Office rents on the rise as Shibuya returns as Japan’s IT hub

The major redevelopment projects currently underway around Shibuya Station are, as expected, pushing up office rents. The announcement that Google Japan will relocate their head office to the recently completed Shibuya Steam building next year has heralded the return of Shibuya as Japan’s ‘Bit Valley’ and has been the driving force behind the district’s booming office market.

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Google Japan office relocation signals return of Shibuya’s Bit Valley

On November 17, Google Japan announced plans to relocate their head office to a new office tower near Shibuya Station in mid-2019.

Google will be taking up floors 14 to 35 in Shibuya Stream – a 35-storey office tower due for completion in late 2018. The 50,000 sqm (538,000 sq ft) of office space will allow them to double their staff numbers from the current level of 1,300. The lower floors of the Shibuya Stream building will be hotel rooms, making Google the sole office tenant.

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