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The Yamano Gakki building in Ginza and the Marunouchi Building near Tokyo Station are the most expensive commercial real estate in Japan, the Ministry of Land, Infrastructure and Transport announced in its official land price survey Thursday.
According to the survey, both properties were valued at 27 million yen per square meter, Sankei Shimbun reported. Both locations were ranked as the most expensive land in Japan for two years in a row.
The survey also said that the national average land price was 2.1% lower for commercial areas and 1.6% for residential areas -- the fifth year in a row that prices have declined.
© Japan Today
6 Comments
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Kimokekahuna Hawaii
It is not even land.. it is space in the air.
Virtuoso
It used to be the Takano Fruits Parlor in front of Shinjuku Station. What I'd like to know is what causes these rankings to change.
Wakarimasen
There was a news article on the box on this. comparing different locations and buildings. Was fascinating and, even better, done with those flipchart things with removable paper covering the photos and numbers.
MenToSoar
Well, that explains why everything is so expensive in Yamano Gakki! I love going in and browsing, but can't remember the last time I bought something.
lachatamber
about 86,777 USD per square foot! wow
LFRAgain
And that's still not enough, as far as I'm concerned. Real estate prices in Japan are so ridiculously overinflated, it just boggles the senses. It makes absolutely no sense that an apartment in rural Japan that has sat vacant for a number of years should rent for the same price as a similarly-sized one located in, say central Hiroshima or the outskirts of Osaka. Yet, it does.
And then there is the scourge of market force-defying abominations like Leo Palace and Daito Kentaku, who maintain high rent prices despite suffering a 30~50% vacancy rate in most markets they compete in.