Shibuya’s Silicon Valley status pushing rents to new highs
Thanks to its fast-growing status as Japan’s new tech center, Shibuya has outpaced Chiyoda as the most expensive office district in Tokyo.
Shibuya onsen to be converted into shared office space
An office conversion is planned for a long-shuttered spa and onsen building in downtown Shibuya. Shiespa, located 600 meters from Shibuya Station, opened in 2006 as a women-only spa and onsen. It closed its doors in August 2007 and has sat vacant ever since.
Office vacancy rates return to record low in Tokyo
Office rents in central Tokyo continue to climb with a 6.93% year-on-year increase reported in September. This is the 69th month in a row to see a year-on-year increase. Meanwhile, vacancy rates remain low with an average of 1.64%, equal to the recent historic low seen in May. The vacancy rate excluding new construction was 1.56% last month, down 0.7 points from last year.
Onsen, retail and event space planned for Shimokitazawa Station area
Odakyu Electric Railway has released their development plan for the newly freed space above the underground section of railway that runs between Yoyogi Uehara and Umegaoka Stations.
Multi-block redevelopment for Uchisaiwaicho
Three developers will soon embark on what is said to be the biggest post-Olympic redevelopment project in Tokyo. The redevelopment district includes the Imperial Hotel, NTT Hibiya Building, Mizuho Bank Uchisaiwaicho Building, and TEPCO Head Office Building.
Yokohama's modernist City Hall to be converted into hotel
A leading example of modernist architecture in downtown Yokohama will be preserved and incorporated into a large-scale office and hotel project.
Omotesando retail sells for 6.5 billion Yen
Takara Leben Real Estate Investment Corporation will pay 6.52 billion Yen (approx. 61 million USD) to acquire the trust beneficiary rights to the Almost Blue retail building in Omotesando. The sale is expected to take place this month.