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

Foreign funds spend 1.1 trillion Yen on Japanese real estate in 2017

In 2017, foreign corporations and funds spent a total of 1.1 trillion Yen (approx. 9.7 billion USD) on real estate acquisitions across Japan, a three-fold increase from 2016 and the first time that the annual volume has exceeded one trillion Yen.

Tokyo facing office space shortage in prime buildings

Tokyo facing office space shortage in prime buildings

Office vacancy rates in central Tokyo’s business districts continue to shrink with Jones Lang Lasalle reporting almost no vacancies in the main office buildings in the Marunouchi district. After reaching a high of 9.43% in mid-2012, vacancy rates in Tokyo’s central five business districts were down to 3.03% last month – a level last seen…

Construction starts on Aoyama Bell Commons redevelopment

Construction starts on Aoyama Bell Commons redevelopment

Construction has started on a 20-storey commercial building on the site of the former Aoyama Bell Commons building in the Omotesando / Gaienmae area in Tokyo. Completion is due by April 2020. The 90m tall Kita Aoyama 2 Chome Project will include retail on the first two floors, a hotel on floors 3, 4 and…

Norges Bank acquires 132.5 billion Yen in real estate in Omotesando/Harajuku in JV

Norges Bank acquires 132.5 billion Yen in real estate in Omotesando/Harajuku in JV

Norges Bank Real Estate Management (NBREM), part of Norway’s sovereign wealth fund, will acquire a 70% stake in a 132.5 billion Yen (approx. 1.17 billion USD) portfolio of real estate in Tokyo along with partner Tokyu Land. This is NBREM’s first investment in Asia.

Takashimaya pays 442 million USD for two office buildings in Nihonbashi

Takashimaya pays 442 million USD for two office buildings in Nihonbashi

Takeda Pharmaceutical has sold two of their buildings in downtown Tokyo to the Takashimaya Department Store for a reported price of 49.5 billion Yen (approx. 442 million USD). Delivery of the buildings is scheduled for March 2019. Both properties were owned by Takeda’s real estate division. Takeda will be putting the proceeds from the sale…

Google Japan office relocation signals return of Shibuya’s Bit Valley

Google Japan office relocation signals return of Shibuya’s Bit Valley

On November 17, Google Japan announced plans to relocate their head office to a new office tower near Shibuya Station in mid-2019. Google will be taking up floors 14 to 35 in Shibuya Stream – a 35-storey office tower due for completion in late 2018. The 50,000 sqm (538,000 sq ft) of office space will…

16-fold rent increase for shopkeepers at Asakusa’s Sensoji temple

16-fold rent increase for shopkeepers at Asakusa’s Sensoji temple

Shopkeepers alongside the Nakamise shopping street, a 250 meters long souvenir shop-lined pedestrian mall leading to Sensoji temple in Tokyo, are reeling after being hit with a potential 16-fold increase in store rents. In September, Sensoji temple informed the tenants of plans to increase the rent from the current level of 15,000 Yen per month…

Tokyo office rents increase for 45th consecutive month

Tokyo office rents increase for 45th consecutive month

According to Miki Shoji, the average monthly office rent in central Tokyo’s five business districts reached 18,995 Yen per Tsubo (approx. 5,747 Yen/sqm) in September, an increase of 3.59% from last year and the 45th month in a row to record a year-on-year increase. The average is still 17% below the recent record high of…

Land in Ginza to sell for 64 million Yen (570,000 USD) per square meter

Land in Ginza to sell for 64 million Yen (570,000 USD) per square meter

Articles appearing in both the Nikkei Business Publication and the Business Journal have suggested that a block of land (with building) alongside Ginza’s main shopping street will be sold for a record price of up to 64 million Yen per square meter (approx. 570,000 USD/sqm or 53,000 USD/sq ft). 

Land under Takashimaya Times Square Building sells for 21 billion Yen

Land under Takashimaya Times Square Building sells for 21 billion Yen

Takashimaya has acquired the remaining 60% of the land under the Times Square Building near Shinjuku Station for 21 billion Yen (approx. 185 million USD). The property is located on the eastern side of Shinjuku Station in Shibuya ward. The main tenants of the building include the Takashimaya department store and Tokyu Hands.

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