The office vacancy rate across Tokyo’s prime business districts increased for the second month in a row, with a 0.06 point increase to 1.56% in April. Chiyoda and Chuo wards saw vacancy rates shrink from the previous month. Chuo’s vacancy rate reached a new record low of 1.08%, down 0.06 points from March and down 0.94 points from April 2019.
According to Miki Shoji, the average monthly rent in Tokyo’s five central business districts was 22,820 Yen per Tsubo (approx. 6,905 Yen per square meter), up 1.0% from the previous month and up 7.2% from last year. This is the 76th month in a row to record an increase.
Although it is too soon to see the effects that the coronavirus may have on the office leasing market, Miki Shoji is reporting a general nationwide freeze in leasing activity as tenants either stay put or delay signing leases on new space.
Source: Miki Shoji Office Report, May 7, 2020.
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