Sekisui House REIT has agreed to sell an office building, Gotenyama Building, in Shinagawa, southwest of downtown Tokyo, for $530 million, according to a stock filing.
The new owner is TIS Inc, a local IT firm.
The office investment volume in Tokyo prefecture in fourth quarter 2022 increased 53 percent year-over-year to JPY 576.2 billion ($4.4 billion), according to JLL.
Cushman & Wakefield reported the Tokyo Central 5 Wards class A office vacancy rate was near flat, down 3 bps year-over-year to 3.4 percent, with the availability rate declining by 11 bps year-over-year to 6.3 percent. The annual net absorption was negative across key industries.
