Offices in many of the world’s major cities are struggling to find workers to occupy them. The trend of remote working, triggered by the pandemic, is costing Manhattan "$12 billion a year,” "devastating America’s cities” and "killing London,” say reports.
In the world’s biggest metropolis, however, not only are employees back, but developers are doubling down on offices. In 2023, Tokyo will add some 1.26 million square meters of new office space, with little trouble occupying it. Vacancy rates hover around 6%, primarily in older stock. Foreign investors, some of whom are dumping properties overseas, are snapping up buildings.
This is quite a contrast from a year ago. As the borders reopened last October, some wondered if a still-masked Tokyo might never return to pre-COVID normality. Almost 12 months on, though the city’s recovery from the pandemic has been more circuitous, it may be more complete than that of its global peers.