Manhattan’s Offices Are Empty. Tokyo Is Adding New Space.
Employers in the West are struggling to attract workers back to the office, but Tokyo is adding floor space at a near-record clip as the Japanese capital’s recovery continues.
The Narukoten shrine stands next to a high-rise residential building in Tokyo in 2017.
Photographer: Shiho Fukada/BloombergOffices in many of the world’s major cities are struggling to find workers to occupy them. The trend of remote working, triggered by the pandemic, is costing Manhattan “$12 billion a year,” “devastating America’s cities” and “killing London.”
In the world’s biggest metropolis, however, not only are employees back, developers are doubling down on the office. In 2023, Tokyo will add some 1.26 million square meters (13 million square feet) of new office space, with little trouble occupying it. Vacancy rates hover around 6%, primarily in older stock. Foreign investors, some of whom are dumping properties overseas, are snapping up buildings.