Office vacancy rate in Tokyo hits 33-month low

The office vacancy rate for existing buildings in central Tokyo’s five business districts reached a 33-month low in October. According to office brokerage Miki Shoji, the vacancy rate was 5.36%, down 0.71 points from last year and the 16th month in a row to record a year-on-year decrease.  During the month, around 4,000 tsubo (13,220 sqm or 142,000 sq.ft) of space was absorbed thanks to some large-scale leases.Read more

Omotesando low-rise rumored to sell for 25 billion Yen

Last week the Nikkei Real Estate Market Report announced that the rumored sale price of the Forest Hills retail and office building in Omotesando was 25 billion Yen (approx. US$165 million).Read more

A quick look at Harumi’s office market

Let’s take a look at Harumi’s office market as there are some noticeable vacancies this year.Read more

Tokyo apartment rents up 11.9% y-o-y

After remaining relatively subdued throughout the pandemic, apartment rents in Tokyo’s 23 wards are on the rise, increasing by 8% since the start of the year.

The average monthly rent of a condominium apartment in the 23 wards was 4,266 Yen/sqm as of August, up 2.3% from the previous month and up 11.9% from last year. This has exceeded the previous record high set in July. Read more

Larger apartments seeing greater rent increases than smaller studios

Changes in rental prices in greater Tokyo are not uniform, with larger apartments now outperforming smaller, single-occupant housing. This is happening for a few reasons.Read more

51-yr old building in Tsukiji transacts for high price

A developer has paid an assumed 17.5 billion Yen (US$125 million) for a 51-year old office building in Tsukiji. The new owner plans to demolish the Shin Hanwa Building and redevelop the site.Read more

Same-day sell out in Harumi Flag high-rises

Apartments in the two high-rise towers in Harumi Flag went on sale earlier this month. A total of 8,790 purchase applications were made on the 573 apartments released for sale, with an average of 15.3 applications per apartment. Lucky buyers were selected via a raffle system.Read more

Rosenka land values increase for 2nd year in a row

Land values continue their ascent as the country emerges from the pandemic. The nationwide ‘rosenka’ land tax values, announced by the National Tax Agency on July 3, saw an average increase of 1.5% from last year. This is the second year in a row to see an increase, and a higher rate of increase from the 0.5% growth seen last year.Read more

Tokyo new apartment prices remain above 100 million Yen for 3rd month

For the third month in a row the average sale price of a brand-new apartment in Tokyo’s 23 wards has exceeded 100 million Yen. In May, the average price was 114,750,000 Yen (approx. US$808,000), up 47.9% from last year.Read more

Tokyo remains one of the cheapest international cities for luxury housing

Luxury housing in central Tokyo remains amongst the cheapest in the top global cities. A luxury condominium in Tokyo’s high-end Motoazabu neighborhood is about 59% cheaper than its Hong Kong equivalent and 45% cheaper than one in London, according to the Japan Real Estate Institute.Read more