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.
Apple Store Ginza Building to be demolished
The building housing the Apple Store Ginza will be demolished later this year. In 2003, this was the first Apple Store to open in Japan.
Luxury ryokan to be built in Ginza
Hulic, a major real estate company, recently announced plans to redevelop a prominent corner block in Ginza into a luxury ryokan-style hotel with an opening scheduled for 2025.
Office vacancy rates improve in 4 out of 5 central Tokyo districts
Several relocations to larger office spaces and some building closures due to redevelopment saw central Tokyo’s office vacancy rate improve by 0.04 points in March to 6.37%.