Office vacancy rates in June – Miki Shoji

According to Miki Shoji’s Office Report for the month of June 2013, the vacancy rate in Tokyo’s 5 central business districts (Chiyoda, Chuo, Minato, Shinjuku and Shibuya) was 8.46%, up 0.13 points from last month but down 0.97 points from June 2012. This is the first time in four months that vacancy rates have increased.

The vacancy rate in new buildings was 11.60%, up 0.50 points from last month.

Past vacancy rates:

  • 2013/06: 8.46%
  • 2013/05: 8.33%
  • 2013/04: 8.54%
  • 2013/03: 8.56%
  • 2013/02: 8.57%
  • 2013/01: 8.56%

Vacancy rates by area:

  • Chiyoda-ku: 6.61% (+0.28 points from last month)
  • Chuo-ku: 8.29% (-0.01 points)
  • Minato-ku: 9.85% (-0.37 points)
  • Shinjuku-ku: 10.77% (+0.41 points)
  • Shibuya-ku: 6.61% (+1.38 points)

Nationwide vacancy rates:

  • Tokyo: 8.46%
  • Osaka: 10.80% (-0.24 points from last month)
  • Nagoya: 10.30% (-0.08 points)
  • Sapporo: 9.03% (no change)
  • Sendai: 13.10% (-0.29 points)
  • Yokohama: 9.36% (-0.31 points)
  • Fukuoka: 11.45% (-0.05 points)

Average Office Rent:

Average monthly office rent fell 90 Yen over the month to 16,377 Yen per Tsubo* (4963 Yen/sqm). Average rent is 386 Yen lower than June 2012.

The average monthly rent in new buildings increased by 339 Yen to 26,611 Yen per Tsubo (8064 Yen/sqm), and is 4,007 Yen higher than it was 12 months ago.

Average monthly rent by area:

  • Chiyoda-ku: 17,671 Yen/Tsubo (-205 Yen from last month)
  • Chuo-ku: 15,535 Yen/Tsubo (-28 Yen)
  • Minato-ku: 16,985 Yen/Tsubo (-95 Yen)
  • Shinjuku-ku: 13,839 Yen/Tsubo (-63 Yen)
  • Shibuya-ku: 16,946 Yen/Tsubo (+42 Yen)

Average monthly rent by city: 

  • Tokyo: 16,377 Yen/Tsubo
  • Osaka: 11,280 Yen/Tsubo (-5 Yen from last month)
  • Nagoya: 10,830 Yen/Tsubo (+15 Yen)
  • Sapporo: 8,222 Yen/Tsubo (-6 Yen)
  • Sendai: 9,120 Yen/Tsubo (+23 Yen)
  • Yokohama: 10,546 Yen/Tsubo (+34 Yen)
  • Fukuoka: 9,264 Yen/Tsubo (-25 Yen)

*1 Tsubo = approximately 3.3 sqm or 35 sqft.

Source: Miki Shoji (PDF)

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