Japanese real estate company Miki Shoji released a report last month showing that vacancy rates for commercial buildings in Osaka have reached historic lows.
The vacancy rate for newly built commercial buildings was 4.82%. Some recently constructed buildings opened with full occupancy, which helped contribute to the low number. Existing commercial buildings in Osaka showed an even lower vacancy rate of 1.49%, which is lower than central Tokyo at 1.55%.
The average rent per tsubo (Japan’s unit of land measurement) was 22,206 yen ($202), which has risen for the past 72 months. Compared to last year, the price has increased by 1,319 yen ($12).
The vacancy rate in Osaka’s business district has dropped for the second consecutive month to 1.82%, the lowest number since records began. The average rent per tsubo was 11,794 yen ($107), up for the 36th straight month. The historic lows may be in part to numerous businesses opening before the upcoming World Expo 2025, which will be hosted in Osaka. Numerous casino gaming companies, including MGM Resorts and Genting Singapore, have also shown interest in opening one of Japan’s first integrated casino resorts in Osaka.
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