Mitsubishi Estate Co. plans to increase office rents for the first time in about five years in 2014 as the supply of new buildings slows.
Mitsubishi Estate, owner of about 30 buildings in Tokyo's Marunouchi business district, plans to boost rents by as much as 10 percent when leases are renewed or new leases signed from next year, Chief Executive Officer Hirotaka Sugiyama said.
Japan's biggest developer by market value, Mitsubishi Estate expects rents from existing buildings that were constructed prior to the completion of its landmark Marunouchi Building in 2002 to increase for the first time next fiscal year after declining for about five years.
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