Tokyo Office Rents Uptick as Vacancy Rates Moderate

Tokyo Office Rents Uptick as Vacancy Rates Moderate

Commercial News » Tokyo Edition | By Miho Favela | September 10, 2015 12:38 PM ET

According to CBRE, Tokyo's office market is enjoying an overall upward trajectory in rents this summer.
In August 2015 the Grade A office vacancy rate in Tokyo was up 0.1 points month-over-month to 4.5%, the Osaka Grade A vacancy rate was down 0.2 points to 6.0%, and the Nagoya Grade A vacancy rate was down 0.1 points to 1.8%. Assumed Achievable Rents for Tokyo Grade A buildings were up 0.3% m-o-m, the Osaka Grade A rents were flat m-o-m, and the Nagoya Grade A rents were up 0.5% m-o-m.
With regard to all-grade vacancy rates, Tokyo's 23 wards were down 0.1 points m-o-m to 3.5%, Osaka was up 0.2 points m-o-m at 6.0%, and Nagoya was down 0.1points m-o-m to 4.5%. For further details on each city, please refer to the following tables and charts
Hiroshi Okubo, Executive Director of CBRE Japan Research tells World Property Journal, "Overall vacancy rate continued to drop in Tokyo in August, and the market remains tight with occupiers seeking to upgrade and - or expand their space.  Some of the new buildings being completed with vacancy in recent quarters is not so much due to weak demand as developers becoming more aggressive on rents, and these spaces are indeed steadily being filled up, higher rents notwithstanding."


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