Fukuoka Prefecture has decided to close the Fukuoka Kaikan, an office/hotel it owns in Tokyo, by 2014 and rent out the land ahead of the 2020 Olympics. The decision was made based on the building’s age and the anticipated jump in land prices between now and 2020. The Prefecture expects to make ¥200 million per year from land rental fees. A review committee will be established in 2014 to consider conditions for land usage. The winning bidder for the rental contract will be made public, and the Prefecture is expected to move its office into a new building to be built on the site. Source: Nishinippon Shimbun 2/14
Fukuoka Kaikan
