Rising vacancies for offices in the capital are weighing on shares of Japanese real estate developers and owners as the market digests the damage that the pandemic has done to a seven-year office boom.
Vacancies in five of Tokyo’s major business districts rose for a fourth consecutive month, gaining to 1.97 percent from 1.64 percent in May, real estate brokerage Miki Shoji Co. said on Thursday. The increase is the the largest one-month gain in more than a decade.
Shares in Tokyu Fudosan Holdings Corp. fell as much as 4.6 percent on Friday, while Ichigo Inc. fell as much as 6 percent.
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