53-yr old office conversion in Chiyoda-ku
Real estate developer Hulic Co., Ltd. has converted a 53 year old office building in Chiyoda-ku into a trendy shared apartment, office and event space. The building has been named ‘the c’ to represent the keywords behind the project, which were central, conversion, communication, culture and create.
Floors 3 to 9 have been converted into shared residential space, with a shared office space located on the 2nd floor. The top floor of the building has been turned into a shared lounge, theatre room and dining space for both residents and office workers. An event space was created in the building’s basement which can be rented out for events and meetings. The rooftop has an open terrace with wi-fi access.Read more
Office vacancy rates in Tokyo down for 18th consecutive month
According to Miki Shoji’s office report, the office vacancy rate in Tokyo’s five central business districts (Chiyoda, Chuo, Minato, Shinjuku and Shibuya) was 5.47% in December 2014, down 0.08 points from the previous month and down 1.87 points from last year. This is the 18th month in a row to see a month-on-month decrease in vacancy rates.
In Minato-ku, vacancy rates dropped to the 5% range for the first time since January 2009.
The vacancy rate in brand new office buildings was 13.40%, down 0.33 points from the previous month and down 1.10 points from last year. Only one office building was completed in December and was fully leased at the time of completion.Read more
High-rise plans for northern side of Toranomon Hills
On December 12, the Tokyo Metropolitan Government’s Bureau of Urban Development announced details for the Toranomon Station South District Plan. There are plans for this project to be certified under the National Strategic Special Zone, which could provide an allowance to increase the floor space for the site.
District A
District A (Toranomon 1-17~20), which is a 1.5 hectare site directly across the street on the northern side of Toranomon Hills, currently contains several smaller buildings including the Toranomon 10 Mori Building (1966) and the Nishimatsu Building (1962). Current plans are for a 36-storey, 185m tall office building with a total floor area of 175,000 sqm. Development approval is expected to be announced in June 2015. If approved, construction will start in February 2017 with completion expected by December 2019.Read more
Tokyu Plaza Shibuya to be redeveloped
The Tokyu Plaza Shibuya building to the west of Shibuya Station will be demolished in 2015 and replaced with a larger mixed and retail development.
The 9-storey multi-tenant retail building, which was originally called the Shibuya Tokyu Building, opened in 1965. In celebration of its 50 year history, a number of stores will be holding special sales from January to March 2015, while some of the restaurants which have been in operation since the building opened will prepare special menu items. A temporary gallery with photos of the Shibuya area over the past five decades is also scheduled to open from the end of January.Read more
Tokyu Fudosan Holdings redeveloping Dogenzaka HQ
On November 7, Tokyu Fudosan Holdings announced that they are redeveloping their head office building and neighbouring buildings in Dogenzaka, Shibuya-ku.
The Shibuya Nanpeidai District Redevelopment Plan covers a 4,100 sqm site alongside the 246 Expressway and 500 meters from Shibuya Station. It is expected that redevelopment will begin once Tokyu have relocated their office to Minami Aoyama in 2015.
The following buildings will be redeveloped:
- Shin Nanpeidai Tokyu Building (1974)
- Nanpeidai Tokyu Building / Tokyu Skyline Apartments (1958)
- Shibuya TOD Building (1989)
Land prices up in 83% of locations - MLIT LOOK Report
The Ministry of Land, Infrastructure, Transport and Tourism (MLIT) announced the land price movements across Japan for the third quarter in 2014 (July 1 ~ October 1).
According to the Chika Look Report, 124 locations (83% of the total) saw an increase from the previous quarter, and 26 locations (17% of the total) saw no change. For the first time since this survey began in late 2007, none of the 150 survey sites saw a decrease in prices. Of the 124 locations to see a price rise, 122 locations saw prices rise between 0 ~ 3%, while 2 locations (Ginza and Shinjuku 3 Chome) saw prices rise between 3 ~ 6%.
Strong investor demand caused by monetary easing, as well as demand for apartments in areas with convenient access have helped to sustain the price growth.
In greater Tokyo, 58 locations (89% of the total) saw land prices increase, while the remaining 7 locations (11%) saw no change. In greater Osaka, 30 locations (77%) saw prices increase, wile 9 locations (23%) saw no change. In Nagoya, all 14 locations saw prices increase.Read more
Mitsui starts work on Nihonbashi 2 Chome Redevelopment
On November 13, Mitsui Fudosan announced that they have started construction on the Nihonbashi 2 Chome District Redevelopment Project. This redevelopment forms an important part of the second stage of the Nihonbashi Revitalisation Plan.
The 2.6 hectare site includes the historic Nihonbashi Takashimaya Department Store. The important cultural property was built in 1933 and will be retained as part of the new development. The rooftop terrace and gardens will be upgraded and expanded to cover a 6,000 sqm space with footbridges connecting the rooftop to the neighboring office buildings.Read more