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.
32-story office tower for Akasaka
The former Kokusai Akasaka Building will be replaced with a 32-story office tower. The new building will have a floor area of 73,000 sqm (approx. 785,000 sq.ft).
Tokyo’s office vacancies hit 27-year low
The average office vacancy rate across central Tokyo’s main business districts dropped to the 1% range in November, according to office brokerage Miki Shoji. This is the lowest rate since the end of the bubble economy in 1991 which saw a vacancy rate of 1.79%.
Nihonbashi’s redevelopment projects between now and 2035
Tokyo’s historic Nihonbashi district continues to transform with several major redevelopments planned between now and 2035. In addition to these new high-rises, there are also plans to move the unsightly aboveground expressway underground, restoring the Nihonbashi river to its original state.
Tokyo office rents increase for 45th consecutive month
According to Miki Shoji, the average monthly office rent in central Tokyo’s five business districts reached 18,995 Yen per Tsubo (approx. 5,747 Yen/sqm) in September, an increase of 3.59% from last year and the 45th month in a row to record a year-on-year increase. The average is still 17% below the recent record high of 22,901 Yen/Tsubo (6,929 Yen/sqm) seen in August 2008.