Office buildings see improved earnings rate in 2022
On November 29, the Japan Real Estate Institute released its six-monthly report on the total earnings rate (rental income and capital gains) of office buildings in central Tokyo.
Office vacancy rate stays flat in Tokyo
The office vacancy rate in central Tokyo remained unchanged at 6.49% in September, according to office brokerage Miki Shoji. Office rents, however, continued to decline with the average rent dropping 94 Yen from August to 20,156 Yen per tsubo (approx. 6,098 Yen/sqm).
World’s largest wooden hybrid building to be built in Marunouchi
On August 1, Tokio Marine Holdings released details on the Renzo Piano-designed replacement office tower for their headquarters in Tokyo’s Marunouchi district. It is said to become the world’s largest wooden hybrid building when it’s complete in 2028.
Tokyo’s office vacancy rate flattens in April
Tokyo’s office vacancy rate increased only slightly by 0.01 points to 6.38% in April as large-scale leases continued to be filled in existing buildings in the city center. Some tenants were relocating to be better located in Tokyo’s business districts. Vacant office space, too, saw little change from the previous month.
Tokyo's office vacancy rate improves for first time in 21 months
In November, the office vacancy rate in Tokyo improved for the first time in 21 months as concerns over the pandemic’s effects on the workplace seem to have weakened.
Tokyo office vacancy rate climbs for 20th month
According to brokerage Miki Shoji, the average vacancy rate for office space across Tokyo’s five business districts of Chiyoda, Chuo, Minato, Shinjuku and Shibuya reached 6.47% in October, up 0.04 points from the previous month and up 2.54 points from last year. This is the 20th month in a row to see an increase.
Staffing company to lease Avex HQ
Staffing and outsourcing giant Pasona Group will be leasing the entire Avex Building in Omotesando.