Tokyo office rents drop for 19th month

The release of large-scale offices for rent and some relocations to recently-completed buildings saw an additional 42,965 sqm of floor space up for rent in February, according to brokerage Miki Shoji.

The vacancy rate across central Tokyo’s five business districts of Chiyoda, Chuo, Minato, Shinjuku and Shibuya was 16.90% for new construction, up 1.51 points from the previous month, and 6.29% for existing buildings, up 0.14 points from the previous month. The vacancy rate across both was 6.41%, up 0.15 points from the previous month and up 1.17 points from last year.

The average monthly office rent was 20,418 Yen per tsubo (6,178 Yen/sqm), down 5.74% from last year and the 19th month in a row to see a decrease.

Minato and Shinjuku were the only two districts to see an improvement in vacancy rates from January. Minato’s vacancy rate improved by 0.04 points to 8.42%, and Shinjuku’s improved by 0.09 points to 5.65%.

Source: Miki Shoji Office Report – February 2022.

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