo’s office vacancy rate improve by 0.04 points in March to 6.37%.
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The release of large-scale offices for rent and some relocations to recently-completed buildings saw an additional 42,965 sqm of floor space up for rent in February, according to brokerage Miki Shoji.
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2021 saw much of the country in a state or semi-state of emergency for most of the year. Nevertheless, the Nikkei stock index ended the year at the highest level seen since 1989. The real estate market also steamed ahead as buyers appeared to be unfazed by the pandemic. For most sectors of the real estate market, conditions remained somewhat similar to 2020. Residential prices continued to rise as inventory dwindled. Rental prices diverged as larger apartments saw rents rise while smaller studios saw rents fall.
Please feel free to view or download the PDF of our annual Japan Property Market Report, linked below.
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In November, the office vacancy rate in Tokyo improved for the first time in 21 months as concerns over the pandemic’s effects on the workplace seem to have weakened.
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Although Tokyo’s office vacancy rate has been climbing for the past 20 months, institutional investors are not shying away from the nation’s capital. With vacancy rates on the rise and rents falling, real estate prices should typically decrease. However, in a low interest rate environment investors are content with lower yields and are paying more to secure prime real estate.
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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.
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Staffing and outsourcing giant Pasona Group will be leasing the entire Avex Building in Omotesando.
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This year could see a record number of listed companies sell off real estate holdings, according to data collected by Tokyo Shoko Research.
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The average office vacancy rate across Tokyo’s five business districts of Chiyoda, Chuo, Minato, Shinjuku, and Shibuya reached 6.43% in September, up 0.12 points from the previous month and the highest level seen since June 2014 when it was 6.45%.
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