MELSA Ginza-2 to close in August
The MELSA Ginza-2 department store will be closing permanently this August, ending 51-years of operations.
Real estate investment appetite returns to pre-pandemic levels
Corporations in Japan are now taking a different approach to their real estate investment activities. Immediately following the initial shock of the pandemic there was a sudden move toward selling off key assets in order to prop up business sheets. Now that the pandemic is subsiding and business is returning to usual, corporations are back to seeking efficient real estate assets that provide stable revenue and allow for diversification out of traditional revenue streams.
Yokohama now home to Japan's tallest all-wooden building
Japan’s tallest all-wooden building reached completion in Yokohama in March after two years of construction.
Tokyo’s office vacancy rate flattens in April
Tokyo’s office vacancy rate increased only slightly by 0.01 points to 6.38% in April as large-scale leases continued to be filled in existing buildings in the city center. Some tenants were relocating to be better located in Tokyo’s business districts. Vacant office space, too, saw little change from the previous month.
Meguro Gajoen back on the market
On May 11, the Toyo Keizai Online publication reported that China’s sovereign wealth fund is considering the sale of the landmark Meguro Gajoen hotel and office property in Tokyo.
Takanawa Gateway City plans announced
On April 21, East Japan Railway Company (JR East) announced the construction plans for the area around the recently opened Takanawa Gateway Station. A total of four high-rises and one low-rise building will be completed by 2024 ~ 2025.
Japan's tallest tower tops out in Toranomon
The 64-story skyscraper in the Toranomon-Azabudai Project topped out at 330 meters on April 21. This is now the tallest building in Japan, exceeding Osaka’s 300-meter tall Abeno Harukas building.