The average office vacancy rate across Tokyo’s five business districts of Chiyoda, Chuo, Minato, Shinjuku, and Shibuya reached 6.43% in September, up 0.12 points from the previous month and the highest level seen since June 2014 when it was 6.45%.
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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.
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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.
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According to office brokerage Miki Shoji, the average office vacancy rate across Tokyo’s five business districts of Chiyoda, Chuo, Minato, Shinjuku, and Shibuya, was 6.28% in July 2021, up 0.09 points from the previous month and up 3.51 points from last year.
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There are signs of life on the site of a now-demolished scandal-ridden building in Roppongi.
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Global logistics service company Nippon Express is mulling the sale of their head office building in Shiodome. The 28-story office tower could fetch as much as 100 billion Yen (approx. US$955 million). Several funds have already expressed interest.
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Advertising and public relations giant Dentsu Group is considering selling their head office building in Shimbashi, Tokyo. With an estimated price somewhere around 300 billion Yen (approx. US$2.9 billion), this could end up as Japan’s most expensive single-building sale. Several potential buyers are apparently already lined up.
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Last year was full of upheaval. Focusing solely on the real estate side of things, some sectors performed poorly, while others thrived. We have summarized the year’s events into our annual Japan Property Market Report.
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According to a survey by MORI Building of companies with headquarters in Tokyo’s 23 wards, 24% of them have plans to lease new office space. This is a 3 point decrease from the previous survey conducted last year.
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According to the Nikkei Shimbun, music and entertainment production company Avex is selling their headquarter building in Omotesando for an estimated 70 billion Yen (approx. US$675 million).
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