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Have we found Dejima (the new district for foreign workers in Tokyo)?

June 16, 2007
By Ken Worsley


We’ve talked quite a bit about the plan to build a ‘district’ for foreign workers in Tokyo in an effort to boost Tokyo’s status as a global center of finance, but we were puzzled as to exactly where “near Tokyo Station” it would be.

Then I saw this headline in the Nikkei: 国有不動産、全国で900カ所売却・財務省有識者会議が最終 告書 。In other words, the Ministry of Finance announced that the government plans to sell about 900 properties. Looking over the article, something popped straight out at me: I noticed that the government plans to sell to 2.4 hectares of land near Tokyo’s Otemachi area, where the Tokyo Regional Taxation Bureau and the Japan Meteorological Agency are currently located, for something in the neighborhood of 370 billion yen.

That would be it. Makes sense, doesn’t it? New buildings for the government agencies and enough space for Project Dejima. Anyone want to dare to verify this?

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Comments

7 Responses to “Have we found Dejima (the new district for foreign workers in Tokyo)?”

  1. John S on June 16th, 2007 4:47 pm

    Will it have an English speaking Burger King?

  2. Ken Worsley on June 17th, 2007 12:55 am

    If it makes you feel comfortable as a foreign businessperson who is unable to learn the language and really do business on the local level John, I’m sure they can say “Whopper” for you.

  3. John S on June 17th, 2007 1:23 am

    Good. I’m tired of hearing “whoo-paa”

  4. komuin on June 17th, 2007 1:35 am

    You must have remove this post before being told to. It is not what could be to happen.

  5. Ken Worsley on June 18th, 2007 1:34 pm

    You must have remove this post before being told to. It is not what could be to happen.

    Ha ha.

  6. Joe Jones on June 17th, 2008 2:33 pm

    Ken, to revive an old post, I look at the buildings going up on that lot every day (as I work on the far end of Hibiya Park) and haven’t seen much information as to their purpose. Any scuttlebutt on who the office tenants might be?

  7. Ken Worsley on June 17th, 2008 3:09 pm

    Joe, there’s not really yet, as the lack of a new “Midtown” or some other big name complex seems to be keeping things quieter. I really should look into it more.

    On the other hand, vacancy rates at newly built Class A office buildings were at about 3.58% in March 2007, about 2% in May 2007, and have hit 6.97% in March 2008.

    Average rents at new Class A spaces have also pulled back over the past 4 months, though the overall rate is firm and the rate for new Class A space is still well above where it was a year ago.

    Mitsubishi Estate’s debt is expected to jump 11% to about 1.82 trillion yen in fiscal 2008, due to the fact that it is launching a huge new project in Marunouchi.

    I suppose a follow-up post on all this is necessary…

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