Japan’s office investment market has hit its highest level since the start of global financial crisis.
Transactions hit £12.4bn in the first quarter of the year with more than 40 transactions over the ¥10bn (£50m) threshold.
In Tokyo, the world’s biggest office market saw investment rocket 165% to £4bn in the first quarter of the year compared with the same period last year.
The Nikkei Real Estate Market Report, a Tokyo-based information service, says there have been as many as 40 transactions of more than ¥10bn in this period, and observes: “Momentum is nowhere near a slowdown.”
The turnaround has been two decades in the making. The city had fallen behind in the global ratings, buffeted by 20 years of deflation, the Asian financial crisis, the global financial crisis and the biggest earthquake in Japanese history in March 2011.
“We are going to make Tokyo a place where people can come and both do business and enjoy themselves,” said city governor Yoichi Masuzoe.
