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Economy

Strong corporate earnings fuel Japan's hunger for offices

Moves to comfortable new locations lift land prices

The 31-story msb Tamachi Station Tower S developed by Mitsui Fudosan and Mitsubishi Estate opened in May and is already fully occupied.

TOKYO -- Demand for new offices pulled up land values in Japan's largest cities, but the country is witnessing polarizing demand as rural areas that lack tourist attractions are left behind.

Japan's average land prices rose for the third straight year, up 0.7% in the year ended December, the National Tax Agency said on Monday, with 18 of the country's 47 prefectures seeing growth, compared with just 13 last year. The most expensive sites increased in 33 prefectural capitals, while 13 remained flat.

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