Harumi's office market woes continue
News broadcaster NHK has now picked up on the struggling office market conditions around Tokyo Bay, particularly Harumi island. Of interest is the Harumi Island Triton Square office complex. The landmark project was completed in 2001 with a shopping mall inspired by Southern Europe. Above, there are four office blocks with a total floor area of 383,300 m2 (4.1 million sq.ft).
Office occupancy was great up until five years ago, with some of the towers fully leased up. Now, there is around 10,000 tsubo or 33,000 m2 of vacant space. One of the office towers has a vacancy rate of 20%.Read more
Office vacancy rates in Tokyo shrink for 8th month in a row
The average vacancy rate for existing office buildings in Tokyo’s central five districts has seen a month-to-month decrease for the past 8 months. In January, it decreased by 0.15 points from the previous month to 5.17%. This is the lowest level seen since January 2021.Read more
Omotesando retail to sell for 5 billion Yen
This retail building in Omotesando is selling for 5 billion Yen. A-FLAG Kotto-dori is being sold by the Activia Properties REIT with delivery to take place by the end of May. The buyer is an unnamed domestic corporation.Read more
Vacant office building in Tokyo sells for 30% premium
A 13-story office building in Takanawa, Tokyo, has just been flipped for a 7 billion Yen gross gain over the span of a year.Read more
Platinum Avenue office sells for 8 billion Yen
Last month, Orix JREIT signed an agreement to sell this office building alongside Platinum Avenue in Shirokane for ¥8.78 billion. The cap rate would be in the high 3% range.Read more
Back-to-work trend sees increase in fees for rental meeting rooms
Those rental meeting rooms that you see dotted around central Tokyo are starting to increase their fees as workers return to the office. Prices have increased by as much as 10 ~ 15% over the past two years.Read more
Tokyo office rents increase for first time in 3.5 years
In December, office rents in central Tokyo saw the first month-on-month increase in 3.5 years. According to brokerage Miki Shoji, the average monthly rent per tsubo was 19,748 Yen (5,975 Yen/m2), up 22 Yen from the previous month and the first increase since July 2020.Read more