Tokyo office vacancy rates reach 6 year low
According to Miki Shoji’s Office Report, the vacancy rate in Tokyo’s five central business districts (Chiyoda, Chuo, Minato, Shinjuku and Shibuya) was 5.31% in February, down 0.05 points from January and down 1.70 points from last year. This is the lowest level seen since January 2009 and is the 20th month in a row to see an improvement in vacancy rates.
The vacancy rate in brand new office buildings was 29.31%, up 14.46 points from the previous month and up 9.66 points from last year. A large-scale office building was completed in February, which added to the supply for the month. Read more