Tokyo's office vacancy rate improves for first time in 21 months
In November, the office vacancy rate in Tokyo improved for the first time in 21 months as concerns over the pandemic’s effects on the workplace seem to have weakened.
2021 sees continued demand for real estate in Tokyo
Although Tokyo’s office vacancy rate has been climbing for the past 20 months, institutional investors are not shying away from the nation’s capital. With vacancy rates on the rise and rents falling, real estate prices should typically decrease. However, in a low interest rate environment investors are content with lower yields and are paying more to secure prime real estate.
Tokyo office vacancy rate climbs for 20th month
According to brokerage Miki Shoji, the average vacancy rate for office space across Tokyo’s five business districts of Chiyoda, Chuo, Minato, Shinjuku and Shibuya reached 6.47% in October, up 0.04 points from the previous month and up 2.54 points from last year. This is the 20th month in a row to see an increase.
World Trade Center Building closes its doors
The World Trade Center Building in Hamamatsucho, Tokyo, officially closed its doors back in June, as developers prepare to redevelop the site. The 152-meter tall office tower was built in 1970.
Staffing company to lease Avex HQ
Staffing and outsourcing giant Pasona Group will be leasing the entire Avex Building in Omotesando.
More companies selling off real estate holdings in 2021
This year could see a record number of listed companies sell off real estate holdings, according to data collected by Tokyo Shoko Research.
226m tall tower for Yaesu 2 Chome
On October 26, several developers announced the formation of a redevelopment committee for a high-rise office tower to be built in front of Tokyo Station.