According to CBRE, Tokyo's office market inventory has further tightened in February, while both Osaka and Nagoya markets uptick slightly.
In February 2016, Grade A office vacancy rate in Tokyo was down 0.1 points month-over-month (m-o-m) to 3.0%. The Osaka Grade A vacancy rate was up 0.1 points to 4.8%, and the Nagoya Grade A vacancy rate was up 0.1 points to 3.7%. For assumed Achievable Rents, Tokyo Grade A buildings were up 0.4% m-o-m, and Osaka and Nagoya Grade A rents were both flat m-o-m.
With regard to All-Grade office vacancy rates, Tokyo's 23 wards were down 0.2 points m-o-m to 2.7%, Osaka was down 0.1 points m-o-m at 5.3%, and Nagoya was up 0.1 points m-o-m to 4.3%.
According to global real estate consultant Knight Frank, home prices across 56 countries and territories worldwide are rising at an annual rate of 3.7% on average. This marks the index's slowest rate of growth for over six years.
According to Knight Frank's latest research for the most exclusive global residential neighborhoods -- the top 10 ultra-prime streets and areas where the most transactions over $25 million have taken place in the last five years was -- revealed this week.
According to CBRE, Tokyo's All-Grade office vacancy rate was unchanged at 0.7% in Q3 2019. Secondary vacancy arose at some existing buildings; while a small amount of vacant spaces remained in three out of the 10 new buildings completed this quarter.
Significant changes are in play in Japan's office market in 2019. The three most cited reasons for workplace change were "to accommodate varied work styles", "to improve productivity", and "to improve employee satisfaction."