Toranomon Hills officially open from today
Mori Building’s latest high-rise - Toranomon Hills - is officially open today. At 247m tall, the 52-storey building is Tokyo’s second highest mixed-use building after Tokyo Midtown. An opening ceremony was yesterday, with Prime Minister Shinzo Abe giving a speech.
The building contains office space on floor 6 to 35, apartments on floors 37 to 46 and the Andaz Hotel on floors 47 to 52. Of the 172 apartments, 70 were offered for sale (most have already sold) with the remaining apartments offered for rent.
Monthly rents range from 550,000 Yen (5,400 USD) for a 1-bedroom up to 2.92 million Yen (28,500 USD).Read more
Mitsubishi Jisho to start renovating old office buildings
Mitsubishi Jisho Residence announced that they are entering the building renovation business. With the cooperation of their subsidiary MEC eco LIFE Co. as well as Real Tokyo Estate, Mitsubishi plan to rent entire buildings from owners, carry out refurbishments, including earthquake-retrofitting, and then offer the newly made-over spaces for rent.
The owners of older office buildings can have a difficult time attracting tenants and such buildings tend to have high vacancy rates. As such, landlords of buildings with little-to-no rental income are less inclined to carry out renovations on their own.Read more
Higher rents and lower vacancy rates expected for Tokyo’s office market
Central Tokyo’s office market is experiencing a rebound as vacancy rates drop to their lowest level since 2009. According to Miki Shoji, the vacancy rate in Tokyo’s central five wards (Chiyoda, Chuo, Minato, Shinjuku and Shibuya) was 6.70% in March - the first time it had fallen below 7% in 4 years and 10 months. In April, it dropped a further 0.06 points to 6.64%.
As market conditions and business outlooks improve, demand is growing from companies looking to locate their operations in earthquake-resistant buildings in the centre of the city. Read more
Okinawa’s Naha Tower sold to hotel operator
Naha Tower, a local landmark and relic of the 1970s, has been purchased by a Kyushu-based hotel operator for an undisclosed price. The seller was Tokyo-based Intrance Co., Ltd.
In 2006, developer Zephyr Co., Ltd. acquired the building and renamed it ‘Zephyr Naha Tower’. They filed for bankruptcy in 2008 and the building’s tenants moved out one month later. The building has been empty ever since. Intrance acquired the building in 2011. Read more
Hotel Okura Tokyo to be redeveloped
Yesterday it was announced that the Hotel Okura Tokyo in Toranomon, Minato-ku, will be redeveloped. The new hotel is expected to be completed in time for the 2020 Summer Olympics.
The current 408-room hotel was completed in 1962 - two years before Tokyo hosted the 1964 Summer Olympics. The annex building was completed in 1973. It has been a landmark hotel and has hosted numerous foreign dignitaries and VIPs, the most recent being US President Obama who stayed in the hotel during his visit to Tokyo in April.Read more
Historic Shinsaibashi Daimaru store to be demolished
J. Front Retailing recently announced plans to redevelop the 81-year old Daimaru Department Store in Shinsaibashi, Osaka.
The store was designed by US-born architect William Merrell Vories and completed in 1933. Design-wise, the building is considered to be the best department store in Japan. It is a well-known example of ‘Taisho Modern’ architecture which is a mix of art deco and neo-gothic styles. In 2003, it made the DOCOMOMO Japan list of the top 100 modern buildings in the country. Read more
Otemachi business area to see first apartments in 2017
Japan’s top business district is about to get its very first apartment development. Mitsubishi Jisho announced on April 14 that luxury serviced apartment operator, The Ascott Limited, will occupy part of a new high-rise development in Otemachi 1 Chome.
While the Singaporean company already operates Citidines and Somerset serviced apartments throughout Tokyo, this will be their first ‘Ascott The Residence’ branded property in Japan. The residence will cater to domestic and foreign business people looking for long-stay accommodation. The apartments should begin taking guests from early 2017. Read more