Tokyo’s office vacancy rate increased only slightly by 0.01 points to 6.38% in April as large-scale leases continued to be filled in existing buildings in the city center. Some tenants were relocating to be better located in Tokyo’s business districts. Vacant office space, too, saw little change from the previous month.
The average monthly office rent across Tokyo’s five central business districts was 20,328 Yen per tsubo (approx. 6,150 Yen/sqm), down 38 Yen from the previous month and down 1,087 Yen from last year. Chiyoda ward saw average rents increase by 105 Yen from the previous month.
Office vacancy rates saw a month-on-month improvement in Shinjuku and Shibuya wards, while Minato ward saw no change. In Shinjuku ward, the vacancy rate was 5.55%, a 0.09 point improvement from last year.
Vacancy rates by district:
- Chiyoda: 5.01%
- Chuo: 6.38%
- Minato: 8.33%
- Shinjuku: 5.55%
- Shibuya: 5.30%
Miki Shoji’s data covers newly-built and existing buildings in the central five wards with floor plates of over 100 tsubo (330.5 sqm)
Source: Miki Shoji, May 12, 2022.
