Magazine No 72 images
Summer 2007
High Returns - Office Price Index
How CBRE has thrived on the "white hot" real estate market in Tokyo
OFFICE INVESTMENT MARKET
Central five Wards Grade A Office Price Index
Graph printed courtesy of CBRE
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Message from the Publisher - Terrie Llyod
Talking to a local economist at the beginning of this year, he said that if no serious downturn occurred in the US markets by mid-year, then he reckoned that Japan would have a good chance of seeing its growth continue for the rest of 2007. It looks like the US has had a soft landing and escaped the possible fall-out of low-end forced mortgagee sales, and thus the economies of both nations are doing well.
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Message from the Editor - Peter Harris

Peter Harris MA (Oxon)
Chief Editor
Peter Harris is a British citizen who graduated from the universities of Oxford and the School of Oriental and African Studies, London. He first came to Japan in 1999 and has lived in Okinawa for 2 years on the Japan Exchange & Teaching (JET) program. He has a varied experience of writing and editing and is happy to hear your thoughts. He can be contacted at:
High Returns - Ben Duncan (2)
How CBRE has thrived on the "white hot" real estate market in Tokyo
Ben Duncan, CB Richard Ellis’ 35 year old Representative Director has the look of a man in the right place at the right time, but this wasn’t always the case. When Ben first came to Asia he was stationed in Hong Kong in 1996, at which his friends quipped that he wouldn’t have much trouble finding a seat on the plane given that most foreign real estate executives were sprinting home before the impending ‘Handover.’ As a relatively new graduate however, Duncan was finding the London rat-race less than stimulating and had his eyes set on more exotic climes. Frankly armed with his certification as a Member of the Royal Institution of Chartered Surveyors, he headed to Asia and quickly rose up the ranks. Hong Kong provided him with the opportunity to cut his teeth on some substantial deals and get experienced with the major players in the Asia’s real estate markets.
High Returns - Ben Duncan (1)

How CBRE has thrived on the "white hot" real estate market in Tokyo
Ben Duncan, CB Richard Ellis’ 35 year old Representative Director has the look of a man in the right place at the right time, but this wasn’t always the case. When Ben first came to Asia he was stationed in Hong Kong in 1996, at which his friends quipped that he wouldn’t have much trouble finding a seat on the plane given that most foreign real estate executives were sprinting home before the impending ‘Handover.’
High Returns - Only 17% of Tokyo's real estate falls into the Grade A category (photo by Leonid Safonov)
How CBRE has thrived on the "white hot" real estate market in Tokyo
If you scan the Tokyo skyline from Roppongi Hills it may look like a city to rival Manhattan but in reality only an estimated 17% is in the grade A category compared with at least 60% in Singapore and Hong Kong. Businesses are hungry for high-end office locations and so far demand is way in excess of supply.
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