On December 18, Tokyu Land announced the formation of a project agreement with the Next Shibuya Sakuragaoka District Town Area Redevelopment Preparation Committee.
On January 30, Mitsubishi Estate and Tokyo Broadcasting System Holdings (TBS) announced the formation of business agreement for the redevelopment of the Kokusai Shin-Akasaka Buildings (East, West and Annex). These office towers are located just above Akasaka Station and across the street from Akasaka Biz Tower and the TBS TV Studios.
On February 15 the Tokyo Metropolitan Government approved construction plans for the Jingumae 6 Chome district redevelopment. The site is located in a prime retail position at the corner of Omotesando Avenue and Meiji Dori Street and above the Meiji-jingumae subway station.
Mori Trust’s ‘Tokyo World Gate’ project in Toranomon, Tokyo, topped out earlier this month. The 180-meter tall mixed-use tower is expected to open in March 2020, forming an important piece of Toranomon’s transformation into a global business hub.
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.