Archive For The “Tokyo” Category

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…

Norges Bank acquires 132.5 billion Yen in real estate in Omotesando/Harajuku in JV

Norges Bank acquires 132.5 billion Yen in real estate in Omotesando/Harajuku in JV

Norges Bank Real Estate Management (NBREM), part of Norway’s sovereign wealth fund, will acquire a 70% stake in a 132.5 billion Yen (approx. 1.17 billion USD) portfolio of real estate in Tokyo along with partner Tokyu Land. This is NBREM’s first investment in Asia.

41-storey apartment tower for Sengaku-ji area

41-storey apartment tower for Sengaku-ji area

A 170 meter, 41-storey high-rise tower has been proposed for the area next-door to Sengaku-ji Temple in Tokyo’s Minato ward. If approved, construction could start in 2020 with completion by 2024. The 18,000 sqm site is located directly to the east of the historic Sengaku-ji temple and fronts onto the Daiichi Keihin street. The new…

Tokyo Apartment Sales in November 2017

Tokyo Apartment Sales in November 2017

The following is a selection of apartments that were reported to have sold in central Tokyo during the month of November 2017:

Takashimaya pays 442 million USD for two office buildings in Nihonbashi

Takashimaya pays 442 million USD for two office buildings in Nihonbashi

Takeda Pharmaceutical has sold two of their buildings in downtown Tokyo to the Takashimaya Department Store for a reported price of 49.5 billion Yen (approx. 442 million USD). Delivery of the buildings is scheduled for March 2019. Both properties were owned by Takeda’s real estate division. Takeda will be putting the proceeds from the sale…

City Towers Toyosu to crack down on illegal home sharing

City Towers Toyosu to crack down on illegal home sharing

The owners association of City Towers Toyosu The Twin – a 48-storey, 1,063-unit condominium located on a man-made island in Tokyo Bay – entered into an agreement with a local provider to weed out any AirBnb-type rentals in the building. This is the first of this type of agreement for a high-rise apartment building. The…

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