Procter & Gamble Japan to sell Rokko Island HQ

P&G Japan Rokko Island BuildingProcter & Gamble Japan announced on January 8 that they will be selling their head office building in Rokko Island, Kobe, for an undisclosed sum. The buyer is Kobe-based trading and consulting firm Kengoo Group. 

The 30-storey building was completed in 1993. It has a total floor area of 43,500 sqm and is on a 7100 sqm block of land.

P&G will continue renting the building from the new owner before relocating to a new office in Sannomiya in early 2016.

Source: The Kobe Shimbun, January 8, 2014.

by Zoe Ward

Tokyo office market in 2014

In 2014, the total office space expected to hit the market could amount to just half of the level seen in 2012. Meanwhile, vacancy rates are expected to continue their decline this year as companies shift to new offices and expand operations.

According to Miki Shoji, approximately 844,700 sqm of new office space is expected to be supplied in Tokyo's central five business districts (Chiyoda, Chuo, Minato, Shinjuku and Shibuya) in 2014. This is a 4% increase from 2013, but is only half of the level seen in the last peak in 2012. Read more

by Zoe Ward

Takashimaya to acquire two stores in Tokyo

Takashimaya Times Square
Takashimaya Shinjuku Store / Takashimaya Times Square

Takashimaya announced that they will acquire the remaining share in the Takashimaya Shinjuku Store from Tokyu Land for 105 billion Yen. There are also plans to acquire full ownership of the Tachikawa Takashimaya building and land from the Mitsubishi UFJ Trust and Banking Corporation for 12 billion Yen. Takashimaya already owns part of these properties through  a subsidiary.Read more

by Zoe Ward

Shibuya City Office redevelopment to include new apartments

Shibuya City Office

The redevelopment of the ageing Shibuya City Offices will include a 37-storey apartment building with 414 apartments.

Part of the development site will be leased to a developer on a 70-year term. The revenue from the leasehold is expected to cover the costs of the city office redevelopment. Five developers are bidding for the project, and the final decision will be made in the next few months.Read more

by Zoe Ward

Office vacancy rates in November - Miki Shoji

According to Miki Shoji's office report, the office vacancy rate in Tokyo's 5 central business districts (Chyoda, Chuo, Minato, Shinjuku and Shibuya) was 7.52% in November, down 0.04 points from the previous month and down 1.24 points from last year. This is the fifth month in a row where vacancy rates have fallen.

The vacancy rate in brand new buildings was 16.71%, down 0.33 points from the previous month and down 14.15 points from last year.Read more

by Zoe Ward

Shibuya Station area redevelopment to include residential component

Shibuya Station Sakuragaoka Entrance Redevelopment 3

Details of the Shibuya Station Sakuragaoka Entrance Redevelopment were recently made announced. As part of the major redevelopment of the Shibuya Station redevelopment, the Sakuragaoka Entrance Redevelopment located to the south-west side of the station will include two office buildings and a 32-storey mixed-use residential/commercial building. Read more

by Zoe Ward

Former Taiyo Dept Store in Kumamoto to be demolished

Daiei Kumamoto Shimotori

The Daiei Kumamoto Shimotori Store (formerly the Taiyo Department Store) in Kumamoto City will be demolished next year. The building was the scene of a devastating fire in 1973 that killed 104 people and injured 120.

The 60 year old building opened in 1952 as the Taiyo Department Store. In its early days it was considered the best store in the city.

The store was closed for the next two years following the fire as the building underwent repairs. When it finally re-opened, 120,000 people visited on the opening day. However, the store never fully recovered from the incident and went bankrupt a year later.

Read more

by Zoe Ward