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.
Foreign buyers battle for Seibu’s hotels
In the few months since news broke of Seibu Holdings’ plan to offload some of its hotels, Blackstone Group and an investment fund affiliated with Morgan Stanley have emerged as possible buyers. Negotiations are expected to conclude by the end of the year.
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.
Apartment transactions drop in August as inventory remains low
Reported transactions of second-hand apartments across greater Tokyo dropped again in August, according to REINS. That may be a side effect of the low inventory levels and limited apartments being listed for sale each month.
The data is in, and apartment buyers did not flee Tokyo for remote locations in 2020
Various news articles the world over reported on city dwellers fleeing the confines of their urban life in the midst of the pandemic to more regional escapes as large companies became more flexible on remote work arrangements. Tokyo was no stranger to those clickbait articles. And while the stories might be true for some major international cities, buyer behavior in Tokyo shows a less sensational and more grounded reality.
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One capsule, and maybe more, in Nakagin Capsule Tower Building to be saved
With demolition on the horizon, there are some glimmers of hope that at least one of the 140-odd capsules in the iconic Nakagin Capsule Tower Building might just be spared from the trash heap.
The goal of one of the preservation groups is to save capsule A-606, both the capsule unit itself and its original interior. There are also plans to build a custom trailer so that the capsule can be towed around to various locations, such as museums, galleries, and universities allowing Kisho Kurokawa’s legacy to be appreciated by all. The estimated cost just to save this one capsule and make it mobile is around 6.5 million Yen (approx. US$59,000).