Tokyo’s office vacancy rate saw a slight improvement in February, dropping by 0.11 percentage points to 6.15%, according to office brokerage Miki Shoji.

Shibuya, Tokyo’s up-and-coming tech hub, had the lowest vacancy rate, sitting at 3.42%. This is an improvement from the high of 6.75% seen in September 2021. Chiyoda (4.36%) and Minato (8.04%) also saw a year-on-year improvement in vacancy rates, while Chuo (7.29%) and Shinjuku (5.84%) have seen them worsen.

Rents, however, have continued their downward trend although the rate of year-on-year decline is slowing. The average monthly office rent in February was 20,014 Yen per tsubo (6,055 Yen/sqm), down 1.98% from last year and the 27th month in a row to see a year-on-year decrease.

Source: Miki Shoji Office Market Report February 2023.