1 in 4 Tokyo office tenants looking to move
According to a survey by MORI Building of companies with headquarters in Tokyo’s 23 wards, 24% of them have plans to lease new office space. This is a 3 point decrease from the previous survey conducted last year.
Yubari Resort to file for bankruptcy citing pandemic-induced tourism downturn
Only a year after purchasing the resort and related hotels, the owner-operator of the Yubari Mount Racey Ski Resort is filing for bankruptcy. The closure of the city’s only ski resort and the only three hotels nearby have devastated the local tourism industry.
Avex sells HQ building for 70 billion Yen
According to the Nikkei Shimbun, music and entertainment production company Avex is selling their headquarter building in Omotesando for an estimated 70 billion Yen (approx. US$675 million).
Quick real estate news summary for the week
New apartment supply to increase 31% next year, US$7 billion bet that Japan’s telework trend is short-lived, Nuveen and Kenedix acquire more apartment buildings in Tokyo, and 6% of Osaka's restaurants shut amidst pandemic. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
97-yr old building to be relocated
Don’t despair. The historic Toranomon Osaka-ya Sunaba Restaurant isn’t being demolished, it’s being shifted to make way for a road-widening project.
Harajuku’s Togo Shrine to redevelop vintage function hall
Togo Shrine will be redeveloping their 43-year old wedding and event building within the Shrine grounds next year.
Co-working spaces to open in two historic merchant houses
Kawagoe City in Saitama has converted two historic merchant houses into co-working spaces under a trial run. It is hoped that the recent telework trend might have the positive effect of utilizing long-empty buildings as well as preserving the traditional townscape.