Multi-block redevelopment for eastern side of Shibuya Station
On March 24, Tokyo Tatemono announced that a city planning decision had been made for the Shibuya 2 Chome Project. Nicknamed the Shibuya Regeneration Project, it spans three large blocks just east of Shibuya Station, with a total lot size of 2.9 hectares.
Nationwide land values increase for first time in 2 years
On March 22, the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) announced the official assessed land values (koji-chika) for 2022. Nationwide, the average land value across all land uses increased by 0.6%, recording the first increase in two years.
Tokyo office rents drop for 19th month
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.
Tokyo apartment rents hit new high in February
In February, the average rent of an apartment in Tokyo's 23 wards was up 1.1% from last year, according to Tokyo Kantei.
Modernist building by Togo Murano to be demolished
Demolition of a 55-year old office building designed by modernist architect Togo Murano will start in June. The demolition process is expected to take 12 months, with a new building to be completed by 2025.
Tokyo apartment prices increase for 22nd month
Second-hand apartment prices across greater Tokyo have continued to climb. In February, the average sale price was 625,100 Yen/sqm, up 8.4% from last year and the 22nd month in a row to see a year-on-year increase. The average apartment size shrank by 1.7% to 64.36 sqm (693 sq.ft) while the average building age grew by 1.33 years to 23.27 years. In other words, apartments were getting smaller, older, and more expensive.
Did buyers prefer newer or older homes in 2021?
Over the past decade, the average age of a second-hand apartment sold across greater Tokyo has been growing. In 2011, the average building age was 18.27 years. In 2021, it was 22.67 years.