Several relocations to larger office spaces and some building closures due to redevelopment saw central Tokyo’s office vacancy rate improve by 0.04 points in March to 6.37%.

Shibuya saw the biggest improvement with the vacancy rate shrinking 0.13 points to 5.65%. Chuo was the only district to see vacancy rates increase. 

Vacancy rates by district:

  • Chiyoda: 4.93%
  • Chuo: 6.23%
  • Minato: 8.33%
  • Shinjuku: 5.63%
  • Shibuya: 5.65%

Office rents continued their slide in March with the average monthly office rent dropping 52 Yen to 20,366 Yen per tsubo (6,162 Yen per square meter). Rents are now down 5.45% from March 2021.

Source: Miki Shoji, April 7, 2022.