According to CBRE, Japan's office vacancy rates and average assumed achievable rents across Tokyo, Osaka and Nagoya produced mixed results.
In November 2015 the Grade A office vacancy rate in Tokyo was down 0.3 points month-over-month (m-o-m) to 4.5%. Meanwhile, Osaka Grade A vacancy rate was flat at 5.0%, and the Nagoya Grade A vacancy rate was up 2.2 points to 5.0%.
Assumed Achievable Rents for Tokyo Grade A buildings were up 0.3% m-o-m, the Osaka Grade A rents were down 0.2% m-o-m, and the Nagoya Grade A rents were up 1.6% m-o-m.
With regard to All-Grade vacancy rates, Tokyo's 23 wards were down 0.1 points m-o-m to 3.4%, Osaka was flat m-o-m at 5.9%, and Nagoya was up 0.5points m-o-m to 4.6%.
According to CBRE, demand for office space in Tokyo remains stable across a wide range of sectors in 2017. One Grade A building was completed during the second quarter, with several large units still available.
CBRE is reporting that investors in Asia Pacific real estate in 2017 remain heavily focused on yield spreads when seeking assets as investment intentions, and are moving further away from capital appreciation strategies.
According to the newly released Last Mile / City Logistics Report from CBRE, the rapid rise of e-commerce has driven the most disruptive movement to the industrial & logistics industry, transforming the way we think about industrial real estate.