Tokyo office vacancy rate falls to 6 year low

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 5.36% in January 2015, down 0.11 points from the previous month and down 1.82 points from last year.

The vacancy rate in brand new office buildings was 14.85%, up 1.45 points from the previous month and up 0.43 points from last year.

Vacancy rates in Tokyo:

  • Chiyoda-ku: 5.32% (-0.29 points from the previous month; -0.39 points from last year)
  • Chuo-ku: 5.46% (-0.16 points; -1.48 points)
  • Minato-ku: 5.99% (+0.03 points; -2.51 points)
  • Shinjuku-ku: 5.03% (-0.23 points; -3.81 points)
  • Shibuya-ku: 3.50% (+0.34 points; -1.94 points)

Nationwide vacancy rates:

  • Tokyo: 5.36% (-0.11 points from the previous month; -1.82 points from last year)
  • Osaka: 7.98% (+0.06 points; -1.60 points)
  • Nagoya: 7.44% (-0.09 points; -2.00 points)
    Sapporo: 7.41% (-0.37 points; -1.19 points)
    Sendai: 11.13% (+0.07 points; -0.93 points)
    Yokohama: 8.09% (-0.29 points; -0.31 points)
    Fukuoka: 7.73% (+0.03 points; -2.95 points)

AVERAGE OFFICE RENT

The average monthly office rent in Tokyo’s five business district was 17,109 Yen per Tsubo (5,184 Yen/sqm) in January, up 0.9% from the previous month and up 5.3% from last year. This is the 13th month in a row to see a month-on-month increase.

Across Japan, Tokyo and Sapporo were the only cities to see an increase in office rents from January 2014.

The average monthly rent in brand new office buildings was 27,241 Yen/Tsubo (8,255 Yen/sqm), up 1.0% from the previous month but down 0.5% from last year.

Average monthly office rent in Tokyo:

  • Chiyoda-ku: 18,474 Yen/Tsubo (+29 Yen from the previous month; +779 Yen from last year)
  • Chuo-ku: 16,311 Yen/Tsubo (+71 Yen; +793 Yen)
  • Minato-ku: 17,501 Yen/Tsubo (+242 Yen; +707 Yen)
  • Shinjuku-ku: 14,456 Yen/Tsubo (+250 Yen; +914 Yen)
  • Shibuya-ku: 18,309 Yen/Tsubo (+204 Yen; +1,250 Yen)

Average monthly office rent across Japan:

  • Tokyo: 17,109 Yen/Tsubo (+156 Yen from the previous month; +867 Yen from last year)
  • Osaka: 11,137 Yen/Tsubo (+14 Yen; -109 Yen)
  • Nagoya: 10,751 Yen/Tsubo (+9 Yen; -61 Yen)
  • Sapporo: 8,184 Yen/Tsubo (-5 Yen; +13 Yen)
  • Sendai: 9,085 Yen/Tsubo (-18 Yen; -27 Yen)
  • Yokohama: 10,425 Yen/Tsubo (+3 Yen; -108 Yen)
  • Fukuoka: 9,197 Yen/Tsubo (-10 Yen; -39 Yen)

*1 Tsubo = approximately 3.3 sqm or 35 sqft.

Source: Miki Shoji, February 2015.

 1,465 total views,  8 views today