Tokyo's office vacancy rate hits 12-month low
Tokyo’s office vacancy rate saw a slight improvement in February, dropping by 0.11 percentage points to 6.15%, according to office brokerage Miki Shoji.
Tokyo apartment prices increase for 34th month
Apartment prices in Tokyo climbed for the 34th month in a row last month, reaching 908,300 Yen/sqm in the 23 wards. This is a 9.3% increase from last year. A total of 1,691 second-hand apartments were reported to have sold, up 4.5% from last year.
Why Japan's developers and investors have their sights set on mid-size office buildings
In a recent interview in the Mainichi Shimbun’s Weekly Economist, the president of Ichigo Investment Advisors said that they found mid-sized office buildings to be advantageous during the slowdown in the office market.
Tokyo sees highest increase in luxury residential pricing in Asia in 2022
According to the Knight Frank Prime International Residential Index for 2022, Tokyo saw the highest rate of growth in Asia with a 22.8% annual increase. It was also ranked 4th globally, behind Dubai (+44.2%), Aspen (+27.6%), and Riyadh (+25.0%).
2022 sees even fewer large apartments on the market
Wondering why it’s so tough to find a large-ish apartment in Tokyo? They’re not being built. At least not in any discernible quantity.
Tokyo Apartment Sales in February 2023
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of February 2023:
Tokyu Plaza Ginza sold
On March 3, Tokyu Fudosan Holdings Corporation announced the sale of Tokyu Plaza Ginza. The sale price was not disclosed, although it had a book value of 118.5 billion Yen (US$872 million) as of March 2022. Tokyu is expecting an impairment loss of 21.1 billion Yen for the fiscal year ending March 2023.