Yahoo Japan to give up 40% of its Tokyo office space

Aug 26, 2021 | News On Japan

Aug 26, 2021 (Nikkei) - Yahoo Japan will vacate 40% of its Tokyo office space by November as it expects the COVID-necessitated work-from-home trend to gain permanence.

The subsidiary of SoftBank-backed Z Holdings will return about 30,000 sq. meters, more than four soccer fields worth, of office space, when leases expire.

It will empty out seven of 20 floors at its Kioi Tower headquarters, in Tokyo's Chiyoda Ward, and all five floors that it has in Akasaka K Tower, in Minato Ward.

Only about 10% of Yahoo's staff have been working in the office since the COVID-19 pandemic began.

The government's digital agency will move into some of the vacated space. Calculations based on the digital agency's lease suggest Yahoo will save billions of yen in Kioi Tower rent alone.

Yahoo will share its remaining office space with the Z Holdings group.

The company is the latest to downsize its office footprint. Professional services provider Deloitte Tohmatsu Group this summer returned two floors of a building near Tokyo Station. DeNA, a mobile and online services company, moved its headquarters to shared office space after estimating that only 30% of its workers would come to the office.

According to office building brokerage Miki Shoji, the average vacancy rate in five Tokyo wards in July was 6.28%, surpassing the oversupply benchmark of 5% for six consecutive months.

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