Japan quoted NHK News office space rate in central Tokyo remains high, despite being lower for three consecutive months than at 13:23 on February 10, 2022 in the previous month

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The vacancy rate for office buildings in central Tokyo remains high, despite being lower than last month for three consecutive months

10th February 2022 13:23

In central Tokyo, the office vacancy rate exceeded 6% in January, which was lower than the previous month for three consecutive months, but was basically flat. Vacancy rates remain high.

The large office building intermediary company "Three Ghosts Commercial" investigates the vacancy rate and rent of office buildings with an area of more than 100 tsubo every month.

The survey results show that the average vacancy rate of 2,600 residential buildings in five central Tokyo wards, including Chiyoda and Minato, was 6.26% in January, down 0.07 percentage points from the previous month.

This is due to the need to increase office space due to medical and construction-related enterprises, etc., coupled with the main reason for fewer terminations, the vacancy rate is lower than the previous month for 3 consecutive months.

However, with the popularity of remote work, office demand continues to be weak, and the vacancy rate remains high.

On the other hand, rents have fallen for 18 consecutive months, with an average rent of 20,508 yen per yeong, down more than 1,300 yen compared to the same period last year.

Central Tokyo Office vacancy rate still at a high level for the third consecutive month, even below the previous month

Feb 10, 2022 @ 1:23pm 

The vacancy rate of offices in central Tokyo in January was more than 6%, which was almost flat for the third consecutive month, although it was lower than the previous month. Vacancy rates remain high.

Every month, Miki Shoji, a major office brokerage company, surveys the vacancy rate and rent of office buildings with an area of 100 tsubo or more per floor.

According to this, the average vacancy rate in January of 2,600 buildings in five central Tokyo wards such as Chiyoda ward and Minato-ku was 6.26%, down 0.07 points from the previous month.

This is the third consecutive month that the vacancy rate has fallen below the previous month due to the fact that there has been a movement to increase the floor space of the office due to relocations and other factors, as well as the low churn.

However, with the spread of telework, office demand continues to be weak, and the vacancy rate remains high.

On the other hand, rents have fallen for 18 consecutive months, and the average rent per tsubo is 20,508 yen, a decrease of more than 1,300 yen from the same month of the previous year.