tag:blogger.com,1999:blog-152747072012-01-20T19:29:27.030+09:00A unique compilation of news, opinions, and analysis on real estate investment trends in Japan, brought to you daily by an industry insider in Tokyo.Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.comBlogger1331100tag:blogger.com,1999:blog-15274707.post-1137137595254307602006-01-13T16:27:00.001+09:002008-02-27T19:37:46.293+09:00

The Japan Real Estate Blog is now on hiatus. We regret any inconvenience, and hope to resume blogging at a later date. Thank you for your understanding.Japan Real Estate BlogTags : japan, real estate, property, investment, 不動産

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com13tag:blogger.com,1999:blog-15274707.post-1133430124723527662005-12-01T18:42:00.000+09:002005-12-01T18:45:18.736+09:00

Is investing in a mutual fund or hedge fund similar to gambling?In more ways than one, as Amit Varma discovers (via the PSD Blog).Japan Real Estate BlogTags : japan, real estate, property, investment, 不動産

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1133143282926049582005-11-28T11:01:00.000+09:002005-11-28T11:02:02.696+09:00

An interesting article in the Nikkei last Friday pointed out a sobering fact: only half of the J-REITs which came to market in fiscal 2005 have opened at above their IPO listing price. REITs listed by much-watched Japanese fund management companies like Creed Corp. , Asset Managers Co. and daVinci Advisors KK, are among the losers.Among the reasons are the lower quality of assets, in age, size,

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1132902466451003402005-11-25T16:07:00.000+09:002007-03-04T22:06:26.386+09:00

According to the Nikkei, J-REITs, private domestic funds, and foreign funds each currently have around 3 trillion yen of real estate assets under management. Because of the fierce competition for good buildings, expected yields for prime Tokyo office have declined from 6.3% in 1999 to 4.4% now, and the best assets can command less than 3.5%. At the same time, average leverage has gone up, from

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com1tag:blogger.com,1999:blog-15274707.post-1132895059816481402005-11-25T13:36:00.000+09:002007-03-07T17:00:22.246+09:00

Thirteen condos are to be demolished, and four hotels have stopped operations following revelations of falsified structural reports (see previous post). Meanwhile, Kimura Construction, the builder of many of the projects in question, has gone into bankruptcy. The Japan Times writes:The builder emphasized lower costs and faster construction to win condo and hotel construction bids in the Tokyo

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1132477137888612462005-11-20T17:58:00.000+09:002005-11-20T18:04:07.673+09:00

Last week, it was discovered that an architect had falsified structural analyses for 20 condominiums and a hotel in the Tokyo area – 13 of which have already been completed. At least four of the buildings might collapse in an earthquake with an intensity of upper 5 on the Japanese scale of seven.The architect, Hidetsugu Aneha, admitted to falsifying the reports in order to ‘cut costs’. However,

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1132327860156550542005-11-19T00:29:00.000+09:002005-11-20T18:29:40.140+09:00

The government of Niigata is planning one of the first securitizations of local government owned assets. Two Tokyo housing blocks for employees of the prefecture are slated to be the first subject of the program. The buildings are in Kita-ku, Tokyo, and are valued at approx. 330 million yen (full story – Kyodo/Asahi Shimbun, Archive). Niigata Governor Izumida said on Thursday (11/19) that no

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1132299301605181282005-11-18T16:35:00.000+09:002005-11-18T16:40:50.290+09:00

Italy's Institute of Foreign Trade (ICE) puts out an excellent monthly newsletter with the latest trends in Japanese fashion retail. It has unrivalled coverage of new store openings in the sector, especially by international brands. They also have brief but concise introductions to some of the major domestic players such as Aoyama Shoji, Shimamura, Fast Retailing (Uniqlo), and Beams.Here is an

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1131704883849459482005-11-11T19:28:00.000+09:002005-11-11T20:05:21.290+09:00

The Fair Trade Commission wagged its finger at real estate firms who give misleading names to their apartment developments. At first I thought there had been complaints from irate buyers who bought a "Mansion" only to find out that it actually an "Apartment", a "Heights", or even a "Co-op" (see below for definitions). It turns out they wanted to crack down on those naughty developers who call

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com2tag:blogger.com,1999:blog-15274707.post-1131686795074580702005-11-11T14:26:00.000+09:002005-11-11T15:35:17.816+09:00

Seibu Railways today announced its reorganization under a new holding company to be formed in March. Yesterday, it rejected a rival takeover bid launched by two brothers of the disgraced founding-family scion Yoshiaki Tsutsumi. As expected, the current management picked Cerberus and Nikko Principal Investments (see my previous post) to be the biggest shareholders in the new entity, Seibu

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1131447514591352922005-11-08T19:58:00.000+09:002005-11-08T20:01:23.796+09:00

The Japan Times recently had an absorbing interview (full text here, archived here) with Alex Kerr, author of the insightful and sometimes shocking Dogs and Demons :Things are getting good again economically a little too soon. What that does is lull everyone back into a feeling that everything is going to be OK: "Let's talk about reform, but we don't really have to take the pain of it." Japan

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com3tag:blogger.com,1999:blog-15274707.post-1131073048562154252005-11-04T11:57:00.000+09:002007-02-28T11:34:47.123+09:00

Anyone in the business can tell you that yields for Japanese real estate has fallen significantly in the past two to three years. You used to be able to buy a prime office building in Tokyo for a 5% cap rate. REITs now purchase at around 4%, and some recent transactions have even gone below 3.5%. As I’ve covered previously in various posts, the big investors are diversifying their strategies -

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1130811063530284782005-11-01T11:11:00.000+09:002005-11-01T19:32:17.383+09:00

A few excellent articles on Japan’s recovery :Jesper Koll (Chief economist, Merrill Lynch Japan): Japan has successfully worked off its post-Bubble excess debt, excess capacity, and excess unemployment. Labor costs are falling, and structural inefficiencies have been effectively diminished, allowing for increased productivity. The chances of Japan re-emerging as a high-growth industrial

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com1tag:blogger.com,1999:blog-15274707.post-1130729559522348492005-10-31T12:32:00.000+09:002006-01-28T23:45:15.743+09:00

The Daily Yomiuri reports (archive here) that Yoyogi Park may be paved over to make way for a new stadium and other sports facilities. The development is part of Tokyo’s bid for the 2016 Olympics, which Gov. Ishihara announced last month - see this post.On a personal level I am absolutely shocked and angered by this. Yoyogi is my favorite park in a city with too few. More objectively, Tokyo has

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com1tag:blogger.com,1999:blog-15274707.post-1130492500231686922005-10-28T18:34:00.000+09:002005-10-28T19:16:16.776+09:00

My blog is worth $3,387.24.How much is your blog worth?Not a bad figure considering the hours I've put into this thing. Click here to see the latest valuation (From Business Opportunities Blog, via The Big Picture)Japan Real Estate BlogTags : japan, real estate, property, investment, 不動産どうせ 現金化 なんか できない くせに

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1130482863587898152005-10-28T16:01:00.000+09:002005-10-28T16:01:03.586+09:00

The latest quarterly survey of SMEs in Tokyo found that business confidence for the real estate industry has actually turned positive for the first time since 1990. The diffusion index  went from –0.7% to +0.7% in the July to September quarter. The survey is published by the local Association of Shinkin Banks (see here for a definition).Full Story (Nikkei)Japan Real Estate BlogTags : japan, real

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1130404026598639432005-10-27T18:07:00.000+09:002005-10-28T09:54:54.356+09:00

This from the Nikkei : Real estate funds are finding the competition too hot in Tokyo, and are shifting their focus to hotels, golf courses and other leisure facilities. These companies now estimate returns of at least 8% for some funds investing in leisure facilities, compared with 5-6% for funds targeting office buildings in central Tokyo. It helps that growth in the number of wealthy seniors

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1130385163232019642005-10-27T12:52:00.000+09:002005-10-27T14:07:50.843+09:00

Osaka’s Hankyu REIT (8977) listed on the Tokyo Stock Exchange yesterday at 620,000 yen per share. It put in a respectable performance, compared to recent new issues (see this previous post), and ended at 630,000. At noon today it is at 643,000. Not bad (speculation: Osakans are glad to see a new REIT that focuses on their area).It currently has five assets, mostly retail or mixed-use buildings in

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1130312871775952802005-10-26T16:47:00.000+09:002005-10-27T11:25:17.086+09:00

Japan’s small towns and regions are leading a backlash against suburban retail development. This month, Fukushima became the first prefecture to impose a permit system for new large stores - defined as over 6,000 sq.m. in store area - on top of the existing environmental and public-comment requirements (see this Asahi report). Other prefectures like Kumamoto, Iwate, Toyama, Shizuoka, and Okinawa

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1129889355957759912005-10-21T19:09:00.000+09:002005-10-26T10:01:30.330+09:00

This, just across from the Esquisse building I talked about in an earlier post:Mark Devlin has a scathing piece (archive) in today’s Metropolis attacking Mori Building and Tadao Ando for ruining his neighborhood. Omotesando Hills, built on the site of the tumbledown, rustic Dojunkai Apartments (1927), is finally taking shape.One would think that on a street that purports to be Tokyo’s Champs

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com4tag:blogger.com,1999:blog-15274707.post-1129883183589681522005-10-21T17:26:00.000+09:002005-10-21T17:28:51.963+09:00

Goldman Sachs is preparing to list Japan's first hotel REIT, through its subsidiary Japan Hotels and Resorts. The company obtained a REIT licence in July, and the Nikkei reports that the listing is due by the end of 2005. Their portfolio includes the Shin-Urayasu Oriental Hotel (near Tokyo Disneyland in Chiba), The Hotel Nikko Alivila (Okinawa), the Kobe Meriken Park Oriental Hotel, and the Namba

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1129862169526811312005-10-21T11:36:00.000+09:002005-10-24T00:53:26.100+09:00

Japan Retail Fund (ticker: 8953) announced redevelopment plans for the Esquisse Omotesando building. The 1982 building is to be demolished to make way for a larger edifice with a cutting-edge design (see above), increasing the leaseable space from 3,780 to 5,000 square meters. This is a surprise - although redeveloping properties is fairly common practice for US REITs, this is the first time for

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1129774984246370952005-10-20T11:23:00.000+09:002005-10-20T12:20:30.720+09:00

The US Embassy in Tokyo has been refusing to pay rent for its land for seven years, the Sankei Shinbun reports (full story here).The 18,000 sq.m. site is 72% owned by the Japanese government, and the ground lease is a paltry 2.5 million yen ($21,000) per year, an unbelievably low sum for the prime Akasaka location, near the Diet Building and Prime Minister’s residence. For comparison, the British

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com1tag:blogger.com,1999:blog-15274707.post-1129770648459892282005-10-20T10:10:00.000+09:002005-10-20T10:13:10.950+09:00

Sanyu System Research Institute, a major appraisal firm, has a contrarian opinion on the future of land prices in Japan. In an interview with the Nikkei, Akiyoshi Inoue said thathe expects land prices in Japan to fall by half in five years, citing the risk of oversupply lurking behind the current property bubble in central Tokyo. Excerpt:Q: Despite your prediction, land prices in Tokyo's 23 wards

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1129716922076648602005-10-19T19:15:00.000+09:002005-10-19T19:34:01.886+09:00

I wrote last month that current J-REIT prices are unsustainable, mainly because of falling yields and rising interest rates. Compared to global REIT PERs, those of Japanese REITs’were certainly very high, too. Now, the fast money is beginning to move out.Investors gave two new J-REITs the cold shoulder in as many weeks, pushing their prices well below their IPO levels. First Credit’s FC

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1129686970355153792005-10-19T10:56:00.000+09:002005-10-19T19:26:10.113+09:00

In another coup for Cerberus, the U.S. hedge fund is set to become the biggest shareholder in Seibu Railway with up to a one-third stake (Reuters). Cerberus and a unit of Japanese securities broker Nikko Cordial Corp. will invest up to 160 billion yen ($1.4 billion). Media reports said that the two would inject 80 billion to 90 billion yen into the group's core firm, Kokudo Corp. It is unclear

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1129602195855467652005-10-18T11:23:00.000+09:002005-10-18T11:50:39.583+09:00

The current economic recovery has close parallels to Japan's situation in 1986 (excellently covered by the Nikkei Shimbun's Takumi Anzai in this piece) such as an election landslide by the LDP in a snap election, the Nikkei reaching record levels, and an influx of foreign investment in Japanese equities. 1986 marked the beginning of the infamous Japanese real estate Bubble. Are we seeing another

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com1tag:blogger.com,1999:blog-15274707.post-1129600821544628282005-10-18T09:43:00.000+09:002005-10-19T19:32:14.950+09:00

On Sept. 20, Tokyo’s governor Shintaro Ishihara announced plans for Tokyo to bid for the 2016 Olympic Games. Other contenders include Fukuoka, Sapporo, New Delhi and Bangkok, but Tokyo's excellent infrastructure and international standing makes it the leading candidate from Asia.The 1964 Olympics in Tokyo were a symbolic turning point for Japan. The games transformed a large part of central Tokyo

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1128994526280330162005-10-11T10:35:00.000+09:002005-10-11T18:42:59.663+09:00

It’s been a while since an all-office J-REIT appeared, but Tokyo investors daVinci Advisors plan to list a new J-REIT, the “DA Office REIT (ticker: 8976)”, on October 19. The portfolio will consist of mainly medium-size office buildings, mainly in central Tokyo (42%).One of the properties in the portfolio, the daVinci Ginza Building, was owned by bankrupt retailer Daiei and called the OMC Ginza

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1128990813506272952005-10-11T09:27:00.000+09:002005-10-11T18:48:53.430+09:00

DTZ International says demand for Asia-Pacific commercial real estate was expected to remain strong in 2005."Results from our first survey reveal about 40 per cent of respondents are seeking to increase purchases of cross-border real estate in 2006 and 2007. China, Australia, Japan, South Korea and Hong Kong are the top five most desired investment locations. Although China has introduced the

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1128594570051724862005-10-06T19:29:00.000+09:002005-10-06T19:29:30.060+09:00

The Nikkei took a beating today (analysts like Seiki Orimi of UFJ saw it coming), but I am still confident that the Japan economy is on a path of long-term growth. In fact, with this correction stocks are valued better now. Don’t buy those J-REITs until after the coming rate rise though.Japan Real Estate BlogTags : japan, real estate, property, investment, 不動産

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1128593917619358232005-10-06T19:18:00.000+09:002005-10-06T19:18:37.660+09:00

The Japanese popular media is working itself into a frenzy involving investor Yoshiaki Murakami’s takeover bid for Hanshin Railways, the parent of this year’s baseball pennant-winners the Hanshin Tigers. Tigers fans have been heard on TV all night being childish and emotional about it, complaining that it would somehow “take away” the team from them. Amusingly, the Osakans’ comments took a U-turn

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1128487630973743482005-10-05T13:47:00.000+09:002005-10-11T17:37:49.646+09:00

Pacific Management Corp. announced a 100-billion-yen private-pool discretionary fund, to close in early 2006. The fund collected 9.4 billion in equity by the end of August for a seed portfolio of 20 billion yen, investing in small value-add assets and also bulk properties from the public sector. PMC is the sponsor of the Japan Residential REIT and also has three other funds investing in prime

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1128478714604510212005-10-05T11:18:00.000+09:002005-10-05T19:31:27.203+09:00

Koizumi’s reforms have prompted widespread asset sales by Japan’s government agencies, especially in the bloated and inefficient public leisure and hotel sector. In many cases, retired bureaucrats were given very cushy positions in the ‘semi-public’ bodies set up to run the resorts (amakudari), while the properties were grossly mismanaged and unprofitable. The public pension fund, which managed

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com2tag:blogger.com,1999:blog-15274707.post-1128058642285139092005-09-30T14:37:00.000+09:002005-10-03T09:57:39.060+09:00

A few market observers have warned that the Tokyo property market is overheating and may see price adjustments on property prices. The main causes are REITs and funds buying properties at unreasonably high prices, and a looming interest rate rise.Investors surveyed by Waseda University (see previous post) said recently that while they expected to see less price increases in the coming months,

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com1tag:blogger.com,1999:blog-15274707.post-1128047545544519682005-09-30T11:32:00.000+09:002005-09-30T11:40:37.600+09:00

Came across an interesting new site which uses the Google Maps API to display office rental listings in central Tokyo. Their database covers 40,000 properties. The image below takes you to listings around Roppongi.ED-Contrive Inc. press releaseJapan Real Estate BlogTags : japan, real estate, property, investment, 不動産

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1128040487567093992005-09-30T09:34:00.000+09:002005-09-30T10:58:57.936+09:00

I just dicovered that Reuters Japan has an excellent JREIT portal with the latest prices (site is in Japanese only). It also has a "Real Estate" section with residential condo listings. Japan Real Estate BlogTags : japan, real estate, property, investment, 不動産

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1127987208421948412005-09-29T18:46:00.000+09:002005-09-30T15:31:31.626+09:00

Waseda University’s Institute of Finance recently announced the results of the first Real Estate Investment Tankan Survey. The survey, modelled after the Bank of Japan’s much-watched quarterly survey of business sentiment, asked 56 investors about present and future cap rates, risk premiums, IRRs and values of various asset classes in Japan, such as A-class buildings, prime retail, suburban

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1127891826540880442005-09-28T16:17:00.000+09:002005-09-30T11:04:24.746+09:00

Four big players are preparing Tokyo IPOs in the near future: Mitsui Fudosan’s residential REIT (its second after Nippon Building Fund), Lone Star’s Pacific Golf Management, Goldman Sachs unit Accordia Golf Japan (see also this article), and Mori Building, Tokyo’s leading private developer, with its office and residential portfolio (see this article). The new Mori REIT will include the huge

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1127888153995004102005-09-28T15:15:00.000+09:002005-09-30T16:40:03.490+09:00

What is the effect of flooding on real estate prices? What would happen to property values if a natural disaster like Hurricane Katrina caused floods in a large Japanese city? Well, an interesting paper by Kyoto University’s Guofang Zhai in looks at the effect of the Tokai flood in Nagoya in 2000.Unsurprisingly, decreases in land prices correlate with the extent of flooding. The greater the

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1127887580391985652005-09-28T15:06:00.000+09:002005-09-28T15:16:28.956+09:00

Some additional notes on the ‘official land price’ news recently in the headlines : there are actually four types of government land prices. The set of numbers just published last week, called kijun chika, are surveyed by each prefecture as of July 1 each year, and covers 26,521 sites across Japan. Along with the central government’s officially published land prices (kouji-chika, see below), they

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1127874122763739192005-09-28T11:12:00.000+09:002005-09-28T11:28:52.620+09:00

New official data last week showed that land prices in Tokyo have picked up for the first time in 15 years, fueled by strong demand for office space and the flow of investment funds into the real estate market (readers subscribed to our mailing list will already be aware of this). Property prices in Tokyo's 23 wards as of July 1 were up 0.5% on average from 2004 in residential areas and 0.6% in

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1126835712711858322005-09-16T10:45:00.000+09:002005-09-17T01:08:10.003+09:00

The Blog From Another Dimension has an excellent post on how to find an apartment or house in Japan, in plain English. The advice is spot-on and even includes useful terminology and a great tip on finding a rental place without key money or agent's fee.Where to start looking? Well, here is another useful link - AdPark provides listings for apartments and houses all across the country, both for

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1126833234772710942005-09-16T10:13:00.000+09:002005-09-16T10:45:45.973+09:00

One of the most challenging things for a foreigner when coming to Japan, especially for those who do not receive support from their employer, is to find an apartment. Foreigners are perceived as high-risk, high-maintenance, and unruly tenants. The climate has vastly improved in the past 5 years, with increasing numbers of landlords accepting such 'non-standard' tenants such as foreigners or

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1126764792357882922005-09-15T15:13:00.000+09:002005-09-17T02:36:02.413+09:00

The post-industrial landscape of Tokyo's inner-city waterfront (Minato-ku and Koto-ku) is being transformed by the construction of large condominium developments. Tokyo Kantei reports that the number of new condos in the Shinagawa area alone has exceeded 12,000 units in ten developments in the past two and a half years.The largest buyers include REITs and private real estate funds, converting

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1126691607232604002005-09-14T18:53:00.000+09:002005-09-28T15:22:06.246+09:00

Kyodo reports that foreign investors' acquisitions of real estate in Japan over the past several years are estimated at between 3 trillion and 4 trillion yen.More detail : 90% of the properties bought by foreign investors are in the Tokyo area, but recently they have started buying in other cities with recovering local economies such as Nagoya and Fukuoka.From 2001 to the end of 2004, foreign

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1126667078123833552005-09-14T12:04:00.000+09:002005-09-14T18:54:11.686+09:00

Masaichi Toyonaga of Mizuho Investors Securities predicts that when the Land Ministry announces land prices used to assess fixed-property taxes as of July 1, some regions will see rises, mainly in urban areas. Full Story - Nikkei: Stock Earnings Solid, Foreigners To Keep BuyingJapan Real Estate / Property Investment Blog

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1126666205092975262005-09-14T11:50:00.000+09:002005-09-14T11:50:05.093+09:00

Nomura Asset Management announced a new investment trust trading in yen-denominated ABS (asset-backed securities) based on a wide variety of assets, including mortgages, auto loans and lending with real estate collateral. Compared with corporate and other bonds, ABS credit ratings have little volatility, and the returns are higher than those of bonds of equal grade. Full Story - Nikkei:

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1126665824386432912005-09-14T11:43:00.000+09:002005-09-14T11:45:19.660+09:00

Legislation on government-owned assets will be revised to allow them to be leased starting FY 2006, according to the MOF. They will be listed on the Internet. This will certainly put a large amount of property on the rental market across the nation - even though the government intends to list them at market prices (as is the norm in Japan), the volume will put some pressure on occupancies and

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1126659138923844562005-09-14T09:52:00.000+09:002005-09-14T10:14:00.986+09:00

Asia Economy Watch has a piece on how Sunday's election outcome has positively affected the stock market. The Nikkei 225 is at a five-year high - can the rally continue?Japan Real Estate / Property Investment Blog

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1126574903135849912005-09-13T10:28:00.000+09:002005-09-14T10:14:42.340+09:00

As expected, Japanese institutional investors are again increasing their allocations for alternative investments. Real estate investments are expected to increase from 3.4% now to 6.1% in 2007. However, hedge funds seem to be the preferred vehicle, accounting for 83% of alternative investments, compared to a 10% average allocation by US and European investors. Full Story - Nikkei: Japanese

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1126573726162245112005-09-13T10:08:00.000+09:002005-09-14T10:15:25.946+09:00

IPD Japan, a UK-affiliated research firm, announced the results of its survey of Japanese real estate investment returns for 2004. Total returns went up to 6.3%, up from 3.7% in 2003, with component return measures for capital return at 0.0% (2003: -2.4%) and income return at 6.3% (2003: 6.4%).However, average NOI for all properties decreased by 4.1%. This may have been caused by a drop in rents,

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1126571831848099962005-09-13T09:37:00.000+09:002005-09-14T10:16:20.476+09:00

Useful Link - The Association for Real Estate Securitization's website has the latest J-REIT prices and other information all in one place.Japan Real Estate / Property Investment Blog

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1126489958421904692005-09-12T10:52:00.000+09:002005-09-14T10:17:52.436+09:00

The Nikkei reports that the combined assets of J-REITs* has reached 3.1819 trillion yen as of September 8, 2005. There are now 23 listed J-REITs. The newest one, eAsset REIT, financed by Asset Managers Co. and eBank Corp., listed on September 7. As I blogged previously, the newer listings like eAsset are having trouble attaining the high valuations which could be taken for granted for the earlier

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1126487731463721192005-09-12T10:15:00.000+09:002005-09-14T10:19:24.976+09:00

G-Gate, a Tokyo developer, plans to set up three real estate investment funds totaling 50 billion yen. It will launch two funds, valued at 15-25 billion yen each, by the end of fiscal 2006. One will focus on properties corporate owners want to sell to meet asset impairment accounting rules that took effect in fiscal 2005. The other fund will allocate 10% of its assets to private nursing homes

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1126487104265377062005-09-12T10:05:00.000+09:002005-09-14T10:19:50.206+09:00

The Ministry of Economy, Trade and Industry is considering further restrictions on the development of suburban retail centers, in order to revitalize small town centers, previously hubs of economic activity, but many of which now lie neglected. The measures could be put forward to the Diet next year.The proposal increases the permit requirements to include an economic and social impact assessment

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1126226161951461672005-09-09T09:36:00.000+09:002005-09-14T10:21:46.086+09:00

Investors are sitting up and taking notice of the nascent real estate recovery in Japan. The Big Three property stocks are being bought up.Office vacancies in Tokyo fell to their lowest in three and a half years in August, said Miki Shoji, a privately held office brokerage company."We expect to see some acceleration in recovery in areas like downtown Tokyo," says Standard Life Investments in

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1126161770694603272005-09-08T15:42:00.000+09:002005-09-14T10:21:59.173+09:00

Owen D. Thomas of Morgan Stanley Real Estate gave a fascinating presentation during the ULI Japan Council Meeting in July. Thomas expects continued improvement in both the operating performance (income) and value appreciation of Japanese real estate, although he warns that compared to other countries, JREITS are trading at very high valuations. In view of the increasing convergence and

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1126140107790383042005-09-08T09:41:00.000+09:002005-09-14T10:23:23.366+09:00

Looks like it's crunch time for new J-REITs. No longer are we seeing the frenzied purchasing of the new issues. The Nikkei reports that "three REITs have seen their initial trades fall short of their offer prices so far this year, with the latest example being eAsset Investment Corp. (8974) whose 490,000 yen first trade Wednesday on the Tokyo Stock Exchange was lower than its 500,000 yen offer

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1126139963668799012005-09-08T09:39:00.000+09:002005-09-14T10:55:37.136+09:00

More on the booming non-recourse loan business in Japan: the Nikkei reports that regional banks are increasingly putting out non-recourse loans, to the tune of 420 billion yen in April 2004 to March 2005. This represents three times the previous years' amount. Full Story - Nikkei Financial Daily : Nonrecourse Loans By Regional Banks Reach Y420bn In FY04Japan Real Estate / Property Investment Blog

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1126080715482609972005-09-07T17:11:00.000+09:002005-09-14T10:56:39.713+09:00

Tokyo Tatemono has an article on their website detailing a deal composed of roadside retail properties formerly owned by cigarrettes-food-and-drinks conglomerate Japan Tobacco (JT), for which the main investor was LaSalle Investment Management. The fact that gaishikei investors are now moving towards these types of small, regional, and hitherto ignored asset classes highlights the reality that

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1126059474705364032005-09-07T11:17:00.000+09:002005-09-14T10:57:34.666+09:00

More evidence of a sustainable recovery - deflation is definitely easing, and it has actually reversed for consumer services. The Nikkei reports that price indexes for consumer services such as telecommunications and education have increased, and prices for B2B services such as transportation and software have hit bottom, with the lowest rate of decrease since 2001. Tokyo residential rents went

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1126058879153742412005-09-07T11:07:00.000+09:002005-09-14T11:10:23.326+09:00

The Nikkei reports that non-recourse loans are increasingly being sought by individuals for their real estate investments. Hitherto, trust banks have been the main lenders for this type of financing, and they have only lent to landowners, and specified certain construction and management companies which had to be used. However, SMBC introduced a new non-recourse product in August for small

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1125886230790254962005-09-05T11:10:00.000+09:002005-09-05T11:10:30.796+09:00

Bank of Japan deputy upbeat on end of deflationBloomberg News SATURDAY, SEPTEMBER 3, 2005 TOKYO: The Japanese deflation cycle that has lasted more than seven years may be close to an end, according to Toshiro Muto, the deputy governor of the Bank of Japan. "The possibility is gradually increasing that we will see a stable increase in core consumer prices over the next fiscal year that starts

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1125886098967169492005-09-05T11:08:00.000+09:002005-09-05T11:08:18.973+09:00

CapitaLand set to expand Japanese portfolio 02 September 2005 2134 hrs (SST) ChannelNewsAsia TOKYO : Singapore's property giant CapitaLand is all poised to expand its portfolio in Japan with a kitty of more than US$1 billion. The property market in Japan is seeing an upturn after being in the doldrums for more than a decade, and CapitaLand is eyeing for a bigger bite into the world's second

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1125885968589087932005-09-05T11:06:00.000+09:002005-09-05T11:06:08.656+09:00

Your time starts nowSeptember 3, 2005 Sydney Morning HeraldLove hotels - check in, strip off, clock out - are hot property in a market that has Australian investors snapping up Japan's bargains, writes Deborah Cameron.THE things to look for in a love hotel are the bed, the bath and the fantasy. Typically, there are mirrors on the ceiling, a deep tub with seething spa jets, a rotating bed and

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1125629005398229582005-09-02T11:43:00.000+09:002005-09-02T11:43:25.396+09:00

This purchase of a half-completed building will instantly account for 20% of JRE's total assets. While construction risk is probably minimal, I wonder if this makes sense from a seismic risk diversification point of view?Japan Real Estate Investment To Buy Building For Record Y81.5bn2005/08/30, The Nihon Keizai Shimbun, page 0, 228 words TOKYO (Nikkei)--Japan Real Estate Investment Corp. (8952)

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com1tag:blogger.com,1999:blog-15274707.post-1125628691835579072005-09-02T11:38:00.000+09:002005-09-02T11:38:11.846+09:00

Coming up next: a convenience store REIT? With 8,100 properties, I wonder how thick the prospectus will be.Lawson To Launch Investment Fund For Buying Store Real Estate2005/08/30, The Nihon Keizai Shimbun, page 0, 403 words TOKYO (Nikkei)--Lawson Inc. (2651) on Tuesday will establish a real estate investment fund for acquiring and leasing properties for its convenience stores.By eliminating the

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1125628563894312842005-09-02T11:36:00.000+09:002005-09-02T14:00:42.090+09:00

STOCK MARKET OUTLOOK: To Climb To 14,000 As Deflation Ends2005/08/23, The Nikkei Financial Daily, page 0, 277 wordsTOKYO (Nikkei)--As the market reacts positively to signs of an end to deflation, the Nikkei Stock Average is likely to test the 14,000 level by the end of the year, says Toshio Shingin of Daiwa Securities SMBC Co.The government and the Bank of Japan have effectively declared that the

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1125627732329890932005-09-02T11:22:00.000+09:002005-09-02T11:22:12.386+09:00

Simplex Investment Advisors is seeking investors to a 20 bln. yen fund to invest in residential properties. The fund will consist of 8.1 bln. from institutional investors and the rest from non-recourse financing. The fund will close at the end of September, and have a five-year term. The portfolio will consist of around 20 buildings, mostly five to seven years old, ranging from 500 mln. to 2 bln.

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1125553997618101692005-09-01T14:53:00.000+09:002005-09-01T14:53:18.100+09:00

ProLogis Japan Properties Fund II Adds $600 Million of Private Equity Capital, Bringing Total Investment Potential in Japan to Over $4.3 Billion (473 Billion Yen)DENVER, Aug. 31 /PRNewswire-FirstCall/ -- ProLogis (NYSE: PLD), a leading global provider of distribution facilities and services, today announced the closing of ProLogis Japan Properties Fund II (the Fund). GIC Real Estate Pte Ltd (GIC

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1125533723723069832005-09-01T09:15:00.000+09:002005-09-01T09:15:24.346+09:00

Taking a new look at JapanBy Judith Rehak International Herald Tribune THURSDAY, SEPTEMBER 1, 2005It has been difficult for investors to ignore Japan in the past few weeks. But instead of the usual bad news about its flagging economy, depressed real estate and struggling banks, the headlines have featured improving economic data and growing confidence among global investors. Those have propelled

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1125454175452951772005-08-31T11:09:00.000+09:002006-01-13T19:30:28.036+09:00

Japan's Housing Market Enters a Transition Period by Tatsuya IshikawaEconomic Research Group, NLI Research Institute A comprehensive report on the state of the housing market in Japan can be found here.

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com1tag:blogger.com,1999:blog-15274707.post-1125449737685550102005-08-31T09:55:00.000+09:002005-08-31T09:55:37.686+09:00

Here is more information on DaVinci's fund, about which I posted a few days back. Japan's DaVinci to set up $9 bln real estate fundTuesday 30 August 2005, 5:10am ESTTOKYO, Aug 30 (Reuters) - Japanese real estate investment adviser K.K. DaVinci Advisors said on Tuesday it plans to launch next year the country's biggest privately placed real estate fund, with assets of 1 trillion yen ($9 billion).

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1125449204212121382005-08-31T09:46:00.000+09:002005-08-31T09:46:44.240+09:00

Tokyo Report: Foreigners Actively Buying Japan REITs2005-08-29Jiji Press English News ServiceTokyo, Aug. 29 (Jiji Press)--Foreign investors are noticeably increasing their purchases of Japanese real estate investment trusts, prompting analysts to say that the management of REITs and related price trends have come to a major turning point. Domestic financial institutions, such as regional banks

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1125381865265702982005-08-30T15:04:00.000+09:002005-08-30T15:04:30.136+09:00

Offices up, in big cities at least2005/08/29, THE NIKKEI WEEKLY, page 30, 504 words TOMIO SHIDADespite uncertainty surrounding the price of steel products and other commodities dependent on the course of the Chinese economy, recovery in the domestic office building market provides evidence that the Japanese economy is picking up steam.Since the market cleared the 2003 problem that sparked

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1125275359429474952005-08-29T09:29:00.000+09:002005-08-29T09:29:19.430+09:00

CapitaLand May Tie Up With Wal-Mart, Other Retailer in Japan Aug. 26 (Bloomberg) -- CapitaLand Ltd., Southeast Asia's largest property developer, may tie up with Wal-Mart Stores Inc. or another retailer in Japan to speed up expansion of its business in the country, said Liew Mun Leong, chief executive of CapitaLand. CapitaLand, which partnered with Wal-Mart in acquiring 15 retail malls in China

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1125275303223250522005-08-29T09:28:00.000+09:002005-08-29T09:39:12.773+09:00

`Dr Doom' eyes Asian real estateINVESTMENT: The real estate markets in several Asian countries are underdeveloped and should outperform stock investments, emerging markets expert Marc Faber said By Jackie LinSTAFF REPORTER Taipei Times, Friday, Aug 26, 2005,Page 10 Investors should pour money into Asia's underdeveloped housing markets as they are expected to yield higher returns than stock

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1125275139973742252005-08-29T09:25:00.000+09:002005-08-29T09:25:39.980+09:00

August 27, 2005DaVinci To Form Largest Privately Offered Real Estate FundTOKYO (Nikkei)--DaVinci Advisors KK (4314) plans to establish the country's biggest privately placed real estate fund, with assets of 1 trillion yen.The fund will have the financial backing necessary to purchase large properties amid intensifying competition, particularly in Tokyo, for real estate assets. It will also

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1125275068380755312005-08-29T09:24:00.000+09:002005-08-29T09:24:28.380+09:00

Friday, August 26, 2005Kokudo To Sell Tokyo HQ To Recrm In Y27bn Deal TOKYO (Nikkei)--Kokudo Corp., the core firm of the Seibu Railway Co. group, agreed Friday to sell its Tokyo headquarters building to real estate management firm Recrm Research Co for approximately 27 billion yen.Proceeds from the sale will go toward repayment of a portion of the group's 1.4 trillion yen in interest-bearing

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1125275002364118992005-08-29T09:23:00.000+09:002005-08-29T09:23:22.403+09:00

Friday, August 26, 2005CapitaLand To Raise Investment In Japanese Properties 10-Fold To Y180bn TOKYO (Nikkei)--CapitaLand, a Singapore government-affiliated real estate company, is set to expand the combined assets of its investment funds targeting Japanese real estate to more than 180 billion yen within three years, 10 times the current levels, said President and CEO Liew Mun Leong on

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1124843737181587052005-08-24T09:35:00.000+09:002005-08-24T09:35:37.183+09:00

Elderly offered reverse mortgages2005/08/22, The Daily Yomiuri, page 1, 388 words Elderly offered reverse mortgagesChuo Mitsui Trust and Banking Co. has struck a deal with izakaya chain operator Watami to extend reverse mortgage plans for residents to pay the 10 million yen entry fee to nursing homes run by the leading pub-eatery company, The Yomiuri Shimbun learned Sunday.A reverse mortgage--a

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1124843523165209612005-08-24T09:32:00.000+09:002005-08-24T09:32:03.170+09:00

Sumitomo Trust Advising Regional Banks On Non-Recourse Loan Projects2005/08/22, The Nihon Keizai Shimbun, page 0, 160 words TOKYO (Nikkei)--Sumitomo Trust & Banking Co. (8403) has started offering regional banks advice on real estate-related financing projects.The move is partly designed to deepen ties with regional banks and thereby build stronger operational bases in areas where Sumitomo Trust

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1124843466495817682005-08-24T09:31:00.000+09:002005-08-24T09:31:06.500+09:00

Funds' property holdings to hit 10 tln yen --- Real estate funds own 15% of rental properties amid warnings of overheating2005/08/22, THE NIKKEI WEEKLY, page 9, 441 words The value of properties owned by investment funds specializing in real estate is expected to triple from three years ago to about 10 trillion yen ($91.7 billion) this fiscal year.While financial institutions and nonfinancial

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1124843390431508322005-08-24T09:29:00.000+09:002005-08-24T09:29:50.436+09:00

Commercial Mortgage-Backed Securities To Top Y1tln In FY052005/08/19, The Nihon Keizai Shimbun, page 0, 283 words TOKYO (Nikkei)--Spurred by the recovering real estate market, the value of commercial mortgage-backed securities (CMBSs) issued domestically since April has reached almost 700 billion yen, about the same as in all of fiscal 2004.The total amount for fiscal 2005 is expected to exceed 1

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1124842868982524342005-08-24T09:21:00.000+09:002005-08-24T09:21:08.990+09:00

Japan Post may hold a nation's fate By James Brooke The New York TimesWEDNESDAY, AUGUST 24, 2005 KOBE, Japan Red and white loading cranes loomed like steel sentinels over an empty wharf on a recent afternoon here. Capable of unloading shipping containers at a rate of almost one a minute, these computerized towers often stand frozen for days at a time for lack of ships. Kobe's ranking in world

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1124842532600532352005-08-24T09:15:00.000+09:002005-08-24T09:15:32.656+09:00

Tokyo office vacancy rate falls to 4.76 pct in July - Miki Shoji 08.10.2005, 03:44 AM AFX News Limited TOKYO (AFX) - The office building vacancy rate in central Tokyo fell 0.27 percentage points month-on-month in July to 4.76 pct, the 11th decline in 12 months, according to data compiled by real estate broker Miki Shoji. The vacancy rate is below 5.0 pct for the first time in 41 months. The

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1124418892990796532005-08-19T11:34:00.000+09:002005-08-19T11:35:00.263+09:00

Carlyle to invest in Asia propertyBy Dominic Whiting, Asia property correspondentReutersThursday, August 18, 2005; 2:09 AMwashingtonpost.comHONG KONG (Reuters) - U.S. private equity firm The Carlyle Group will invest in around $1.5 billion of property in China, Japan and South Korea, the manager of the company's first Asian real estate fund said on Thursday.The fund, which will borrow heavily to

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1124410963116892402005-08-19T09:22:00.000+09:002005-08-19T09:22:46.360+09:00

August 19, 2005Commercial Mortgage-Backed Securities To Top Y1tln In FY05TOKYO (Nikkei)--Spurred by the recovering real estate market, the value of commercial mortgage-backed securities (CMBSs) issued domestically since April has reached almost 700 billion yen, about the same as in all of fiscal 2004.The total amount for fiscal 2005 is expected to exceed 1 trillion yen. Domestic sales of CMBSs

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1124256079835971352005-08-17T14:21:00.000+09:002005-08-17T14:21:20.173+09:00

Tokyo still costliest city but Oslo now close secondLONDON (Kyodo) Tokyo has retained its title as the world's most expensive city, but Oslo is vying for top spot, according to the biannual Worldwide Cost of Living Survey released Monday by the Economist Intelligence Unit. Oslo leapfrogged Osaka to become the world's second most costly city, due to robust economic growth and inflation boosted by

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1124237643779680412005-08-17T09:14:00.000+09:002005-08-17T09:14:03.843+09:00

Tokyo Office Rentals Push It to No. 2 Behind London's West End Aug. 16 (Bloomberg) -- Central Tokyo office costs have risen by 13 percent in the past year, making it the second most expensive rental area in the world after London's West End, the real estate broker CB Richard Ellis Group Inc. said. The total occupancy cost of prime space in Tokyo's inner central district rose in the past 12 months

Ari Tamathttp://www.blogger.com/profile/10990548066311259807noreply@blogger.com0tag:blogger.com,1999:blog-15274707.post-1124151881879163022005-08-16T09:24:00.000+09:002005-08-16T09:24:41.883+09:00

August 15, 2005Investors turn cautious on real estate as prices rise A smaller proportion of financial institutions are investing in real estate securitization products in fiscal 2005 due to rising property prices and lower returns, according to a survey by the Association for Real Estate Securitization.The poll was conducted in May and collected responses from 107 life insurance companies,

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August 16, 2005Investment-Fund-Owned Real Estate To Reach Y10tln In FY05TOKYO (Nikkei)--The value of properties owned by investment funds specializing in real estate is expected to triple from three years ago to about 10 trillion yen this fiscal year.While financial institutions and nonfinancial firms are selling off properties, real estate funds have been picking up office and apartment

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A government study finds that out of 85 Japanese cities, 15 will lose 20% of their populations by 2030, while 10 cities including Tokyo, Fukuoka, and Sapporo will maintain their current numbers.国交省、２０３０年全国８５地点予測、都市圏の９割人口減――地方の格差拡大。2005/08/14, , 日本経済新聞　朝刊, 1ページ, 有, 1088文字 　国土交通省は全国に八十五ある都市圏の二〇三〇年時点の人口予測をまとめた。二〇〇〇年と比べると、約九割にあたる七十四の都市圏で人口が減る。特に十五都市圏では二割超減少する。人口を維持できるのは東京、福岡、札幌など十一都市圏だけになる。少子高齢化に伴って

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Japan bubble offers lessons Joongang DailyAugust 13, 2005TOKYO ― Japan's real estate "bubble" in the 1990s was exacerbated by over-eager lenders, and an irresolute and uncoordinated government response, three former and current Japanese government officials at the center of the crisis said 15 years after the bubble burst. The three, including Representative Tamisuke Watanuki of the Liberal

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MARKET TALK:Construction, RE Stks Hit Yr-Highs;Econ Hopes2005/08/11, 10:59, Nikkei English News, 82 words 0158 GMT [Nikkei/Dow Jones] Handful of construction firms and real estate developers hit fresh year-highs on buying by foreign investors spurred by renewed optimism over domestic economy. Shimizu (1803.TO) up 4.3% at Y584, just off new year-high of Y587; Haseko (1808.TO) up 2.2% at Y281, near

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August 09, 2005Railway Firms Renewing Property Development Along Train RoutesTOKYO (Nikkei)--Tokyu Corp. and other major railway companies that serve Tokyo and its environs plan to resume developing land along their rail lines.Tokyu plans to kick off in April a joint project with other property owners to redevelop an 8.1-hectare site around its Denen Toshi line's Futako-Tamagawa Station in

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AFX News Limited Tokyo office vacancy rate falls to 4.76 pct in July - Miki Shoji 08.10.2005, 03:44 AM TOKYO (AFX) - The office building vacancy rate in central Tokyo fell 0.27 percentage points month-on-month in July to 4.76 pct, the 11th decline in 12 months, according to data compiled by real estate broker Miki Shoji. The vacancy rate is below 5.0 pct for the first time in 41 months. The

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August 10, 2005Tokyo Has World's 4th-Priciest Homes: Trade Group DataTOKYO (Nikkei)--The average price of a house in Tokyo is the fourth highest in the world, trailing Singapore, London and Hong Kong, according to figures released Tuesday by an industry group.The Japanese Association of Real Estate Appraisal's worldwide land price study for 2005 found the average price of a single-family home in

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August 10, 2005Mori Building To Begin REIT OperationsTOKYO (Nikkei)--Mori Building Co. will enter the real estate investment trust (REIT) market as early as fiscal 2006, with plans to limit portfolios to high-quality, recently constructed buildings that have advanced earthquake resistance equipment.The company intends to establish a private-offering REIT investment entity as early as the end of

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