Quick real estate news summary for the week

OYO sells short-term letting unit, New World resort for Niseko, and DeNa moves into WeWork. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.

OYO sells short-term letting unit

Softbank-backed Oyo Hotels & Homes is offloading its OYO LIFE furnished short-term rental unit to KC Technologies. OYO LIFE attempted to disrupt the short-term apartment rental market in Japan in early 2019 by offering no deposit, no key money, furnished rentals with utilities included. The application and contract process could be done entirely online. The goal was to manage 1 million rooms nationwide by 2020, but the company had only signed up 8,000 rooms at its peak. In mid-2020, the number of short-term rooms under management had dropped to under 500.

New World resort for Niseko

New World Hotels & Resorts will be opening the New World La Plume Niseko Resort in 2023. The resort sits on 9 acres of land and will have 219 rooms and 5 villas. Some of the units and villas will be available for purchase. New World is managed by the Rosewood Hotel Group. The site is located at the halfway point between Grand Hirafu and Annapuri ski slopes.

IT firms shifts to flex-office space

DeNa has cancelled their lease of over 15,000 sqm (160,000 sq.ft) of office space in the Shibuya Hikarie tower in favor of moving their head office to a more flexible arrangement in the WeWork space in Shibuya Scramble Square. The move will take place this August. The IT firm is also establishing a new satellite office in Yokohama. The company switched to a remote work model and has just 6% of staff coming into the office.

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