Last Update: 04/23 2021 06:00 JST

Mixed-use building with 84,000 m2 GFA planned in Shibuya Dogenzaka

The Dogenzaka Ni-Chome South District Category I Urban Redevelopment Project was approved as an urban planning project by Shibuya Ward. The target of the project is approximately 8,000 m2 of land that faces Dogenzaka Slope. Construction will start in fiscal 2023, with completion targeted for fiscal 2026.

Hulic acquires three office buildings in Tokyo

Hulic acquired three office buildings in Tokyo. The seller was...

Tosei developing 225-room hotel in Tsukiji Outer Market area

Real estate company Tosei will construct a hotel in Tsukiji, Chuo-ku. Plans call for the hotel to provide 225 guestrooms on 11 floors above ground and one below with 9,995 m2 of gross floor area.

Mitsubishi and others to build 99,000m2 Kobe Sannomiya complex

Kobe City approved construction of the Kobe Sannomiya Kumoidori Go-Chome District Category I Urban Redevelopment Project. This project will construct a mixed-use building with 32 floors above ground, two below and a gross floor area of approximately 98,900 m2 in blocks 5-1 to 5-3 of Kumoidori to the south of JR Sannomiya Station.

Rio acquires Kumamoto office building

Rio Holdings subsidiary Rio Consulting, both based in Chiyoda-ku, acquired an office building in Shinyashiki, Chuo-ku, Kumamoto City.

Nomura secures 390m2 of land in Shibakoen, Minato-ku

Nomura Real Estate Development acquired a retail building in Shibakoen, Minato-ku.

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WHAT'S IN THE MONTHLY REPORT: APRIL 2021

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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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