Another real estate developer to offer vaccines to tenants, Digital Agency moves to Kioi Tower, and Tokyo’s office vacancy rate exceeds 6%. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Another real estate developer to offer vaccines to tenants
Rental apartment developer Shinoken Group is offering coronavirus vaccines to tenants in their apartment buildings across greater Tokyo. If demand is high, they may offer a similar program to tenants in Kyushu and other areas across Japan. The company manages as many as 14,582 studio apartments in greater Tokyo alone, most of which are tenanted by people in their 20s and 30s.
Digital Agency moves into Kioi Tower
The Digital Agency, a government-established entity to promote digitization in the private sector, has taken up two floors in Kioi Tower near Akasaka Mitsuke Station. The monthly rent is about 74 million Yen per month (approx. US$665,000). This is four times what they were paying for their previous office in Toranomon. Yahoo Japan is the main tenant in Kioi Tower.
Tokyo’s office vacancy rate exceeds 6%
According to office brokerage Miki Shoji, the average office vacancy rate across central Tokyo’s five business districts of Chiyoda, Chuo, Minato, Shinjuku, and Shibuya reached 6.19% in June, up from 5.90% in May and up from 1.97% in June 2020. This is the 16th month in a row to see a rise in office vacancies and the first time it has risen above 6% since August 2014. The average monthly office rent was 21,160 Yen per Tsubo (6,402 Yen/sqm), down 7.5% from last year and the 11th month in a row to see a decrease.
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