2020 Office supply in Tokyo reaches 2nd highest level in history
According to a report published by Mori Building on May 25, a total of 1.87 million square meters (approx. 20 million sq.ft) of new office space is expected to be supplied in Tokyo’s 23 wards in 2020. This is the second-highest level seen since the company began collecting data in 1987. Despite the large supply, most of the new office space is already leased.
Tokyo office vacancy rate rises for 2nd month
The office vacancy rate across Tokyo’s prime business districts increased for the second month in a row, with a 0.06 point increase to 1.56% in April. Chiyoda and Chuo wards saw vacancy rates shrink from the previous month. Chuo’s vacancy rate reached a new record low of 1.08%, down 0.06 points from March and down 0.94 points from April 2019.
Never waste a good crisis: Where are the current opportunities in Japan’s real estate market?
We have been receiving quite a few inquiries over the past couple of months from buyers looking to pick up some bargains amidst the current turmoil. After several years of being a strong sellers' market, the real estate market in Japan has made an abrupt about-turn and has shifted into a buyers' market from around mid-March onwards.
And yes, while there are some bargain sales out there, buyers need to know where to look.
Tokyo office vacancy rate increases for first time in 9 months
In March, the office vacancy rate across Tokyo’s central five business districts increased for the first time in 9 months. The vacancy rate reported by Miki Shoji was 1.50%, up 0.01 points from the previous month, but down 0.28 points from last year.
TOD’S Omotesando Building sold to Kering
Gucci owner and global luxury group Kering has purchased the Tod’s Omotesando building through a special-purpose company. The seller was a subsidiary of Tod’s.
Office vacancy rate reaches new low in February
Tokyo’s prime office vacancy rate hit a new record low in February, dropping 0.04 points from the previous month to 1.49%. This is the lowest vacancy rate seen since December 1990 when it was as low as 0.39%.
Partial interest in Otemachi office tower sells for 99.8 billion Yen
Mitsubishi Estate has sold a partial interest in the Otemachi Park Building for 99.8 billion Yen (approx. US$974 million).