Archive For The “Office/Retail News & Information” Category

Tokyo office rents increase for 40th consecutive month

Tokyo office rents increase for 40th consecutive month

According to Miki Shoji’s Office Report, the office vacancy rate in Tokyo’s five central business districts of Chiyoda, Chuo, Minato, Shinjuku and Shibuya was 3.39% in April 2017, down 0.21 points from the previous month and down 0.84 points from last year. This is the lowest vacancy level seen in 9 years. The vacancy rate…

Mitsubishi sells Yokohama Building for 76 billion Yen

Mitsubishi sells Yokohama Building for 76 billion Yen

On March 30, Mitsubishi Heavy Industries announced the sale of their Yokohama Building for 76.1 billion Yen (approx. 688 million USD) to HULIC and KRF. The sale included the 33-story office building and the 20,000 sqm block of land. The adjoining house exhibition showground on the north-west side of the office tower was included as part…

Harajuku Station Front Project to include retail and residential

Harajuku Station Front Project to include retail and residential

NTT Urban Development Corporation will start work on the Harajuku Station Front Project later this year. The 5,000 sqm site is located in a prime position directly across the street from Harajuku Station and the greenery of Meiji Shrine and Yoyogi Park. This is likely become a retail and residential landmark building.

Details released for Akasaka Twin Tower Redevelopment Site

Details released for Akasaka Twin Tower Redevelopment Site

Details were released earlier this month on the Akasaka 2 Chome Project near Tameikesanno Station in Tokyo. The project has received special permission under the National Strategic Special Zones Law and town planning approval is expected in 2017 or 2018. Completion is tentatively scheduled for 2022. The 11,866 sqm site is owned by Mori Trust…

215m tower for Minato Mita District

215m tower for Minato Mita District

Details on Sumitomo’s redevelopment of a 4 hectare site just west of Mita Station in Tokyo have been released. The Mita 3 and 4 Chome District Redevelopment will include a 215m tall, 42-storey office tower, as well as several low-rise residential buildings. Construction is scheduled to start in 2018 with completion by 2023.

65-story building with 1,000 sqm penthouse apartment planned for Toranomon

65-story building with 1,000 sqm penthouse apartment planned for Toranomon

Long-awaited plans for the Toranomon-Azabudai District in central Tokyo have finally been released. The development, which will be carried out by Mori Building, will include a 65-story mixed-use building that will contain mostly office space, as well as apartments and an international school. Construction is scheduled to start in 2018 with a completion date in 2022. The…

Two 235m towers for Shibaura

Two 235m towers for Shibaura

Nomura Real Estate is redeveloping one of their office towers in Shibaura, Tokyo. The 40,000 square meter site is located just south of Hamamatsucho Station on the Yamanote Line and near Tokyo’s waterfront. The Shibaura 1 Chome Redevelopment Project will include two 235m tall buildings with a total floor area of 580,000 sqm (approx. 6.24…

Land in Ginza sells for 43 million Yen/sqm

Land in Ginza sells for 43 million Yen/sqm

In August, railway operator Hankyu Corporation acquired a block of vacant land in Ginza for 13.5 billion Yen (approx. 132 million USD). The purchase price worked out to be approximately 43,700,000 Yen per square meter (40,000 USD/sq.ft), or around 4,500,000 Yen per buildable square meter (4,100 USD per buildable square foot) based on a potential…

Declining yields sought by investors are pushing up property prices

Declining yields sought by investors are pushing up property prices

In May, real estate giant HULIC acquired the Grand Nikko Tokyo Daiba Hotel from Keikyu Corporation for a little over 60 billion Yen (approx. 584 million USD). The property provided a return in the 2% range. HULIC has plans to increase room rates and improve operating ratios, which could improve the cap rate. In late 2013,…

Jingumae designer building sold for 9 billion Yen

Jingumae designer building sold for 9 billion Yen

ORIX JREIT Inc. announced that they will be acquiring the trust beneficiary rights to the Terrazza Aoyama building in Jingumae at the end of September. The acquisition price is 9 billion Yen (approx. 87 million USD), excluding tax, resulting in a net operating income of 4.2%. The seller was RD Legend Alpha SPC. The building…

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