Sumitomo Realty posts record half-year profit as its Tokyo office vacancy rate falls to 3.3%
One of Tokyo's largest commercial landlords reports its own office towers almost fully let and rents still rising — a tightening that a rival Tokyo operator's own filing the same day independently echoes.
Sumitomo Realty & Development's net profit rose 18.4% to a record ¥140.1bn in the half year to September, the developer said in results filed 10 November, as operating profit rose 8.4% to ¥181.5bn — the fifth straight half-year record for operating profit and the fourth straight for net profit. Group revenue fell slightly, down 0.8% to ¥528.0bn, as a smaller number of condominium handovers offset growth in its office-leasing business.