BUSINESS / Companies

Empty offices growing in Tokyo as virus gives tenants pause

The skyscrapers of Shinjuku tower over passersby on the stairs in Tokyo on June 24 as the coronavirus pandemic causes companies to question the future of the office. | REUTERS

Bloomberg

Jul 11, 2020

Rising vacancies for offices in the capital are weighing on shares of Japanese real estate developers and owners as the market digests the damage that the pandemic has done to a seven-year office boom.

Vacancies in five of Tokyo’s major business districts rose for a fourth consecutive month, gaining to 1.97 percent from 1.64 percent in May, real estate brokerage Miki Shoji Co. said on Thursday. The increase is the the largest one-month gain in more than a decade.

Shares in Tokyu Fudosan Holdings Corp. fell as much as 4.6 percent on Friday, while Ichigo Inc. fell as much as 6 percent.

Empty offices growing in Tokyo as virus gives tenants pause

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