Central Tokyo’s office vacancy rate reached 6.49% in August, up 0.12 points from the previous month, however, there was a slight decrease of 0.08 points in the vacancy rate in existing buildings. Brand-new office buildings saw vacancy rates increase by 3.40 points to 42.12%.
This is the 19th month where vacancy rates have been above the 5% line said to indicate oversupply conditions. Demand from tenants relocating to small and mid-size offices remained strong, while vacant space in large-scale offices saw an increase.
In Tokyo’s Minato ward, the vacancy rate was 8.29%, down 0.20 points from last year. Shibuya’s vacancy rate has dropped 2.47 points from last year to 4.20% and is the lowest in central Tokyo’s five business districts.
The average monthly rent was 20,250 Yen per tsubo (approx. 6,127 Yen per square meter), down 12 Yen from the previous month and down 682 Yen from last year.
Source: Miki Shoji, September 8, 2022.
