Office Leasing Tokyo

Inhalt

• In the central five wards (C5W), cracks have deepened in the office market with all submarkets seeing rents contract and increased vacancy rates for a second consecutive quarter. However, the declines were modest outside Shibuya.
• Average Grade A office market rents in the C5W fell 2.6% quarter-on-quarter (QoQ) and 2.4% year-on-year (YoY) and now stand at JPY36,460 per tsubo per month.
• The average Grade A office vacancy rate in the C5W increased slightly to 1.0% in Q4/2020.
• Average large-scale Grade B office rents declined to JPY27,866 per tsubo per month – a contraction of 2.3% QoQ and 1.1% YoY.
• The average vacancy rate in the Grade B market lies at 1.6% following a loosening of 0.6 percentage points (ppts) QoQ and 1.5ppts YoY.