Office vacancy rates in June – Miki Shoji

Iidabashi Grand Bloom
Iidabashi Grand Bloom

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 6.45% in June, down 0.07 points from the previous month and down 2.01 points from last year.

The vacancy rate in brand new buildings was 18.09%, down 2.33 points from the previous month but up 6.49 points from last year.

It is not just large-scale office buildings that are experiencing better conditions, but mid-size buildings are also seeing a boost in demand. All 11 buildings developed under Nomura’s mid-size office brand ‘Premium Midsize Office (PMO)’ are almost fully occupied. Mitsubishi’s renovated small-to-mid sized office building in Kanda is also almost fully occupied. The building has attracted several IT-related tenants who want the freedom to design their own office space. 

The following office buildings were completed in June:

  • Iidabashi Grand Bloom, Chiyoda-ku: 30 floors,123,133 sqm floorspace.
  • Shiba Front Building, Minato-ku: 9 floors; 8,695 sqm floorspace.

Vacancy rates by area:

  • Chiyoda-ku: 5.52% (+0.23 points from the previous month; -1.09 points from June 2013)
  • Chuo-ku: 6.38% (-0.12 points; -1.91 points)
  • Minato-ku: 8.23% (-0.13 points; -1.75 points)
  • Shinjuku-ku: 8.10% (-0.13 points; -1.75 points)
  • Shibuya-ku: 4.03% (-0.04 points; -2.58 points)

Nationwide vacancy rates:

  • Osaka: 8.89 % (-0.07 points; -2.01 points)
  • Nagoya: 8.46% (-0.26 points; -1.84 points)
  • Sapporo: 8.49% (+0.15 points; -0.54 points)
  • Sendai: 11.42% (-0.07 points; -1.68 points)
  • Yokohama: 9.37% (+0.08 points; +0.01 points)
  • Fukuoka: 8.70% (-0.90 points; -2.75 points)

Average office rent

The average monthly office rent in Tokyo’s five business districts was 16,607 Yen per Tsubo* (5,032 Yen/sqm) in June, up 106 Yen from the previous month and up 230 Yen from last year. This is the sixth month in a row to see a month-on-month increase in rent.

The average monthly rent in brand new office buildings was 27,363 Yen per Tsubo (8,292 Yen/sqm), down 446 Yen from the previous month but up 752 Yen from last year.

Average monthly office rent by area:

  • Chiyoda-ku: 18,128 Yen/Tsubo (+160 Yen from the previous month; +457 Yen from June 2013)
  • Chuo-ku: 15,903 Yen/Tsubo (+10 Yen; +368 Yen)
  • Minato-ku: 17,074 Yen/Tsubo (+110 Yen; +89 Yen)
  • Shinjuku-ku: 13,933 Yen/Tsubo (+154 Yen; +94 Yen)
  • Shibuya-ku: 17,381 Yen/Tsubo (+137 Yen; +435 Yen)

Average monthly office rent across Japan:

  • Tokyo: 16,607 Yen/Tsubo (+106 Yen; +230 Yen)
  • Osaka: 11,158 Yen/Tsubo (-9 Yen; -122 Yen)
  • Nagoya: 10,796 Yen/Tsubo (-3 Yen; -34 Yen)
  • Sapporo: 8,189 Yen/Tsubo (+4 Yen; -33 Yen)
  • Sendai: 9,102 Yen/Tsubo (-3 Yen; -18 Yen)
  • Yokohama: 10,491 Yen/Tsubo (-14 Yen; -55 Yen)
  • Fukuoka: 9,213 Yen/Tsubo (-4 Yen; -51 Yen)

*1 Tsubo = approximately 3.3 sqm or 35 sqft.

Sources:
Miki Shoji Office Report, July 11, 2014.
The Nikkei Shimbun, July 10, 2014.

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