Office vacancy rates in March – 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 6.70% in March, down 0.31 points from the previous month and down 1.86 points from March 2013. This is the first time since May 2009 that vacancy rates have dropped to the 6% range.

The vacancy rate in brand new buildings was 20.26%, up 0.61 points from the previous month but down 2.98 points from last year. 

Tokyo Office vacancy rates March 2014

Vacancy rates by area:

  • Chiyoda-ku: 5.41% (-0.29 points from the previous month; -1.18 points from March 2013)
  • Chuo-ku: 6.54% (-0.53 points; -2.02 points)
  • Minato-ku: 8.11% (-0.04 points; -2.32 points)
  • Shinjuku-ku: 8.10% (-0.16 points; -2.44 points)
  • Shibuya-ku: 4.21% (-1.16 points; -1.24 points)

Nationwide vacancy rates:

  • Osaka: 9.45% (No change from the previous month; -1.80 points from March 2013)
  • Nagoya: 9.03% (-0.31 points; -1.77 points)
  • Sapporo: 8.45% (-0.09 points; -0.62 points)
  • Sendai: 11.75% (-0.31 points; -1.64 points)
  • Yokohama: 9.33% (+1.16 points; -0.57 points)
  • Fukuoka: 10.09% (-0.41 points; -1.80 points)

Average office rent

The average monthly office rent in Tokyo’s five business districts was 16,325 Yen per Tsubo* (4,947 Yen/sqm) in March, up 0.46% from the previous month but down 1.08% from last year. Although the increase has only been slight, this is the third month in a row where average rents have increased from the previous month. With vacancy rates now in the 6% range, it is possible that rents in central Tokyo are close to bottoming out.

The average monthly rent in brand new office buildings was 27,900 Yen per Tsubo (8,455 Yen/sqm), up 0.85% from the previous month and up 10.32% from last year.

Average monthly office rent by area:

  • Chiyoda-ku: 17,791 Yen/Tsubo (+155 Yen from the previous month; -145 Yen from March 2013)
  • Chuo-ku: 15,641 Yen/Tsubo (+110 Yen; +1 Yen)
  • Minato-ku: 16,819 Yen/Tsubo (+20 Yen; -265 Yen)
  • Shinjuku-ku: 13,770 Yen/Tsubo (+147 Yen; -194 Yen)
  • Shibuya-ku: 17,054 Yen/Tsubo (-67 Yen; +136 Yen)

Average monthly office rent across Japan:

  • Osaka: 11,213 Yen/Tsubo (-32 Yen from the previous month; -94 Yen from March 2013)
  • Nagoya: 10,798 Yen/Tsubo (-16 Yen; -43 Yen)
  • Sapporo: 8,170 Yen/Tsubo (-3 Yen; -65 Yen)
  • Sendai: 9,098 Yen/Tsubo (-7 Yen; -1 Yen)
  • Yokohama: 10,513 Yen/Tsubo (-26 Yen; -31 Yen)
  • Fukuoka: 9,217 Yen/Tsubo (-18 Yen; -104 Yen)

*1 Tsubo = approximately 3.3 sqm or 35 sqft.

Source: Miki Shoji Office Report, April 11, 2014.

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