Tokyo office vacancy rates reach 6.28%

According to office brokerage Miki Shoji, the average office vacancy rate across Tokyo’s five business districts of Chiyoda, Chuo, Minato, Shinjuku, and Shibuya, was 6.28% in July 2021, up 0.09 points from the previous month and up 3.51 points from last year.

This is the 17th month in a row to see vacancy rates climb, and the highest level seen since June 2014.

Shinjuku and Shibuya saw a slight improvement on vacancy rates from June. 

Vacancy rates:

  • Chiyoda: 4.54%
  • Chuo: 5.60%
  • Minato: 8.30%
  • Shinjuku: 6.19%
  • Shibuya; 6.45%

The average monthly office rent was 21,045 Yen per tsubo (approx. 6,367 Yen/sqm), down 8.6% from last year and the 12th month in a row to see a decrease. Average rents were down across all five districts.

Year-on-year change in office rent:

  • Chiyoda: -7.8%
  • Chuo: -7.5%
  • Minato: -9.4%
  • Shinjuku: -7.1%
  • Shibuya: -10.0%

Miki Shoji’s reporting covers office buildings with floor plates of over 100 tsubo (330.50 sqm).

Source: Miki Shoji, August 12, 2021.

 1,262 total views,  2 views today