According to Miki Shoji’s Office Report, the office vacancy rate in Tokyo’s five central business districts of Chiyoda, Chuo, Minato, Shinjuku and Shibuya was 3.39% in April 2017, down 0.21 points from the previous month and down 0.84 points from last year. This is the lowest vacancy level seen in 9 years. The vacancy rate in Shinjuku was 2.03% – the lowest of all five wards and down 2.20 points from April 2016.
Vacancy rates in Tokyo: | |
Chiyoda | 3.31% (-0.26 points from Apr. 2016) |
Chuo | 3.09% (-0.98 points) |
Minato | 4.55% (-0.93 points) |
Shinjuku | 2.03% (-2.20 points) |
Shibuya | 2.22% (-0.03 points) |
AVERAGE OFFICE RENT
Office rents increased for the 40th month in a row. The average rent in April 2017 was 18,583 Yen per Tsubo* (5,622 Yen/sqm) in April, up 0.4% from the previous month and up 4.1% from last year. The average rent on brand new construction was 26,785 Yen per Tsubo (8,104 Yen/sqm), down 6.8% from last year.
Average monthly office rent in Tokyo (Rent per Tsubo): | |
Chiyoda | 20,373 Yen (+4.6% from Apr. 2016) |
Chuo | 17,283 Yen (+4.2%) |
Minato | 19,298 Yen (+4.2%) |
Shinjuku | 16,297 Yen (+5.3%) |
Shibuya | 20,507 Yen (+1.7%) |
Source: Miki Shoji, May 2017.