Goldman Sachs downgraded Nippon Building Fund to Neutral from Buy with a price target of 536,000 yen, down from 640,000 yen. The analyst expects the vacancy rate in Tokyo’s five central wards to remain at about 6%-7% given new supply slated to come on the market in 2023 and 2025. The firm cites "protracted deterioration" in the office market for the downgrade.
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Published first on TheFly