{"id":1549,"date":"2021-11-24T18:56:36","date_gmt":"2021-11-24T09:56:36","guid":{"rendered":"https:\/\/glocaly.tokyo\/en\/?p=1549"},"modified":"2024-06-20T11:24:18","modified_gmt":"2024-06-20T02:24:18","slug":"the-land-price-trend-in-the-centre-of-tokyo%ef%bd%9e-forecasting-a-rise-in-hight-street-rents-over-the-next-two-years","status":"publish","type":"post","link":"https:\/\/glocaly.tokyo\/en\/information\/1549\/","title":{"rendered":"The Land Price Trend in the Centre of Tokyo\uff5e Forecasting A Rise in Hight Street Rents Over the Next Two Years"},"content":{"rendered":"<h4><strong><a href=\"https:\/\/www.mlit.go.jp\/en\/index.html\">The Ministry of Land, Infrastructure, Transport and Tourism<\/a> released the &#8220;Land Price LOOK Report&#8221; (Third Quarter of 2021) on November 19, 2021, summarizing trends in prices of highly utilized areas in major cities. The survey covers a total of 100 districts, including 43 in the Tokyo metropolitan area, 25 in the Osaka metropolitan area, 9 in the Nagoya metropolitan area, and 23 in other regional major cities. Here is a detailed look at the trends in land prices in Ginza and the rental trends of high streets in central Tokyo.<\/strong><\/h4>\n<h3><strong>Trends in Land Prices of Highly Utilized Districts in Major Cities<\/strong><\/h3>\n<p>Trends in Land Prices according to the &#8220;Land Price LOOK Report&#8221;<\/p>\n<p>\u25c6\uff11\uff0eTokyo Area <strong>(43)\u00a0<\/strong><\/p>\n<p>\u2460\u300017 districts (previous 14)\u2191<\/p>\n<p>\u2461\u300014 districts (previous 18)\u2192<\/p>\n<p>\u2462\u300012 districts (previous 11)\u2193<\/p>\n<p>\u2463\u30004 districts (an upward shift in volatility category)<\/p>\n<p>\u2464\u30001 district (a downward shift in volatility category\uff09<\/p>\n<p>\u25c6\uff12\uff0eResidential Area <strong>(32)<\/strong><\/p>\n<p>\u2460 \u300026 districts (previous 24\uff09\u2191<\/p>\n<p>\u2461\u30006 districts (previous\uff18)\u2192<\/p>\n<p>\u2462\u3000\uff10district (previous\uff10)\u2193<\/p>\n<p>\u2463\u3000\uff12districts (an upward shift in volatility category)<\/p>\n<p>\u2464\u3000\uff10district (a downward shift in volatility category)<\/p>\n<p>\u25c6\uff13\uff0eCommercial Area <strong>(68)<\/strong><\/p>\n<p>\u2460\u300014 districts (previous 11)\u2191<\/p>\n<p>\u2461\u300024 districts (previous 28)\u2192<\/p>\n<p>\u2462\u300030 districts (previous 29)\u2193<\/p>\n<p>\u2463\u00a0 \u00a0 4 districts (an upward shift in volatility category)<\/p>\n<p>\u2464\u00a0 \u00a0\uff11district (a downward shift in volatility category)<\/p>\n<p>The above information has been reported.\u00a0<\/p>\n<ul>\n<li>Target Districts (&#8220;<strong>Land Price LOOK Report<\/strong>&#8221; (<strong>Third Quarter of 2021<\/strong>))<\/li>\n<\/ul>\n<p><img loading=\"lazy\" class=\"alignnone  wp-image-487\" src=\"https:\/\/glocaly.tokyo\/wp-content\/uploads\/2021\/11\/\u30ad\u30e3\u30d7\u30c1\u30e3-5-1024x271.jpg\" alt=\"\" width=\"880\" height=\"233\" \/><\/p>\n<h3><strong>Ginza Land Price Trend<\/strong><\/h3>\n<p><a href=\"https:\/\/en.wikipedia.org\/wiki\/Ginza\">Ginza<\/a> is a presentative commercial district in Japan. Due to limited supply of well-located properties for shops, upper-floor restaurants, and service stores, tenant demand has remained firm, keeping shop rents stable at high levels.\u00a0<br \/>\nHowever, the impact of the COVID-19 pandemic significantly reduced the number of foreign tourists and domestic shoppers. During this period, sales of retail stores and restaurants are said to be at low levels.\u00a0 \u00a0<\/p>\n<p>Nevertheless, with the lifting of emergency declarations and progression in vaccination, gradual recovery in foot traffic can be expected.\u00a0<\/p>\n<p>According to a report by the Ministry of Land, Infrastructure, Transport and Tourism, in the <strong>rent market<\/strong>, while vacancies persist particularly in upper-floor shops, demand remains strong for street-front shops in good locations, especially among brand stores. Therefore, there has been no significant change in overall vacancy rates, and shop rents have generally remained flat.\u00a0<\/p>\n<p>In the transaction market, there has been a noticeable presence of buyers showing strong interest in properties in a favorable financial environment.<br \/>\nHowever, sellers are not rushing to sell, and the shortage in property supply for sale continues.\u00a0\u00a0<br \/>\nAdditionally, since transaction yields remain flat, current land price trends are analyzed to have remained stable.<\/p>\n<p>Amidst ongoing market uncertainties due to the impact of COVID-19, the lifting of the emergency declarations is expected to lead to increased costumers and personal consumption. However, the current market is predicted to persist.\u00a0<\/p>\n<p>Therefore, future land prices are expected to remain flat.<\/p>\n<h3><strong>Ginza High Street Rent Expected to Rise by 2.1% over the Next Two Years<\/strong><\/h3>\n<p>CBRE, a leading real estate service provider, has summarized rental trends for areas lined with luxury stores.<\/p>\n<p>According to it,<\/p>\n<p>\u25c6<strong>Tokyo-Ginza High Street<\/strong> Rent in Third Quarter of 2021<\/p>\n<p>\u30fb241,500 yen (Monthly rent per tsubo decreased by 4.7% compared to the same period last year\uff09<\/p>\n<p>The decrease amounted to 30.2% compared to two years ago with a rush of consumption before the consumption tax increase.<\/p>\n<p>While there is a demand for luxury brand store openings, the momentum is weak in areas where domestic retailers are concentrated. Therefore, rent levels are predicted to rise by 2.1% over the next two years.<\/p>\n<p><strong>\u25c6Omotesando <\/strong>and <strong>Harajuku Areas <\/strong>High Street Rent<\/p>\n<p>\u30fb173,800 yen (monthly rent per tsubo remains unchanged compared to the same period last year)<\/p>\n<p>Properties with relatively large sizes located in Meiji Street have lower appeal for opening stores due to high rental amounts. On the other hand, there is some interest in properties with unit rent prices below the market or with flexible rental conditions.\u00a0<\/p>\n<p>\u25c6<strong>Shinjuku Area<\/strong> High Street Rent<\/p>\n<p>\u30fb172,000 yen (monthly rent per tsubo decreased by 3.1% compared to the same month last year)<\/p>\n<p>While the main reason for the lower rent is due to locations away from luxury brand stores, reported rent levels by retailers are comparable to market rates.<\/p>\n<p>\u25c6<strong>Shibuya High Street<\/strong> Rent<\/p>\n<p>\u30fb126,800 yen (monthly rent per tsubo decreased by 0.7% compared to the same month last year)<\/p>\n<p>This slight falling is due to increased supply relative to store opening needs.\u00a0<\/p>\n<p>Next, GLOCALY will introduce selected properties in the market of new condominiums.\u00a0<\/p>\n<h3>Property Picked up by GLOCALY<\/h3>\n<ul>\n<li><a href=\"https:\/\/member.glocaly.tokyo\/ja\/client\/property-detail\/2\" target=\"_blank\" rel=\"noopener\"><strong>Excellence Building Ginza 3-Chome (for building, vacant lot)<\/strong><\/a><\/li>\n<\/ul>\n<p><img loading=\"lazy\" class=\"alignnone size-large wp-image-415\" src=\"https:\/\/glocaly.tokyo\/wp-content\/uploads\/2021\/11\/19547e2a1622da94c80257e8af01ee2259a88acf-1024x724.jpg\" alt=\"\" width=\"1024\" height=\"724\" \/><\/p>\n<p>This rare property has an exceptionally prime location, just a two-minute walk to <a href=\"https:\/\/www.kotsu.metro.tokyo.jp\/eng\/\">Higashi-Ginza Station<\/a> and a 5-minute walk to <a href=\"https:\/\/www.tokyometro.jp\/lang_en\/station\/ginza\/index.html\">Ginza Station<\/a>.<\/p>\n<p>The predicted 4.2%\u00a0 gross yield at this location is attractive. Currently,\u00a0 it is possible to sell only the land.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Ministry of Land, Infrastructure, Transport and Tourism released the &#8220;Land Price LOOK Report&#8221; (Third Quarter of 2021) on November 19, 2021, summarizing trends in prices of highly utilized areas in major cities. The survey covers a total of 100 districts, including 43 in the Tokyo metropolitan area, 25 in the Osaka metropolitan area, 9 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[6],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/glocaly.tokyo\/en\/wp-json\/wp\/v2\/posts\/1549"}],"collection":[{"href":"https:\/\/glocaly.tokyo\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/glocaly.tokyo\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/glocaly.tokyo\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/glocaly.tokyo\/en\/wp-json\/wp\/v2\/comments?post=1549"}],"version-history":[{"count":25,"href":"https:\/\/glocaly.tokyo\/en\/wp-json\/wp\/v2\/posts\/1549\/revisions"}],"predecessor-version":[{"id":1594,"href":"https:\/\/glocaly.tokyo\/en\/wp-json\/wp\/v2\/posts\/1549\/revisions\/1594"}],"wp:attachment":[{"href":"https:\/\/glocaly.tokyo\/en\/wp-json\/wp\/v2\/media?parent=1549"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/glocaly.tokyo\/en\/wp-json\/wp\/v2\/categories?post=1549"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/glocaly.tokyo\/en\/wp-json\/wp\/v2\/tags?post=1549"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}