June office vacancy rates hit new high

Miki Shoji announced the results from their survey on office vacancy rates for the month of June 2012. In central Tokyo’s 5 wards (Chiyoda, Chuo, Minato, Shinjuku and Shibuya), the average vacancy rate increased by 0.03 points from May to 9.43%. This is the third month of continuous increases. June’s vacancy rate is at a record high level, beating the record set in May.

 1,295 total views,  2 views today

Tokyo office market showing further signs of slowing

Data provided by Miki Shoji

The central Tokyo office building market is stagnating. At the end of November, the office vacancy rate for Tokyo’s central 5 wards (Chiyoda, Chuo, Minato, Shinjuku and Shibuya) reached 8.90%. This is the second continuous month with an increase in vacancy rates and the first time since April, 2011, that rates had reached this level. Meanwhile, the average office rent for central Tokyo has declined for the 39th continuous month.

With the Euro crisis and strong Yen, there is a deceleration in demand from tenants with many companies being more prudent and delaying moving. The demand for buildings with high disaster preparedness and earthquake resistance has slowed.

 1,169 total views

Tokyo office rents at historically low levels

Miki Shoji announced on July 7 that office rents for commercial properties in central Tokyo have fallen 4% in the past 12 months and are now at the lowest levels ever seen since data collection began.

A major contributing factor to this fall are the companies who are seeing lower earnings as a result of the March 11 Tohoku disaster and can no longer pay high rent for their office space.

 1,486 total views,  4 views today