Tokyo office rents increase for 40th consecutive month

According to Miki Shoji’s Office Report, the office vacancy rate in Tokyo’s five central business districts of Chiyoda, Chuo, Minato, Shinjuku and Shibuya was 3.39% in April 2017, down 0.21 points from the previous month and down 0.84 points from last year. This is the lowest vacancy level seen in 9 years. The vacancy rate in Shinjuku was 2.03% – the lowest of all five wards and down 2.20 points from April 2016.

Vacancy rates in Tokyo:
Chiyoda3.31% (-0.26 points from Apr. 2016)
Chuo3.09% (-0.98 points)
Minato4.55% (-0.93 points)
Shinjuku2.03% (-2.20 points)
Shibuya2.22% (-0.03 points)



Office rents increased for the 40th month in a row. The average rent in April 2017 was 18,583 Yen per Tsubo* (5,622 Yen/sqm) in April, up 0.4% from the previous month and up 4.1% from last year. The average rent on brand new construction was 26,785 Yen per Tsubo (8,104 Yen/sqm), down 6.8% from last year.

Average monthly office rent in Tokyo (Rent per Tsubo):
Chiyoda20,373 Yen (+4.6% from Apr. 2016)
Chuo17,283 Yen (+4.2%)
Minato19,298 Yen (+4.2%)
Shinjuku16,297 Yen (+5.3%)
Shibuya20,507 Yen (+1.7%)


Source: Miki Shoji, May 2017.