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Kyoto to see 12,000 new hotel rooms by 2020

Kyoto to see 12,000 new hotel rooms by 2020

A survey by the Kyoto Shimbun has estimated that there will be approximately 12,000 new hotel rooms supplied in the city by 2020, a 40% increase from 2015. This is 20% more than the 10,000 rooms required to eliminate the current room shortage. The city had a total of 33,887 rooms as at the end…

Apartment asking prices in Tokyo in November 2017

Apartment asking prices in Tokyo in November 2017

According to Tokyo Kantei the average asking price of a 70 sqm (753 sq ft) apartment across greater Tokyo was 36,210,000 Yen in November, up 1.1% from the previous month and up 2.1% from last year. The average building age was 23.1 years. In Tokyo’s 23 wards the average asking price was 53,320,000 Yen, up…

Akasaka Twin Tower Redevelopment to be completed by 2024

Akasaka Twin Tower Redevelopment to be completed by 2024

Mori Trust released additional details on their Akasaka 2 Chome Project earlier this month. The mixed-use office and hotel building will be approximately 210 meters tall with 43 floors and a total floor area of 220,000 sqm (2.3 million sq ft). This is twice the height of the neighboring House of Representatives Members Housing and…

Average rent in Tokyo drops for 5th month in a row

Average rent in Tokyo drops for 5th month in a row

According to Tokyo Kantei, the average monthly rent of a condominium in Tokyo’s 23 wards was 3,334 Yen/sqm in November 2017, up 0.8% from the previous month but down 0.5% from last year. Average rents have been down year-on-year since July, although they have been showing an increasing trend for apartments in buildings less than…

Tokyo facing office space shortage in prime buildings

Tokyo facing office space shortage in prime buildings

Office vacancy rates in central Tokyo’s business districts continue to shrink with Jones Lang Lasalle reporting almost no vacancies in the main office buildings in the Marunouchi district. After reaching a high of 9.43% in mid-2012, vacancy rates in Tokyo’s central five business districts were down to 3.03% last month – a level last seen…

Construction starts on Aoyama Bell Commons redevelopment

Construction starts on Aoyama Bell Commons redevelopment

Construction has started on a 20-storey commercial building on the site of the former Aoyama Bell Commons building in the Omotesando / Gaienmae area in Tokyo. Completion is due by April 2020. The 90m tall Kita Aoyama 2 Chome Project will include retail on the first two floors, a hotel on floors 3, 4 and…

New apartment prices in Tokyo increase for 8th month

New apartment prices in Tokyo increase for 8th month

According to the Real Estate Economic Institute, 3,366 brand new apartments were released for sale across greater Tokyo in November, up 19.5% from the previous month and up 24.6% from last year. The average sale price was 55,510,000 Yen, down 0.6% from the previous month but up 7.6% from last year. The average price per…

Tokyo apartment sale prices increase for 62nd month

Tokyo apartment sale prices increase for 62nd month

According to REINS, 2,904 second-hand apartments were sold across greater Tokyo in November, down 6.4% from the previous month and down 2.7% from last year. The average sale price was 32,020,000 Yen, down 0.2% from the previous month but up 1.6% from last year. The average price per square meter was 502,000 Yen, up 0.1%…

Tokyo’s Ota Ward first in Japan to ban overnight accommodation in exclusive residential zones

Tokyo’s Ota Ward is the first district in Japan to ban all minpaku-style overnight or short-term accommodation in exclusively residential zones. On December 8, local councillors voted in favor of the ban with the rules to go into effect from June 15, 2018. Ota was one of the first areas in Japan to actively promote…

Office tower to replace residential project in Roppongi Itchome

Office tower to replace residential project in Roppongi Itchome

Sumitomo has started construction on a 7-storey, 46 meter tall office building located directly east of Sumitomo’s 216m tall Izumi Garden and across the street from the 27-storey Park Court Roppongi Hilltop apartment building. The office tower will have a total floor area of 7,910 sqm (85,000 sq ft) and is expected to be completed…

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