The office vacancy rate in central Tokyo remained unchanged at 6.49% in September, according to office brokerage Miki Shoji. Office rents, however, continued to decline with the average rent dropping 94 Yen from August to 20,156 Yen per tsubo (approx. 6,098 Yen/sqm).

The business districts in Chiyoda and Minato wards both saw an improvement in vacancy rates, with Chiyoda seeing a 0.07-point improvement from the previous month to 4.85% and Minato seeing a 0.15-point improvement to 8.14%. So far, Minato, Shinjuku, and Shibuya currently have vacancy rates that are lower than they were 12 months ago.

Rents, however, are down across the board.

Year-on-year change in average office rent:

  • Chiyoda: -2.04%
  • Chuo: -2.21%
  • Minato: -5.52%
  • Shinjuku: -2.89%
  • Shibuya: -3.65%

Source: Miki Shoji, October 6, 2022.