Mitsubishi Estate expects operating profit for the year ending March 2015 to be above its previously raised forecast of 147 billion yen, benefiting from a buoyant rental market and the recent sale of the former Mizuho Bank headquarters building.
The building, in Marunouchi, Tokyo, was sold to Mizuho Financial Group for 159 billion yen.
Commercial property rents have risen in Japan as the market rebounds and vacancy rates fall – the current Tokyo office vacancy rate of 5.55% is the lowest since January 2009.
Mitsubishi Estate has been looking for increase of between 5% and 10% in rents this year.
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