Office vacancy rate stays flat in Tokyo
The office vacancy rate in central Tokyo remained unchanged at 6.49% in September, according to office brokerage Miki Shoji. Office rents, however, continued to decline with the average rent dropping 94 Yen from August to 20,156 Yen per tsubo (approx. 6,098 Yen/sqm).
Imperial Theatre to be demolished
The Teigeki, or Imperial Theatre, in Marunouchi will temporarily close in 2025 as the building undergoes redevelopment.
Details released for new high-rise in Miyamasuzaka
Details of a 180-meter high-rise for the eastern side of Shibuya Station have been published by the Cabinet Office. The Miyamasuzaka District Redevelopment will see a 33-story office and hotel tower built on the northern side of Miyamasuzaka Street.
Yaesu Book Center to be redeveloped
The 44-year-old Yaesu Book Center near Tokyo Station will close in March 2023 as part of a large-scale redevelopment project.
400 billion Yen for a share of Otemachi Place
Despite the Yen dropping to a 24-year low, a domestic consortium led by Hulic has outbid foreign investors to acquire the Ministry of Finance’s share in the Otemachi Place office tower in Tokyo. And at an astronomical price…
Apple Store finds new location in Ginza
With demolition looming for its landmark building in Ginza, the Apple Store will be moving into new digs from August 30. The store is relocating to a Kengo Kuma-designed hybrid wood and steel building in the Ginza 8 Chome address.
Old apartment building to be replaced with office
Nomura Real Estate Holdings is acquiring an entire condominium building in Takanawa from its apartment owners association. The 42-year-old apartment building will be demolished and replaced with an office building.