Market News
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2022-04-12
Tokyo office vacancy rate improves in March
Tokyo’s office vacancy rate declined by 0.04 points in March to the still high level of 6.37%. For the first time in two months, the vacancy rate was below the previous month. But average office rents were almost flat in March dropping 52 Yen to 20,366 Yen per tsubo (= 6,162 Yen or 45.30 Euro per square meter) and down 5.5 % year-on-year. These monthly surveys of vacancy rates and rents for 2,600 large office buildings in five wards in central Tokyo are conducted by the broker Miki Shoji.
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2022-04-11
Farewell to Tokyo’s famous Capsule Tower
The demolition of the Nakagin Capsule Tower in the famous Tokyo shopping district Ginza will start on April 12. The building is famous because it is built in the style of metabolism architecture. However, the concrete and steel have decayed in the 50 years since their construction in 1972. Beyond the sad feelings of architecture fans, the demolition symbolizes two strong trends in the real estate market: The building generation of the 1980s is being replaced, while their ownership also undergoes a generational transfer.