Japan's largest travel company to sell HQ building
JTB Corporation, the largest travel agency in Japan, is selling off two of its buildings in Tokyo and Osaka in a deal that could fetch tens of billions of Yen. The company has struggled since the start of the pandemic, with travel transaction volume dropping 96% in 2020.
Office vacancy rate increases for 18th month
The average office vacancy rate across Tokyo’s five business districts of Chiyoda, Chuo, Minato, Shinjuku, and Shibuya reached 6.31% in August, according to office brokerage Miki Shoji. This is a 0.03 point increase from the previous month and the 18th month in a row to see vacancy rates climb.
Fujitsu plans to halve office space
Fujitsu is planning to reduce its office space by as much as 50% over the next three years as the company prepares for a permanent shift to telecommuting.
2020 Office supply in Tokyo reaches 2nd highest level in history
According to a report published by Mori Building on May 25, a total of 1.87 million square meters (approx. 20 million sq.ft) of new office space is expected to be supplied in Tokyo’s 23 wards in 2020. This is the second-highest level seen since the company began collecting data in 1987. Despite the large supply, most of the new office space is already leased.
Tokyo office vacancy rate increases for first time in 9 months
In March, the office vacancy rate across Tokyo’s central five business districts increased for the first time in 9 months. The vacancy rate reported by Miki Shoji was 1.50%, up 0.01 points from the previous month, but down 0.28 points from last year.
400-meter long building for Nagoya Station area
Four developers are working towards a large-scale redevelopment that will see a 400-meter long, 30-story mixed-use building for the Nagoya Station area.
Toranomon Hills Business Tower reaches completion this month
Construction of the 183-meter tall Toranomon Hills Business Tower was officially completed on January 21. The 36-story tower, designed by Ingenhoven Architects, forms part of Mori Building’s ongoing redevelopment of the Toranomon district.