Office vacancy rates in October 2014 – Miki Shoji

According to Miki Shoji’s office report, the office vacancy rate in Tokyo’s five central business districts (Chiyoda, Chuo, Minato, Shinjuku and Shibuya) was 5.60% in October, down 0.05 points from the previous month and down 1.96 points from last year.

The vacancy rate in brand new office buildings was 14.98%, up 1.08 points from the previous month but down 2.06 points from last year.

The following office buildings were completed in October:

  • Onward Park Building, Chuo-ku: 17 Floors, 18,560 sqm floor space.
  • Hulic Shinjuku Building, Shinjuku-ku: 10 Floors, 9,650 sqm floor space.

Vacancy rates in Tokyo:

  • Chiyoda-ku: 5.51% (+0.09 points from the previous month; -0.61 points from last year)
  • Chuo-ku: 5.81% (-0.03 points; -1.82 points)
  • Minato-ku: 6.04% (-0.17 points; -2.76 points)
  • Shinjuku-ku: 5.49% (+0.24 points; -3.47 points)
  • Shibuya-ku: 4.06% (+0.10 points; -1.69 points)

Nationwide vacancy rates:

  • Tokyo: 5.60% (-0.05 points from the previous month; -1.96 points from last year)
  • Osaka: 8.06% (-0.08 points; -1.82 points)
  • Nagoya: 7.83% (-0.31 points; -2.24 points)
  • Sapporo: 8.05% (-0.18 points; -0.87 points)
  • Sendai: 11.20% (-0.04 points; -1.18 points)
  • Yokohama: 8.75% (-0.22 points; -0.01 points)
  • Fukuoka: 7.95% (-0.27 points; -3.02 points)

AVERAGE OFFICE RENT

The average monthly office rent in Tokyo’s five business districts was 16,913 Yen per Tsubo* (5,125 Yen/sqm) in October, up 108 Yen (0.6%) from the previous month and up 676 Yen (4.1%) from last year. This is the 10th month in a row to see a month-on-month increase in rent.

The average monthly rent in brand new office buildings was 27,000 Yen per Tsubo (8,182 Yen/sqm), showing no change from the previous month but up 500 Yen (1.9%) from last year.

Average monthly office rent in Tokyo:

  • Chiyoda-ku: 18,582 Yen/Tsubo (+132 Yen from the previous month; +873 Yen from last year)
  • Chuo-ku: 16,078 Yen/Tsubo (+36 Yen; +840 Yen)
  • Minato-ku: 17,234 Yen/Tsubo (+60 Yen; +435 Yen)
  • Shinjuku-ku: 14,227 Yen/Tsubo (+49 Yen; +574 Yen)
  • Shibuya-ku: 17,968 Yen/Tsubo (+341 Yen; +918 Yen)

Average monthly office rent across Japan:

  • Tokyo: 16,913 Yen/Tsubo (+108 Yen from the previous month; +676 Yen from last year)
  • Osaka: 11,119 Yen/Tsubo (-1 Yen; -158 Yen)
  • Nagoya: 10,773 Yen/Tsubo (-15 Yen; -56 Yen)
  • Sapporo: 8,207 Yen/Tsubo (+15 Yen; +29 Yen)
  • Sendai: 9,099 Yen/Tsubo (-3 Yen; +1 Yen)
  • Yokohama: 10,456 Yen/Tsubo (-15 Yen; -111 Yen)
  • Fukuoka: 9,206 Yen/Tsubo (-16 Yen; -51 Yen)

*1 Tsubo = approximately 3.3 sqm or 35 sqft.

Source: Miki Shoji, November 7, 2014.

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