JR West Real Estate & Development Acquires Aging Office Building in Umeda
R West Real Estate & Development has acquired the Shibata Building, an office property located in Shibata 2-chome, Kita Ward, Osaka. The asset is a three-minute walk from Hankyu’s Osaka-Umeda Station and was completed 57 years ago under the former seismic code, suggesting the acquisition was likely a strategic play with potential redevelopment in mind.
The property is a five-story structure built of reinforced concrete and steel, completed in January 1969. It offers a Gross Floor Area of approximately 364 tsubo (approx. 12,033 sq. ft.), with a typical floor plate of about 66 tsubo (approx. 2,182 sq. ft.). The seller was KS Holdings Co., Ltd. Office vacancy in the Umeda submarket declined from the mid-2% range at year-end 2025 to the high-1% range in January 2026, reflecting strong market fundamentals (compiled by the editorial team based on estie market research).
In the broader Umeda area, the “Grand Green Osaka” (Umekita Phase 2) project saw its initial opening in 2024, with full completion scheduled for fiscal 2027. New office supply in Osaka reached a record high of approximately 90,000 tsubo in 2024 (approx. 2,975,220 sq. ft.), but deliveries are expected to moderate to about 40,000 tsubo in 2025 (approx. 1,322,320 sq. ft.) and less than 10,000 tsubo in 2026 (approx. 330,580 sq. ft.).
Key Facts
Property Name: Shibata Building
Buyer: JR West Real Estate & Development Co., Ltd.
Seller: KS Holdings Co., Ltd.
Location: 2-8-33 Shibata, Kita Ward, Osaka, Osaka Prefecture
Nearest Station: 3-minute walk from Osaka-Umeda Station (Hankyu Kobe Line)
Completion: January 1969
Number of Floors: 5F / B0 (Structure: Reinforced Concrete and Steel)
Gross Floor Area: Approximately 364 tsubo (approx. 12,033 sq. ft.)
Elevators: 1