Higher rents and lower vacancy rates expected for Tokyo’s office market
Central Tokyo’s office market is experiencing a rebound as vacancy rates drop to their lowest level since 2009. According to Miki Shoji, the vacancy rate in Tokyo’s central five wards (Chiyoda, Chuo, Minato, Shinjuku and Shibuya) was 6.70% in March - the first time it had fallen below 7% in 4 years and 10 months. In April, it dropped a further 0.06 points to 6.64%.
As market conditions and business outlooks improve, demand is growing from companies looking to locate their operations in earthquake-resistant buildings in the centre of the city. Read more
Shinagawa apartment buildings designated as tsunami evacuation facilities
Three apartment buildings in Shinagawa-ku, Tokyo, have been designated as tsunami evacuation facilities. The ward has already assigned three private buildings and hotels, but these recent additions are the first residential properties to receive the designation.Read more
Okinawa’s Naha Tower sold to hotel operator
Naha Tower, a local landmark and relic of the 1970s, has been purchased by a Kyushu-based hotel operator for an undisclosed price. The seller was Tokyo-based Intrance Co., Ltd.
In 2006, developer Zephyr Co., Ltd. acquired the building and renamed it ‘Zephyr Naha Tower’. They filed for bankruptcy in 2008 and the building’s tenants moved out one month later. The building has been empty ever since. Intrance acquired the building in 2011. Read more
Kyoto looking for tenant for historic restaurant/ryokan in Gion
Kyoto City is looking for a tenant for a traditional-style residence/restaurant in the Gion-shinbashi neighbourhood. The 2-storey wooden house was during the Meiji period and is estimated to be around 120 years old.
Until recently it was used as a tempura restaurant. The owner of the property and former operator of the restaurant left the property to the city in June 2013 with the hope that the city could continue to conserve and protect the historical building.Read more