Real estate developers from across the world are assessing damage to properties in Japan and are gearing up for a reconstruction effort that is expected to cost $180bn.
Japan’s stringent building codes prevented many buildings from collapsing, but could not restrict internal damage caused by the earthquake and tsunami that devastated the nation.
Many Japanese developers including Daikyo, Japan Retail Fund Investment Corporation and Japan Prime Realty Investment Corporation have reported minor damage to their properties.
US-based firms including Starwood Hotels and Resorts, Prologis, Simon Property Group and AMB Property Corp. are also assessing damage to their holdings in the affected areas.
Japan’s modern buildings rest on 0.9m wide rubber or fluid-filled shock absorbers and contain heavy weighted cables, steel springs and sliding metal plates that help dissipate the effect of lateral motion during an earthquake.