Office vacancy rate hits 7 year high

The average office vacancy rate across Tokyo’s five business districts of Chiyoda, Chuo, Minato, Shinjuku, and Shibuya reached 6.43% in September, up 0.12 points from the previous month and the highest level seen since June 2014 when it was 6.45%.

The average monthly office rent dropped for the 14th month in a row to 20,858 Yen per tsubo (approx. 6,311 Yen/sqm). This is an 8.2% drop from last year. Shibuya had the largest year-on-year drop with rents down 10.5% from September 2020.

Minato had the highest vacancy rate of the five wards, doubling over the past 12 months to 8.68%. Chiyoda had the lowest vacancy rate, sitting at 4.61%.

Miki Shoji’s data covers approximately 2,600 buildings with floor plates of over 100 tsubo (330 sqm).

Source: Miki Shoji, October 7, 2021.

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