Akasaka Twin Tower demolition to begin next month

Akasaka Twin Tower 1After several years of delays, Mori Trust will finally begin their redevelopment of the Akasaka Twin Tower buildings near Tameikesanno Station in Tokyo.

Taisei Corporation will begin demolition work of the 31-year old buildings in mid-May.

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by Zoe Ward

Office vacancy rates in March - Miki Shoji

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 6.70% in March, down 0.31 points from the previous month and down 1.86 points from March 2013. This is the first time since May 2009 that vacancy rates have dropped to the 6% range.

The vacancy rate in brand new buildings was 20.26%, up 0.61 points from the previous month but down 2.98 points from last year. Read more

by Zoe Ward

Sekisui House to acquire Akasaka building for 74 billion Yen

Kokusai Akasaka Building According to Reuters, Sekisui House plans to acquire the Kokusai Akasaka Building for 74 billion Yen (724 million USD). The office building is located alongside Sotobori Dori Avenue and is meters from Tameikesanno Station. It is also just across the street from Sanno Park Tower.Read more

by Zoe Ward

Office vacancy rates in January - Miki Shoji

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 7.18% in January, down 0.16 points from the previous month and down 1.38 points from January 2013. Vacancy rates have been decreasing for the past 7 months.

The vacancy rate in brand new buildings was 14.42%, down 0.08 points from the previous month and down 9.79 points from last year.Read more

by Zoe Ward

Nippon Life acquires site in Minato-ku for 80 billion Yen

Nippon Life Insurance Company has acquired a 7205 sqm development site in front of Hamamatsucho Station for approximately 80 billion Yen (790 million USD). The seller was bus company Kokusai Kogyo. The sale price works out to around 11.1 million Yen/sqm (109,000 USD). Read more

by Zoe Ward

Ralph Lauren Building in Omotesando to be sold for 35 billion Yen

Mitsubishi Corporation have entered into final negotiations to purchase the Espoir Omotesando building for 35 billion Yen (340 million USD). The sellers - Secured Capital Investment Management, Orix and Trinity Investment - acquired the building in 2010 for 31 billion Yen. It was one of the biggest transactions in Japan that year. Read more

by Zoe Ward

NHK to Redevelop Shibuya Broadcasting Centre

NHK Broadcasting Centre Shibuya 2

Television broadcaster NHK announced plans to redevelop their broadcasting centre in Shibuya. The project is expected to cost approximately 300 billion Yen and will be completed by 2025 (although the president of NHK expressed a desire to have it completed by the 2020 Olympics).Read more

by Zoe Ward