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Tokyo office vacancy rate improves in March

Tokyo’s office vacancy rate declined by 0.04 points in March to the still high level of 6.37%. For the first time in two months, the vacancy rate was below the previous month. But average office rents were almost flat in March dropping 52 Yen to 20,366 Yen per tsubo (= 6,162 Yen or 45.30 Euro per square meter) and down 5.5 % year-on-year. These monthly surveys of vacancy rates and rents for 2,600 large office buildings in five wards in central Tokyo are conducted by the broker Miki Shoji.


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