Tokyo Office Space Market Index Q2 2015 Vacancy Rate | New Contract Rent Index | Contract Rent DI | Free Rent
The market continued to be buoyant in general but rental growth remained moderate reflecting owner's cautious mindset.
Xymax Real Estate Institute releases the results of the office space market indices for the second quarter of 2015: Vacancy Rate, New Contract Rent Index, Contract Rent DI, Ratio of Free Rent Granted and Average Free Rent (Month).
Tokyo 23 Wards Office Space Market continued to have a slow recovery, backed by strong demand and limited new supply, as companies are expanding business and hiring more office workers. Available space is becoming limited in high-demand areas, but rental growth of new contracts remained slow in general as owners are still cautious about raising rents.
By Index (Tokyo 23 Wards)
・Vacancy Rate is 5.27%.
Quarterly decrease of 0.35 points, decreasing 12 quarters in a row. Some high-demand areas
are having a shortage of available space.
・New Contract Rent Index is 93. (level of new contract rent based on Q1 2010 = 100)
Overall market saw a quarterly increase of 1 point.
・Contract Rent DI is +11. (buildings with rent increase versus buildings with rent decrease)
Fewer buildings saw a decrease in rent while more buildings saw no change in rent.
・Average Free Rent (Month) is 2.8 months.
Quarterly increase of 0.1 month. Contracts with free rents increased slightly but a super long
free rent period like 10 months or 12 months was no longer seen.
- Explanations for the results of each index are available in the PDF file.