According to Miki Shoji’s Office Report, the office vacancy rate in Tokyo’s five central business districts of Chiyoda, Chuo, Minato, Shinjuku and Shibuya was 3.39% in April 2017, down 0.21 points from the previous month and down 0.84 points from last year. This is the lowest vacancy level seen in 9 years. The vacancy rate in Shinjuku was 2.03% – the lowest of all five wards and down 2.20 points from April 2016.
|Vacancy rates in Tokyo:|
|Chiyoda||3.31% (-0.26 points from Apr. 2016)|
|Chuo||3.09% (-0.98 points)|
|Minato||4.55% (-0.93 points)|
|Shinjuku||2.03% (-2.20 points)|
|Shibuya||2.22% (-0.03 points)|
AVERAGE OFFICE RENT
Office rents increased for the 40th month in a row. The average rent in April 2017 was 18,583 Yen per Tsubo* (5,622 Yen/sqm) in April, up 0.4% from the previous month and up 4.1% from last year. The average rent on brand new construction was 26,785 Yen per Tsubo (8,104 Yen/sqm), down 6.8% from last year.
|Average monthly office rent in Tokyo (Rent per Tsubo):|
|Chiyoda||20,373 Yen (+4.6% from Apr. 2016)|
|Chuo||17,283 Yen (+4.2%)|
|Minato||19,298 Yen (+4.2%)|
|Shinjuku||16,297 Yen (+5.3%)|
|Shibuya||20,507 Yen (+1.7%)|
Source: Miki Shoji, May 2017.