New Research

TOKYO Q3 2015


  • ・Overall office market is having modest growth of both new rents and paying rents in the tight market as companies' forward-looking relocation demand, such as expanding business or hiring more workers, increased.
  • ・Vacancy rates decreased by 0.29 points quarter-on-quarter to 5.21%, marking 13 straight quarters of decreases. Demand is spreading to periphery markets as annual new supply remains equivalent to that of typical years and available space is becoming limited in some high-demand office areas.
  • ・New Contract Rent Index (level of new rents) was 96, a quarter-on-quarter increase of 3 points. Contract Rent DI (the percentage of buildings with rent increase minus that of buildings with rent decrease) was +15; fewer buildings had a rent decrease.
  • ・Paying Rent Index (level of new rents and existing rents) was 82, a quarter-on-quarter increase of 1 point.
  • ・Average Free Rent Month was 2.2 months, a quarter-on-quarter decrease of 0.6 month. Six months of free rent were given in 16.5% of all the contracts, a decrease of 8.5 points.
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