Office vacancy rate stays flat in Tokyo
The office vacancy rate in central Tokyo remained unchanged at 6.49% in September, according to office brokerage Miki Shoji. Office rents, however, continued to decline with the average rent dropping 94 Yen from August to 20,156 Yen per tsubo (approx. 6,098 Yen/sqm).
Central Tokyo apartment transactions up 11.9%
According to REINS, the average sale price per square meter for a second-hand apartment sold across greater Tokyo in September reached 691,000 Yen, a 11.2% increase from last year and the 29th month in a row to see a year-on-year increase.
Tokyo Apartment Sales in September 2022
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of September 2022:
Akasaka Excel Hotel Tokyu to close
Akasaka Excel Hotel Tokyu will close its doors permanently in late August 2023 as its lease comes to an end.
Imperial Theatre to be demolished
The Teigeki, or Imperial Theatre, in Marunouchi will temporarily close in 2025 as the building undergoes redevelopment.
Tokyo apartment asking prices increase for 26th month
Apartment prices continue to rise in Tokyo’s 23 wards, with Tokyo Kantei reporting that the average asking price of a 70 sqm (753 sq.ft) second-hand apartment reached 68,840,000 Yen in August. This is a 0.6% increase from the previous month and a 7.1% increase from last year. It’s also the 26th month to see an increase. This may be partly due to the upcoming Autumn sales season - typically the second busiest time of the year for home sales.
New apartment listings drop 40% in August
The number of brand-new apartments released for sale across greater Tokyo in August dropped 40.1% from last year to just 1,162 units. This time last year saw several large-scale projects hit the market as the capital was emerging from a state of emergency.