Tokyo tops worldwide commercial real estate sales
According to JLL, Tokyo attracted US$19.3 billion (approx. 2 trillion Yen) in commercial real estate investment between January and September 2020, putting it at the top of the international city rankings. In 2019 it was ranked 4th, losing out to Seoul, Paris and New York.
Construction starts on Toranomon's latest office tower
Construction has started on a 180-meter tall office tower in Tokyo’s Toranomon district. The Toranomon 2 Chome District Redevelopment project is located on the same block as the 90-meter tall Toranomon Hospital and the recently-sold 170-meter tall JT Building.
Avex looks to sell Omotesando headquarters
On November 10, Toyo Keizai Online reported that major music producer Avex is making moves to sell its 18-story headquarters in Minami Aoyama, Tokyo. Avex would then lease the building back from the buyer.
180m tall office tower planned for Toranomon Station area
Nippon Tochi-Tatemono, Urban Renaissance Agency, and Sumitomo Realty & Development are embarking on a 180-meter tall office tower project for the Toranomon district in central Tokyo.
Japan’s biggest building-to-be just got a little bigger
The trillion-Yen Tokiwabashi Project, under development by Mitsubishi Estate near Tokyo Station, has had an exterior redesign and a few floors added. With an expected height of 390 meters, this will be Japan’s tallest building when completed in 2027.
Office vacancies worsen for 5th month
Tokyo’s office vacancy rate worsened for the fifth month in a row in July as the commercial sector feels the pain of the coronavirus pandemic. According to office brokerage Miki Shoji, the office vacancy rate in Tokyo’s five business districts reached 2.77% in July, up 0.80 points from the previous month, and up 1.06 points from last year. This is the highest vacancy rate seen since March 2018 when it was 2.80%, and the highest monthly jump since the company began recording data in 2002.
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.