Sanko Estate released a report showing that the central five wards of Tokyo (Chiyoda, Chuo, Minato, Shinjuku, and Shibuya) currently stands at 0.5%. Data was collected from offices with a rentable area of at least 660 square meters.
The vacancy rate in the five central wards of Tokyo hasn’t been this low since March 2007. Demand is strong, and any vacant office space is being occupied quickly. The current total amount of empty office space in the entire central five wards is estimated to be around 130,000 square meters. The average rent per square meter was ¥9,466 ($86), up for the fifth consecutive month.
For comparison, the vacancy rates in some of Japan’s six major cities were 0.8% in Tokyo’s 23 wards, 1.1% in Sapporo, 3.9% in Sendai, 1.3% in Nagoya, 1.2% in Osaka City and, 1.1% in Fukuoka.
Source: Real Estate Distribution Network
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