The last vestige of Hotel Okura’s modernist presence is in line to be demolished as redevelopment plans surface for the Hotel Okura Tokyo’s annex (South Wing).
The average office vacancy rate across central Tokyo’s main business districts dropped to the 1% range in November, according to office brokerage Miki Shoji. This is the lowest rate since the end of the bubble economy in 1991 which saw a vacancy rate of 1.79%.
Tokyo’s historic Nihonbashi district continues to transform with several major redevelopments planned between now and 2035. In addition to these new high-rises, there are also plans to move the unsightly aboveground expressway underground, restoring the Nihonbashi river to its original state.
Construction of the Yaesu 2-Chome North District Category-I Urban Redevelopment Project officially started on December 3. Completion is scheduled for August 2022.
Home goods store FrancFranc will open their Masterrecipe branded flagship store in a traditional townhouse in Kyoto’s Gion district today.
The major redevelopment projects currently underway around Shibuya Station are, as expected, pushing up office rents. The announcement that Google Japan will relocate their head office to the recently completed Shibuya Steam building next year has heralded the return of Shibuya as Japan’s ‘Bit Valley’ and has been the driving force behind the district’s booming office market.
A small retail building behind the Prada Boutique in Omotesando has sold for 12.2 billion Yen (approx. 108 million USD). The Japan Retail Fund Investment Corporation, an affiliate of Mitsubishi Corporation, acquired the trust beneficiary rights to the property on October 25.
The vintage Minami Aoyama 571 apartment building in Omotesando has been demolished to make way for a retail store. The former building was privately developed in 1988 with 4 apartments over 4 floors. Back in early 2015 a full floor apartment was listed for sale for approximately 270 million Yen – a relative steal since it included a 130 sqm share of the land. Unfortunately several of our clients passed on this opportunity.
Niigata City is losing major retail players due to a declining population and a shift in consumer habits towards online shopping and larger suburban malls. On September 26, Isetan Mitsukoshi Holdings announced the planned closure of their Mitsukoshi Department Store in the city by March 2020. The closure is expected to worsen the decline in the city center’s retail district.
On October 3, LaSalle Investment Management, headquartered in Chicago, announced the purchase of Midosuji Front Tower in Osaka’s Umeda district through their Frontier Property LLC, signalling the end of the building’s 8 year vacancy. The sale price was not disclosed.
Midosuji Front Tower was completed in 2010. It has sat vacant ever since due to a dispute between the owners.