Office vacancy rates shrink while Marunouchi’s rents reach record high
The office vacancy rate in central Tokyo’s five business districts reached a 57-month low, dropping to 3.56% in May, according to office brokerage Miki Shoji. For existing buildings, the vacancy rate was 3.20%, the lowest level since August 2020. In just the span of a month, 15,000 tsubo (49,575 square meters) of office space was taken off the market either by leasing activity.Read more
Redevelopment plans announced for Grand Prince Hotel Shin Takanawa
On June 6, Seibu Real Estate released details on the redevelopment plans for the Grand Prince Hotel Shin Takanawa on the western side of Shinagawa Station in Tokyo. This is a joint venture involving Seibu, Tokyu Land Corporation, the Urban Renaissance Agency, and the Takanawa 3 Chome Shinagawa Station Front Town Redevelopment Committee.Read more
Nissan Motor may sell global HQ building in Yokohama
Nissan Motor may be considering the sale of its global headquarters in Yokohama City, according to an information session held on May 23.Read more
Office rents increase in Tokyo's Grade A and C buildings
Rents for Grade A office in central Tokyo have recovered to 2021 levels, according to Sanko Estate and the NLI Research Institute. Average monthly office rents reached 30,509 Yen per tsubo (9,230 Yen/sqm) in the first quarter of 2025, up 7.1% from the previous quarter and the sixth consecutive quarter to see growth. This is the first time rents have exceeded 30,000 Yen per tsubo since the fourth quarter of 2021.Read more
MUFG Launches 100 billion Yen fund amid Japan real estate boom
Mitsubishi UFJ Financial Group (MUFG) is planning to acquire 100 billion Yen (US$678 million) worth of office and multi-family assets in Japan over the next three years, according to an article in the Nikkei Shimbun newspaper. The move comes as Japan’s relatively low real estate prices, ultra-low interest rate environment, and recent inflation continue to create a highly competitive market for both domestic and foreign capital seeking capital gains.Read more
Marunouchi landlord expands flex space
Marunouchi’s largest landlord, Mitsubishi Estate, is adding to its flexible office space in the district as it seeks to boost rents in a tightly supplied market.Read more
Akasaka Park Building to be sold back to sponsor
Japan Real Estate Investment Corporation is selling Akasaka Park Building for 80.7 billion Yen (approx. US$538 million) to its sponsor, Mitsubishi Estate, with the sale to take place over six stages between April 2025 and October 2027. The building had an appraised cap rate of 3.1%.Read more