Office vacancy rates in April – Miki Shoji

According to Miki Shoji’s Office Report for April, 2013, vacancy rates improved but rents continued to fall. The office vacancy rate in Tokyo’s central business districts (Chiyoda, Chuo, Minato, Shinjuku and Shibuya) dropped by 0.02 points to 8.54%. This is the second month of decline. The vacancy rate in brand new buildings was 17.31%, down 5.93 points from last month. 

While there was little new supply added, companies were moving to increase their office space. 

Past vacancy rates:

  • 2013/04: 8.54%
  • 2013/03: 8.56%
  • 2013/02: 8.57%
  • 2013/01: 8.56%
  • 2012/12: 8.67%
  • 2012/11: 8.76%
  • 2012/10: 8.74%

Vacancy rates by area:

  • Chiyoda-ku: 6.53% (down 0.06 points from March)
  • Chuo-ku: 8.56% (no change)
  • Minato-ku: 10.50% (up 0.07 points)
  • Shinjuku-ku: 10.35% (down 0.19 points)
  • Shibuya-ku: 5.51% (up 0.06 points)

Nationwide vacancy rates:

  • Tokyo: 8.54%
  • Osaka: 11.20% (down 0.05 points from March)
  • Nagoya: 10.56% (down 0.24 points)
  • Sapporo: 9.18% (up 0.11 points)
  • Sendai: 13.26% (down 0.13 points)
  • Yokohama: 9.71% (down 0.19 points)
  • Fukuoka: 11.59% (down 0.30 points)

Average Office Rent:

The average monthly office rent in April was 16,487 Yen per Tsubo* (4996 Yen/sqm), down 0.10% from March. This is the tenth continuous month of decline. 

The average rent in brand new buildings was 27,789 Yen per Tsubo (8421 Yen/sqm), up 14.62% from last month. 

Average rent by area:

  • Chiyoda-ku: 17,880 Yen/Tsubo (down 56 Yen)
  • Chuo-ku: 15,574 Yen/Tsubo (down 66 yen)
  • Minato-ku: 17,104 Yen/Tsubo (up 20 Yen)
  • Shinjuku-ku: 13,923 Yen/Tsubo (down 41 Yen)
  • Shibuya-ku: 16,927 Yen/Tsubo (up 9 Yen)

Average rent by city:

  • Tokyo: 16,487 Yen/Tsubo
  • Osaka: 11,290 Yen/Tsubo (down 17 Yen from March)
  • Nagoya: 10,843 Yen/Tsubo (up 2 Yen)
  • Sapporo: 8,232 Yen/Tsubo (down 3 Yen)
  • Sendai: 9,092 Yen/Tsubo (down 7 Yen)
  • Yokohama: 10,518 Yen/Tsubo (down 26 Yen)
  • Fukuoka: 9,320 Yen/Tsubo (down 1 Yen)

*Note: 1 Tsubo = approximately 3.3 sqm or 35 sqft.

Source: Miki Shoji

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