Free rent on the rise in the office leasing sector
Although office vacancy rates in Tokyo have been shrinking and rents appear to be recovering from a recent low, incentives, such as free rental periods, are on the rise. This might indicate some continued softness in the office market sector.Read more
18,000 m2 Toranomon office building sells for 860 million Yen
Nippon Building Fund (NBF) has sold a 61-year old office building in Toranomon back to its sponsor, Mitsui Fudosan, for just 860 million Yen (US$5.5 million). This may seem like a remarkably low price, considering the REIT paid 13.3 billion Yen for it in 2004, and there’s a good explanation.Read more
Mitsubishi vacating Yokohama office tower
Mitsubishi Heavy Industries is relocating its head office operations from Yokohama to central Tokyo, joining related companies in aggregating its operations in one central location.Read more
Two floors in Roppongi Hills sold to small-lot real estate fund
Small-lot real estate fund creator and operator, Financial Partners Group (FPG), has acquired the 18th and 21st floors in Roppongi Hills Mori Tower. This is the largest acquisition by FPG to date, and potentially the largest small-lot investment to go on offer.Read more
Kudan-Minami office building traded for 3rd time in 3 years
A 10-story office building across from Yasukuni Shrine in Tokyo’s Chiyoda ward has changed hands for the third time in three years. NTT Urban Development acquired Pacific Square Kudan-Minami from a real estate fund in early 2008. It had been suffering from high vacancy rates at the time due to high supply in the neighborhood and a relatively small floor plate (144 m2).Read more
Seibu to sell off all assets by 2026, starting with Kioicho skyscraper
On May 9, Seibu Holdings confirmed its plans to sell the Tokyo Garden Terrace Kioicho property in central Tokyo within the year.Read more
An overview of Ginza's real estate market for May 2024
Ginza is perhaps the most famous retail destination in Japan. It’s also the most expensive in terms of rent and land prices and amongst the lowest in terms of cap rates. While land values took a dip during the pandemic when the country was closed to inbound tourism for 2.5 years, they have recently returned to positive territory. Below, we take a look at current market rents, land prices, and some commercial properties currently for sale in the Ginza address.Read more