Office vacancy rate increases for 18th month

The average office vacancy rate across Tokyo’s five business districts of Chiyoda, Chuo, Minato, Shinjuku, and Shibuya reached 6.31% in August, according to office brokerage Miki Shoji. This is a 0.03 point increase from the previous month and the 18th month in a row to see vacancy rates climb.

The total vacant floor space only rose slightly as there were few large-scale tenant lease cancellations during the month. The average monthly rent was 20,932 Yen per tsubo (6,333 Yen/sqm), down 0.5% from the previous month and down 8.3% from last year.

Chiyoda, Chuo, and Shinjuku wards all saw their vacancy rates shrink slightly from July. Rents, however, had dropped in each ward.

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

Source: Miki Shoji, September 9, 2021.

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