The average monthly office rent in central Tokyo’s business districts was 19,338 Yen per Tsubo (approx. 5,860 Yen/sqm) in January, up 4.1% from last year and the 49th month in a row to see a year-on-year increase. This is the highest level seen since October 2009. Office rents are now up 19.3% from their recent low of 16,207 Yen/Tsubo seen in December 2013, but are still 15.5% below a previous record high in mid-2008.

Vacancy rates were down 0.67 points from last year to 3.07%. This is similar to levels last seen in 2007 and a marked improvement from the average 8 ~ 9% vacancy rate seen between 2010 and 2014.


The average office vacancy rate in Tokyo’s Shibuya ward dropped to 1.63% in January 2018 – a record low. At the end of 2007 the average was 2.88% and had climbed to 10.06% by January 2011.

New tenancies in in Hibiya Park Front and the SSP Head Office Building helped to reduce vacancies last month.

The vacancy rate in Osaka’s business district was 3.59%, down 1.26 points from last year. The average monthly rent was 11,270 Yen per Tsubo, up 1.9% from last year.

Miki Shoji, February 8, 2018.
The Nikkei Shimbun, February 8, 2018.

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