Rent subsidy for retail landlords
A severe downturn in the retail, food, and beverage industry has led many struggling tenants to reach out to their landlords to request rent discounts. Although there are no government directives protecting tenants at this time, landlords are being encouraged to cooperate with tenant requests where possible. But, not all landlords are in a position to do so, with rental income often going towards loan repayments and property holding costs. Recently, some local cities have started offering financial support to those landlords.
Tokyo apartment transactions drop 38% in May
The number of second-hand apartments reported to have sold across greater Tokyo in May dropped 38.5% from last year to 1,692 units. With the state of emergency continuing into May, the temporary closure of real estate brokerages and general restraint from consumers saw a slowdown in activity. The drop is less severe than it was in April, which recorded a 52.6% year-on-year drop in transactions.
Quick real estate news summary for the week
Mass layoffs at a major landlord, hotel deals off the table, the biggest drop in business outlook, but good news for warehouse owners. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Tokyo apartment discounts in May
The real estate market continued to stall in May as businesses remained shut and people stayed home. Transactions in Tokyo are still down considerably from last year although there has been some improvement from April, and activity is already starting to resume in early June. Discounts still remain limited in many cases as sellers hold firm.
Quick real estate news summary for the week
There are numerous news reports and opinion pieces published every day discussing the impact that the pandemic is having on Japan’s real estate market. We thought we would share some summaries below to give an idea of what's been happening recently.
Tokyo Apartment Sales in May
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of May 2020:
180-meter tall office tower planned for Omotesando
The Urban Renaissance Agency, a semi-governmental housing corporation, is planning a 180-meter tall office tower for the northern end of the former Aoyama Kitamachi Apaato public housing block in Omotesando.