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Osaka’s Biggest Building Boom in 20 Years to Worsen Office Glut

Osaka, Japan’s biggest financial center outside Tokyo, is building a business and shopping complex that will add 6 million square feet (557,000 square meters) of space in a city where more than half of new offices remain empty.

The first stage of the Osaka Station North District project, also known as Kita Yard, will include four towers ranging from 33 stories to 48 stories in the Umeda district, double the size of London’s Canary Wharf district, according to Yusuke Iwamoto, a Tokyo-based spokesman for Mitsubishi Estate Co., one of the project’s developers. Construction started in March and is due to be completed in 2013, he said.