Ginza, Marunouchi Still Tops In Land Value

TOKYO (Nikkei)--For the second straight year, the Marunouchi Building near JR Tokyo Station and the Yamano Music store in the nearby Ginza district occupy the most valuable land in the nation.

Both sites were worth 27 million yen per sq. meter on Jan. 1, the same as a year earlier, according to the Land Ministry's latest publication of land values. Redevelopment in the surrounding areas looks likely to keep them atop the closely watched list.

Looser building codes have led to a proliferation of high-rises in the Marunouchi district, including the JP Tower near JR Tokyo Station. Ginza, meanwhile, remains a powerful magnet for shoppers, not only because of high-end stores but also casual clothing chains such as Fast Retailing Co.'s (9983) GU.

(The Nikkei, March 22 morning edition)

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