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.
- 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.
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