Harumi's office market woes continue

News broadcaster NHK has now picked up on the struggling office market conditions around Tokyo Bay, particularly Harumi island. Of interest is the Harumi Island Triton Square office complex. The landmark project was completed in 2001 with a shopping mall inspired by Southern Europe. Above, there are four office blocks with a total floor area of 383,300 m2 (4.1 million sq.ft).

Office occupancy was great up until five years ago, with some of the towers fully leased up. Now, there is around 10,000 tsubo or 33,000 m2 of vacant space. One of the office towers has a vacancy rate of 20%.Read more

Ebisu apartment rental offers Tesla car sharing

Landlords continue to get creative with their rental properties with one in Ebisu offering a Tesla car share for residents. A Tesla Model Y will be available for rental to the building’s residents from April.Read more

Office vacancy rates in Tokyo shrink for 8th month in a row

The average vacancy rate for existing office buildings in Tokyo’s central five districts has seen a month-to-month decrease for the past 8 months. In January, it decreased by 0.15 points from the previous month to 5.17%. This is the lowest level seen since January 2021.Read more

Roppongi site sells for 63.4 billion Yen

On February 16, Bridgestone reported the sale of a company housing compound in Roppongi to an unnamed buyer for a staggering ¥63.4 billion (US$422 million) profit over its original book value. A private bidding process took place last year, drawing quite a bit of interest. The land had been originally held by the Bridgestone family since 1897. The traditional residence was destroyed in WWII air raids. 

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Omotesando retail to sell for 5 billion Yen

This retail building in Omotesando is selling for 5 billion Yen. A-FLAG Kotto-dori is being sold by the Activia Properties REIT with delivery to take place by the end of May. The buyer is an unnamed domestic corporation.Read more

Vacant office building in Tokyo sells for 30% premium

A 13-story office building in Takanawa, Tokyo, has just been flipped for a 7 billion Yen gross gain over the span of a year.Read more

Greater Tokyo sees net inflow of 126,000 residents in 2023

Greater Tokyo, which includes Tokyo, Kanagawa, Saitama and Chiba Prefectures, recorded a net inflow of 126,515 residents in 2023, a 27% increase from 2022.Read more