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.
2020 Office supply in Tokyo reaches 2nd highest level in history
According to a report published by Mori Building on May 25, a total of 1.87 million square meters (approx. 20 million sq.ft) of new office space is expected to be supplied in Tokyo’s 23 wards in 2020. This is the second-highest level seen since the company began collecting data in 1987. Despite the large supply, most of the new office space is already leased.
New apartment sales in Tokyo reach 47-year low
According to the Real Estate Economic Institute, the number of new apartments released for sale across greater Tokyo in April reached the lowest level seen since the Institute began collecting data in 1973. As developers shuttered salesrooms following the declaration of the state of emergency in mid-April, new home sales have stalled. Just 686 apartments were released for sale, down 68.0% from the previous month and down 51.7% from last year. A new record low is expected in May with the Institute forecasting a supply of 500 apartments.