Tall & Urban News

Nagoya Railroad, aka Meitetsu, has delayed the construction of a 400-meter long office tower for the Nagoya Station area citing high construction costs and a change in tenant demand as a result of the coronavirus pandemic. 

Construction of the 30-story mixed-use project was originally scheduled to start in 2022 with completion by 2027, but the construction start date has tentatively been pushed to 2024. The building design an scale may also be re-configured. 

The 28,000-square-meter site was originally home to the Meitetsu Department Store (1953), Meitetsu Grand Hotel (1967), Kintetsu Pass'e (1966), Yamada Denki LABI electronic store, Meitetsu Lejac, and Nippon Life Sashima Building (1974). 

The Nagoya Station area started to see a number of high-rise office towers built from the 2000s onwards. Since the start of the pandemic vacant office space has become more conspicuous around the station, even in prime buildings. The office vacacy rate around the station was 4.08 percent in Octobe 2020, according to Miki Shoji up 055 points from the previous mont and up 2.53 points from 2019. a visiting professor of the economics department at Chukyo University remarked that it is only the convenient locations that have proven to be relatively resilient, with other areas seeing a decline in demand. 

For more on this story, go to Japan Property Central.