Coworking offices increase but restaurants pushed out of business
Office vacancy rates in central Tokyo are rising due to the pandemic.KENJI ASADA, YOSHIHIRO HARA and ANNA NISHINO, Nikkei staff writersAugust 16, 2020 02:02 JST
TOKYO -- The coronavirus pandemic is transforming Tokyo's property lease market.
In Shibuya ward, at the center of Japan's capital, the amount of vacant restaurant properties has doubled over the course of the outbreak.
Meanwhile, tenants for coworking offices are increasing, as people increasingly work outside their company headquarters.
Tokyo has developed on the premise of its huge commuting population, but the pandemic is gradually altering its property market.
Bagus, an operator of darts bars, started to collaborate in July with coworking office company iioffice. Bagus repurposed two of its darts bars so customers can work from there in shared office space.
Many companies are asking employees to work at home. But houses in Tokyo are often not big enough. While many people have found themselves working in their bedrooms or kitchens, some are heading instead to coworking spaces. Tetsuya Watanabe, an executive at Bagus, said: "Since April, most of our darts bars were not making a profit. We can pay some of our rent by earning revenues from shared offices."
Hiroshi Ryuzaki, president of iioffice, said: "There is demand from owners who have vacant properties and office workers who want to work outside the home." The company plans to open 70 new coworking spaces in the next three months.
According to Synchro Food, a company that operates a website for restaurant spaces for lease, there were 147 properties that became newly available for lease in June in Shibuya, twice the amount in the same month last year. Shinjuku ward and Minato ward, which is also in the center of Tokyo, both saw a 50% year-on-year increase in available restaurant space. A similar trend has emerged in July and August.
It is not only restaurants but also traditional office properties that are struggling to find new tenants.
The data from Sanko Estate, a real estate company, shows the average office vacancy rate in the five wards in central Tokyo was 1.2% in July, higher than the 0.9% recorded in December. In Shibuya, where many IT startups rent offices, the rate was 1.9% -- higher than the average for central Tokyo.
According to S&P Global, the market capitalization of Real Estate Investment Trusts that invest in commercial properties saw more than 40% decrease compared with the end of last year. This was a larger fall compared with the total REIT market, which includes residential property.
While some sectors are seeing a negative effect from the change, new businesses are also emerging.
Tempo Innovation, a company that leases properties in the food service industry, said that between April and May, a number of food delivery companies have leased outlets that used to be restaurants. Yohei Shimura, an executive at Tempo, added: "If the pandemic continues, we can expect more demand from food delivery services to rent spaces."
In the 1990s, when a financial crisis hit Tokyo, a number of life insurance companies who had headquarters around Shibuya went bankrupt. Due to this, vacancy rates surged and rents declined.
However, in the past decade or so, IT startups have made bases in Shibuya, which offered lower and affordable rents. As a result, Shibuya is now seen as the epicenter of the growing high-tech industry in Japan.
Some expect that the coronavirus will cause the city to transform again. Keigo Fukushima, who works at Tokyu Corporation, a property developer in Shibuya, said: "How cities nurture innovation and culture is more important than office vacancy rates."
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Are you tired of traditional investments such as banks and bonds that only offer 1%- 6% per year, which may not keep pace with the real inflation?
Do you want to become rich the way over 60 % of self-made multi-millionaires did?
“Become rich the way over 60 % of self-made multi-millionaires did?”
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Recent recent clarification of Bali real estate laws for foreigners allowing them to obtain control of Bali Real Estate for more than normal life is creating a huge new demand for Indonesian and Bali Real Estate.
Coupled with the fact that Bali Real Estate has recently undergone the first correction in modern history with prices down as much as 50 % this may have set the stage for *increases of 20 % to 100 % in the next three to five years.
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At this seminar PT. B.A.L. I’s Canadian President, a 23 yr. Bali resident, who is married to a fully Licenced Indonesian Notaris reviewed the most recent real estate laws for Indonesians and Foreigners in detail.
He also discussed the Past, Present, and Future of Bali Real Estate.
Click Here to view the latest Free Bali Real Estate Seminar Video
Free Seminar Topics:
During this Free Bali Seminar Video you will learn about:
>The Past, Present and Future of Bali and Indonesian real estate.
>Why a recent official clarification of foreign ownership laws allows foreigners to totally control Indonesian properties for up to 80 years.
> How to avoid legal problems and make sure a property is safe.
> How to avoid complicated real estate laws - Indonesians married to foreigners.
> Why this is the second-best time to buy this century.
> Where are the best locations to buy for maximum profits?
> What type of properties will offer the best potential of *10% to 20 % per year?
> Discover how you can sell your property fast for the highest prices and lowest commissions.
> An opportunity for a free listing on B.A.R.E.
> First Class Beachfront property at almost 50% discount.
> A Quality 5,000 m2 Bali Hotel with 12 bungalows, 3 pools, and Restaurant for only $588,000.
> Low-cost properties with Luxury Villas starting as low as $158,888 for a three-bedroom 650 m² 3-bedroom, 4 - bath with private 9 - meter. Pool in Sanur.
> Ridiculously low-priced ocean view building lots starting as low as $25,000 for 500 m².
> Brand New Bali Luxury Retirement Villas starting at
To share this information copy this link & send https://baliworldnewsviews.blogspot.com/2020/05/this-new-bali-based-swimwear-brand.html
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Since many of you have busy schedules and are unable to attend our seminars we think you will find our latest Free Bali Real Estate Seminar Video provides an exceptional education that will help you understand Bali real estate laws and allow you to make some substantial profits from Bali real estate investment.
After living in Bali for 23 years and running a Development and Real Estate Company for the last 18 years plus the fact that I'm married to a full lead licensed Notaris I think you will find that everything that you need to know about Bali Real Estate is covered in this timely seminar.
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Tel or Whatsapp +628123814014 Email: lawrenceptbali@gmail.com.
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For a free one-hour legal consultation you may contact my Partner & Wife Azizah regarding anything from Indonesian Laws, Establishment of legal companies, securing proper visas, Marital contracts including prenuptial's post nuptial’s, etc.
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Email: balinotarisazizah@gmail.com
Head Office: Jl. Karangsari # 5, Sanur, Bali, Indonesia 80228 Tel. Office: 62-361-284069 Fax: 62-361-270143,
Mobile: or Whatsapp: English: 62-8123814014 Bahasa Indonesia: 62-8113864993 Email: lawrenceptbali@gmail.com Skype: baliagents
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