Tokyo’s office vacancy rate reaches 4.49%, 693-room hotel to be built in Roppongi, while other hotels temporarily close. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Tokyo’s office vacancy rate hits 4.49%
According to Miki Shoji, the average vacancy rate across Tokyo’s five central business districts of Chiyoda, Chuo, Minato, Shinjuku and Shibuya reached 4.49% in December 2020, up 0.16 points from the previous month and up 2.94 points from December 2019. This is the 10th month in a row to see a month-on-month increase. The vacancy rate in new construction was 2.95%, and 4.54% in existing buildings. The average monthly rent dropped 1.0% from the previous month to 21,999 Yen per Tsubo (6,656 Yen/sqm), and is down 0.9% from December 2019. The vacancy rate was highest in Minato ward with 5.79%, followed by Shibuya ward with 5.34%.
693-room hotel for Roppongi
On January 15, APA Hotel announced plans to open the APA Hotel & Resorts Roppongi Eki-mae by November 2022. The 18-story hotel will have 693 rooms, restaurant, large public bath, view pool, and a share-cycle port. It is located on the corner of the Iikura-Katamachi crossing in Roppongi on the site of the former Audi dealership.
Several hotels to temporarily close during state of emergency
Hankyu Hanshin Hotels is temporarily closing seven hotels in Tokyo and Osaka in response to the second state of emergency. The hotels will be closed from January 20 to February 21. They include the 180-room Daiichi Hotel Annex in Shimbashi, Tokyo, and the 961-room Osaka Shin-Hankyu Hotel. Tokyu Hotels announced that the 106-room Futako Tamagawa Excel Hotel Tokyu in Tokyo will be closed from January 17 to February 7.
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