Office vacancy rates in January – Miki Shoji

According to Miki Shoji’s office report, the office vacancy rate in Tokyo’s five central business districts (Chiyoda, Chuo, Minato, Shinjuku and Shibuya) was 7.18% in January, down 0.16 points from the previous month and down 1.38 points from January 2013. Vacancy rates have been decreasing for the past 7 months.

The vacancy rate in brand new buildings was 14.42%, down 0.08 points from the previous month and down 9.79 points from last year.

The following buildings were completed in January:

  • Sumitomo Fudosan Chiyoda First Wing – 7 floors, 8850 sqm
  • Nurihiko Building South – 9 floors, 6590 sqm
  • Sumitomo Fudosan Moto Akasaka Building – 9 floors, 5953 sqm
  • PMO Tamachi – 12 floors, 5346 sqm

Past vacancy rates in Tokyo:

  • 2014/01: 7.18%
  • 2013/12: 7.34%
  • 2013/11: 7.52%
  • 2013/10: 7.56%
  • 2013/09: 7.90%
  • 2013/08: 8.16%

Vacancy rates by area:

  • Chiyoda-ku: 5.71% (-0.42 points from the previous month; -1.15 points from January 2013)
  • Chuo-ku: 6.94% (-0.16 points; -0.81 points)
  • Minato-ku: 8.50% (+0.18 points; -1.88 points)
  • Shinjuku-ku: 8.84% (-0.44 points; -1.63 points)
  • Shibuya-ku: 5.44% (-0.09 points; -1.16 points)

Nationwide vacancy rates:

  • Osaka: 9.58% (-0.21 points from the previous month)
  • Nagoya: 9.44% (-0.20 points)
  • Sapporo: 8.60% (-0.08 points)
  • Sendai: 12.06% (+0.03 points)
  • Yokohama: 8.40% (-0.43 points)
  • Fukuoka: 10.68% (-0.18 points)

Average office rent

The average monthly office rent in Tokyo’s five business districts was 16,242 Yen per Tsubo* (4,922 Yen/sqm), up 35 Yen from the previous month but down 315 Yen from last year.

The average monthly rent in brand new office buildings was 27,388 Yen/Tsubo (8,299 Yen/sqm), up 222 Yen from the previous month and up 2,997 Yen from last year.

Average monthly office rent by area:

  • Chiyoda-ku: 17,695 Yen/Tsubo (+9 Yen from the previous month; -129 Yen from last year)
  • Chuo-ku: 15,518 Yen/Tsubo (+202 Yen; -235 Yen)
  • Minato-ku: 16,794 Yen/Tsubo (+30 Yen; -346 Yen)
  • Shinjuku-ku: 13,542 Yen/Tsubo (-15 Yen; -491 Yen)
  • Shibuya-ku: 17,059 Yen/Tsubo (+61 Yen; +141 Yen)

Average monthly office rent across Japan:

  • Osaka: 11,246 Yen/Tsubo (-25 Yen from the previous month; -77 Yen from last year)
  • Nagoya: 10,812 Yen/Tsubo (-16 Yen; -49 Yen)
  • Sapporo: 8,171 Yen/Tsubo (+16 Yen; -80 Yen)
  • Sendai: 9,112 Yen/Tsubo (-5 Yen; +2 Yen)
  • Yokohama: 10,533 Yen/Tsubo (-20 Yen; -5 Yen)
  • Fukuoka: 9,236 Yen/Tsubo (-4 Yen; -120 Yen)

*1 Tsubo = approximately 3.3 sqm or 35 sqft.

Source: Miki Shoji Office Report, February 2014.

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