Chongryon headquarters back on the auction block

The Chongryon headquarters and North Korean de facto embassy building in Tokyo will be put up for public auction for a second time in early October.

The building and land was first listed for auction in March 2013. It made headlines after the winning bidder - the chief priest of a Kagoshima-based buddhist temple - failed to come up with the money for his 4.5 billion Yen bid.Read more

by Zoe Ward

Office vacancy rates in July - Miki Shoji

According to Miki Shoji, the office vacancy rate in Tokyo's 5 central business districts (Chiyoda, Chuo, Minato, Shinjuku and Shibuya) in July was 8.29%, down 0.17 points from last month and down 1.01 points from last year. Vacancy rates were down in four of the five business districts.

The vacancy rate in new buildings was 12.72%, up 1.12 points from last month but down 20.92 points from last year. Read more

by Zoe Ward

Akasaka Business Place sold

Daiwa Office Investment Corporation acquired Akasaka Business Place from Hakuba Capital 1 TMK (Angelo Gordon's SPC) for 9.2 billion Yen (approximately 92 million USD).Read more

by Zoe Ward

Office vacancy rates in June - Miki Shoji

According to Miki Shoji's Office Report for the month of June 2013, the vacancy rate in Tokyo's 5 central business districts (Chiyoda, Chuo, Minato, Shinjuku and Shibuya) was 8.46%, up 0.13 points from last month but down 0.97 points from June 2012. This is the first time in four months that vacancy rates have increased.

The vacancy rate in new buildings was 11.60%, up 0.50 points from last month.Read more

by Zoe Ward

Konami acquires Hotel Seiyo Ginza building

Gaming company Konami Corporation have purchased the Hotel Seiyo Ginza building from Tokyo Theatres for 17.8 billion Yen (180 million USD). Konami plans to convert the hotel into commercial space to be used as gaming development offices. Some of their 3,000 staff in Roppongi will relocate to the Ginza location. They will also develop event spaces which can be used to hold gaming conventions.

The 12 storey building has a total floor area of approximately 19,000 sqm (204,000 sqft) and is on a 2254 sqm block of land. The hotel was opened at the beginning of Japan's bubble in 1987. The 77-room hotel was the first in Japan to offer concierge services. In 2000, Seiyo Corporation filed for bankruptcy and the building was sold to Tokyo Theatres Co. Read more

by Zoe Ward

Kengo Kuma to design new Shibuya Station area

On June 17, Tokyu Corporation and JR announced that internationally renowned architectural firm Kengo Kuma and Associates will be designing part of the new Shibuya Station area redevelopment.Read more

by Zoe Ward

Office vacancy rates in May - Miki Shoji

Miki Shoji released their Office Report for the month of May 2013. Vacancy rates in Tokyo's central business districts (Chiyoda, Chuo, Minato, Shinjuku and Shibuya) dropped by 0.21 points from last month to 8.33%. This is the third month in a row where vacancy rates have reduced.

The vacancy rate in new buildings was 11.10%, down 6.21 points from last month. Three office buildings were completed in Tokyo in May: Kyobashi East Building, Sumitomo Shoji Kyobashi Building and PMO Yaesu Dori.Read more

by Zoe Ward