Office vacancy rates in August – Miki Shoji

Ark Hills South TowerAccording to Miki Shoji, the office vacancy rate in Tokyo’s 5 central business districts (Chiyoda, Chuo, Minato, Shinjuku and Shibuya was 8.16% in August, down 0.13 points from the previous month.  Vacancy rates decreased in four of the five districts.

The vacancy rate in new buildings was 17.93%, up 5.21 points from the previous month. 

One new office building was completed in August. Ark Hills South Tower (pictured above) in Roppongi opened last month. The 20 storey building has a total floor area of 55,400 sqm.

Past vacancy rates:

  • 2013/08: 8.16%
  • 2013/07: 8.29%
  • 2013/06: 8.46%
  • 2013/05: 8.33%
  • 2013/04: 8.54%
  • 2013/03: 8.56%

Vacancy rates by area:

  • Chiyoda-ku: 6.44% (-0.15 points from last month)
  • Chuo-ku: 8.20% (-0.13 points)
  • Minato-ku: 9.73% (+0.19 points)
  • Shinjuku-ku: 9.77% (-0.53%)
  • Shibuya-ku: 5.81% (-0.57%)

Nationwide vacancy rates:

  • Tokyo: 8.16%
  • Osaka: 10.30% (-0.35 points from last month)
  • Nagoya: 9.99% (-0.03 points)
  • Sapporo: 9.31% (+0.03 points)
  • Sendai: 12.82% (-0.18 points)
  • Yokohama: 9.08% (-0.11 points)
  • Fukuoka: 11.29% (-0.01 points)

Average office rent:

The average monthly office rent in August was 16,268 Yen per Tsubo* (4,929 Yen/sqm), down 42 Yen from the previous month and down 465 Yen from August 2012. Rent was down in all five business districts.

The average monthly rent in new office buildings was 25,578 Yen per Tsubo (7,751 Yen/sqm), down 790 Yen from the previous month but up 2,537 Yen from last year.

Average monthly office rent by area:

  • Chiyoda-ku: 17,634 Yen/Tsubo (-16 Yen from last month)
  • Chuo-ku: 15,279 Yen/Tsubo (-139 Yen)
  • Minato-ku: 16,816 Yen/Tsubo (-9 Yen)
  • Shinjuku-ku: 13,758 Yen/Tsubo (-56 Yen)
  • Shibuya-ku: 17,021 Yen/Tsubo (-21 Yen)

Average monthly rent by city:

  • Tokyo: 16,268 Yen/Tsubo
  • Osaka: 11,253 Yen/Tsubo (-12 Yen from last month)
  • Nagoya: 10,839 Yen/Tsubo (+9 Yen)
  • Sapporo: 8,198 Yen/Tsubo (-12 Yen)
  • Sendai: 9,110 Yen/Tsubo (-16 Yen)
  • Yokohama: 10,546 Yen/Tsubo (+7 Yen)
  • Fukuoka: 9,254 Yen/Tsubo (-14 Yen)

*1 Tsubo = approximately 3.3 sqm or 35 sqft.

Source: Miki Shoji Office Report, September 2013 (PDF)

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