image: Shinjuku Station Official Website
Meiji Yasuda Life Insurance will develop a large office building in front of the busy Shinjuku Station in Tokyo. The company has acquired about 6,300 square meters of land at the West entrance of the station. The building will include a display hall that will be used as a cultural facility. There are currently many redevelopment projects located in the city center due to the upcoming 2020 Olympics. Shinjuku is seen as a prime location, while also having slightly lower office rent than other areas of Tokyo.
Other recently-developed buildings in Tokyo include the “Shibuya Stream” building, developed by Tokyu Corp. and the “Diagate Ikebukuro” building, built by the Seibu Group. The new development at Shinjuku Station is expected to be comparable in scope to these projects. Meiji Yasuda has also acquired land in the surrounding facilities and plans to redevelop connecting plazas and corridors as well.
(Current Meiji Yasuda Life Insurance Office in Tokyo) image: Meiji Yasuda Life Insurance Co.
There are only a few large-scale office buildings scheduled to be completed within the next five years around Shinjuku Station. According to a report released in August by Miki Shoji, a major commercial brokerage, rent for office space in Shinjuku Ward is the cheapest among the central 5 wards of Tokyo (Chiyoda, Chuo, Minato, Shinjuku, Shibuya). If the proposed redevelopment of the West Exit of Shinjuku Station is carried out, rents in the vicinity are expected to increase.
Meiji Yasuda plans to invest approximately 350 billion yen (3.2 Billion USD) in real estate over the next 10 years.
Source: Nikkei
Sekai Property Editorial Department
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