Coronavirus Cases: Companies and Office Vacancies

coronavirus cases: Avex Inc., an entertainment company, also plans to offload its head office in the capital. ; Companies around the world are paring office space as workers stay at home during the pandemic, giving firms an opportunity to save costs and raise cash, according to The Japan Times. In Tokyo, office vacancies have surged to a five-year high and may continue to climb as the government urges people to work remotely to curtail the latest wave of coronavirus cases. In a country where companies have long taken pride in owning their buildings, advertising agency Dentsu Group Inc. and logistics firm Nippon Express Co. are now considering selling their Tokyo headquarters. Not many companies in Japan have sold headquarters buildings before, but we may see more of it, said Kakyu Tanaka, a senior researcher at Sumitomo Mitsui Trust Research Institute Co. With thousands of its employees working from home, Dentsu is looking to sell its 48-floor headquarters for around 300 billion and lease back some of the space, the Nikkei reported in January. Firms that are faced with tough business prospects but have room to reduce office space through remote work may do so, he said. ( As reported in the news.

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