Office vacancy rates in November – Miki Shoji

According to Miki Shoji’s office report, the office vacancy rate in Tokyo’s 5 central business districts (Chyoda, Chuo, Minato, Shinjuku and Shibuya) was 7.52% in November, down 0.04 points from the previous month and down 1.24 points from last year. This is the fifth month in a row where vacancy rates have fallen.

The vacancy rate in brand new buildings was 16.71%, down 0.33 points from the previous month and down 14.15 points from last year.

Past vacancy rates:

  • 2013/11: 7.52%
  • 2013/10: 7.56%
  • 2013/09: 7.90%
  • 2013/08: 8.16%
  • 2013/07: 8.29%
  • 2013/06: 8.46%

Vacancy rates by area:

  • Chiyoda-ku: 6.16% (+0.04 points from the previous month)
  • Chuo-ku: 7.35% (-0.28 points)
  • Minato-ku: 8.70% (-0.10 points)
  • Shinjuku-ku: 9.40% (+0.44 points)
  • Shibuya-ku: 5.40% (-0.35 points)

Nationwide vacancy rates:

  • Tokyo: 7.52%
  • Osaka: 9.85% (-0.03 points from the previous month)
  • Nagoya: 9.76% (-0.31 points)
  • Sapporo: 9.01% (+0.09 points)
  • Sendai: 12.22% (-0.16 points)
  • Yokohama: 8.98% (+0.22 points)
  • Fukuoka: 10.95% (-0.02 points)

Average office rent

The average monthly office rent in Tokyo’s five business districts was 16,219 Yen per Tsubo* (4,915 Yen/sqm) in November, down 18 Yen from the previous month and down 369 Yen from last year.

The average monthly rent in new office buildings was 27,055 Yen per Tsubo (8,198 Yen/sqm), up 555 Yen from the previous month and up 3,722 Yen from last year.

Average monthly office rent by area:

  • Chiyoda-ku: 17,732 Yen/Tsubo (+23 Yen from the previous month; -149 Yen from last year)
  • Chuo-ku: 15,314 Yen/Tsubo (+76 Yen; -514 Yen)
  • Minato-ku: 16,778 Yen/Tsubo (-21 Yen; -380 Yen)
  • Shinjuku-ku: 13,576 Yen/Tsubo (-77 Yen; -527 Yen)
  • Shibuya-ku: 17,076 Yen (+26 Yen; +86 Yen)

Average monthly office rent across Japan:

  • Tokyo: 16,219 Yen/Tsubo (-18 Yen from the previous month; -369 Yen from last year)
  • Osaka: 11,285 Yen/Tsubo (+8 Yen; -58 Yen)
  • Nagoya: 10,828 Yen/Tsubo (-1 Yen; -37 Yen)
  • Sapporo: 8,160 Yen/Tsubo (-18 Yen; -51 Yen)
  • Sendai: 9,114 Yen/Tsubo (+16 Yen; -1 Yen)
  • Yokohama: 10,543 Yen/Tsubo (-24 Yen; -3 Yen)
  • Fukuoka: 9,252 Yen/Tsubo (-5 Yen; -124 Yen)

*1 Tsubo = approximately 3.3 sqm or 35 sqft.

Source: Miki Shoji Office Report, December 2013.

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