Last Update: 04/19 2021 06:00 JST

UR purchases hotel in Harumi, Chuo-ku

Independent administrative institution Urban Renaissance Agency (UR) acquired a hotel in Harumi, Chuo-ku. The seller was...

IHI, Mitsubishi implementing 3rd joint project in Toyosu

Heavy machinery manufacturer IHI and Mitsubishi Estate will develop two buildings that mainly consist of office floors in Toyosu, Koto-ku. The project will be the third joint development project by the two companies, following Toyosu Front and Toyosu Foresia, both located in Toyosu.

Japan Metropolitan Fund to acquire two properties for Y30bn

Japan Metropolitan Fund, which is a REIT affiliated with trading firm Mitsubishi Corporation, will acquire a mixed-use building of offices and residences in Kudan-Kita, Chiyoda-ku, and a store in Shinsaibashi-suji, Chuo-ku, Osaka City, on April 30 for a total of approximately 29.94 billion yen [$260 million].

LaSalle Logiport acquiring large Osaka Bay area facility for Y40bn

LaSalle Logiport REIT will acquire a large logistics facility in Nanko-Naka, Suminoe-ku, Osaka City for 40 billion yen [$350 million].

LG sells floors of Kyobashi Trust Tower for 27bn

Chuo-ku's LG Holdings Japan, the Japanese arm of South Korea's LG Group, sold four floors in Kyobashi Trust Tower, an office building in Kyobashi, Chuo-ku. The sales price was approximately 27.26 billion yen [$240 million]. LG Holdings Japan is currently constructing...

PAG acquires large office building in Shin-Yokohama

TMK Sun, which appears to be a special purpose company affiliated with Minato-ku-based PAG Investment Management, acquired an office building in Shin-Yokohama, Kohoku-ku, Yokohama City.

Diamond Realty Management creates separate account for Mizuho Leasing

Chiyoda-ku based Diamond Realty Management (DREAM), which is a subsidiary of trading firm Mitsubishi Corporation, created a separate account for Mizuho Leasing Company. It will invest in real estate development businesses in the U.S.

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WHAT'S IN THE MONTHLY REPORT: APRIL 2021

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Analysis

Vacancy Nightmare to Be Avoided

Floor reductions due to telework, but forecast of limited impact
Due to the spread of telework, some companies have started to reduce leased office area. In order to investigate the impact on the rental office market, Nikkei Real Estate Market Report estimated the vacancy rate and advertised rent for the next three years with the cooperation of Commercial Property Research Institute. As a result, even the maximum vacancy rate will be 6.2%. Although the rent will be bearish, it seems that a significant fluctuation causing market congestion can be avoided.
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