Office vacancy rates in May – Miki Shoji

Miki Shoji released their Office Report for the month of May 2013. Vacancy rates in Tokyo’s central business districts (Chiyoda, Chuo, Minato, Shinjuku and Shibuya) dropped by 0.21 points from last month to 8.33%. This is the third month in a row where vacancy rates have reduced.

The vacancy rate in new buildings was 11.10%, down 6.21 points from last month. Three office buildings were completed in Tokyo in May: Kyobashi East Building, Sumitomo Shoji Kyobashi Building and PMO Yaesu Dori.

From left to right: Kyobashi East Building, Sumitomo Shoji Kyobashi Building, PMO Yaesu Dori

Past vacancy rates:

  • 2013/05: 8.33%
  • 2013/04: 8.54%
  • 2013/03: 8.56%
  • 2013/02: 8.57%
  • 2013/01: 8.56%
  • 2013/12: 8.67%
  • 2012/11: 8.76%
  • 2012/10: 8.74%

Vacancy rates by area:

  • Chiyoda-ku: 6.33% (down 0.20 points from last month)
  • Chuo-ku: 8.30% (down 0.27 points)
  • Minato-ku: 10.22% (down 0.28 points)
  • Shinjuku-ku: 10.36% (up 0.01 points)
  • Shibuya-ku: 5.23% (down 0.28 points)

Nationwide vacancy rates:

  • Tokyo: 8.33%
  • Osaka: 11.04% (down 0.16 points from last month)
  • Nagoya: 10.38% (down 0.18 points)
  • Sapporo: 9.03% (down 0.15 points)
  • Sendai: 13.39% (up 0.13 points)
  • Yokohama: 9.67% (down 0.04 points)
  • Fukuoka: 11.50% (down 0.09 points)

Average Office Rent:

Average rents, however, continued their slide, falling 0.12% over the month to 16,467 Yen per Tsubo* (4990 Yen/sqm). Rents are 1.57% lower than they were in May 2012. The average rent in new buildings was 26,272 Yen per Tsubo (7962 Yen/sqm), up 1.87% from last month and up 15.21% from last year.

Average rent by area:

  • Chiyoda-ku: 17,876 Yen/Tsubo (down 4 Yen from last month)
  • Chuo-ku: 15,563 Yen/Tsubo (down 11 Yen)
  • Minato-ku: 17,080 Yen/Tsubo (down 24 Yen)
  • Shinjuku-ku: 13,902 Yen/Tsubo (down 21 Yen)
  • Shibuya-ku: 16,904 Yen/Tsubo (down 23 Yen)

Average rent by city:

  • Tokyo: 16,467 Yen/Tsubo
  • Osaka: 11,285 Yen/Tsubo (down 5 Yen from last month)
  • Nagoya: 10,815 Yen/Tsubo (down 28 Yen)
  • Sapporo: 8,228 Yen/Tsubo (down 4 Yen)
  • Sendai: 9,097 Yen/Tsubo (up 5 Yen)
  • Yokohama: 10,512 Yen/Tsubo (down 6 Yen)
  • Fukuoka: 9,289 Yen/Tsubo (down 31 Yen)

*1 Tsubo = approximately 3.3 sqm or 35 sqft

Source: Miki Shoji (PDF)

 

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