Hulic purchases Ginza building from Recruit
Hulic announced on January 27 that they have acquired the Recruit Ginza 7 Building from Recruit. The retail and commercial building is located at the Ginza Nishi 6 Chome crossing. The building has 9 stories and 5 basement floors and was completed in 1962. The land is 1500 sqm and the total building area is 19,790 sqm.Read more
Tepco to sell off 70 ~ 80% of their real estate assets
As Tepco's financial situation worsens rapidly, they are being forced to sell off more real estate in order to pay for the growing compensation to victims of the nuclear power plant disaster.
In September 2011, Tepco began selling off some of their large real estate holdings. The real estate included company dormitories and retreats. So far, Tepco has sold 40 properties for a total value of 6 billion Yen (75 million USD).Read more
PM companies leaving Hokkaido amid Sapporo office market slump
Several real estate property management companies have begun to close down their offices in Sapporo, Hokkaido, as the local commercial market continues to decline.Read more
The "2012 Problem" of over-supply
Not only are residential apartments expected to flood the market in 2012, but the supply of new office space is also expected to reach record high levels.
This year, the supply of office space in central Tokyo is expected to reach the third highest level since the bubble economy in the late 1980s. Although construction companies are seeing brisk business, office vacancy rates continue to rise and we are entering into what the real estate industry is calling the "2012 problem". Department stores are facing similar conditions with an oversupply of under-performing branch stores.Read more