The average vacancy rate for existing office buildings in Tokyo’s central five districts has seen a month-to-month decrease for the past 8 months. In January, it decreased by 0.15 points from the previous month to 5.17%. This is the lowest level seen since January 2021.
In Chiyoda ward, which includes the financial hub of Marunouchi and Otemachi, the vacancy rate was 3.16% last month, the lowest level seen since November 2020.
Rents appear to be bottoming out. The average monthly rent was 19,730 Yen per tsubo (5,970 Yen/m2), down 18 Yen from the previous month.
While January did see some lease cancellations due to companies grouping offices together or reducing space, there were some new large-scale leases causing the vacant floorspace to shrink by around 17,000 tsubo (56,185 m2) over the month.
Source: Miki Shoji, February 8, 2024.
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