Office vacancy rates fall slightly

According to Miki Shoji, the average vacancy rate for office buildings in Tokyo’s five central wards fell to 9.15% in February 2012 (down 0.08 points from January).

The vacancy rate in existing buildings was 8.63% last month. In brand new office buildings, the average vacancy rate stood at 32.48% (down 1.34 points from January).

The average rent fell 74 Yen to 16,846 Yen/Tsubo* (5104 Yen/sqm). The average rent for brand new office space fell 479 Yen to 22,478 Yen/sqm (6811 Yen/sqm).

*1 Tsubo = 3.3 sqm or 35.5 sqft

Source: The Asahi Shimbun, March 9, 2012.

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