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.

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