New Research

Office Market Report
Tokyo | Q3 2017


(1 tsubo = 3.3 sqm)

  • ● In the September 2017 quarter, the Tokyo 23 Wards' office market remained tight with the low vacancy rate at the 3% level. The new contract rent turned up again after a drop in the previous quarter.
  • vacancy rate was 3.28%, a decrease by 0.38 points. Decrease in Vacant Space was 241,000 tsubo while Increase was 189,000 tsubo; the decrease was larger than the increase. Vacancy Turnover Ratio (the ratio of vacant space leased up during the quarter to all the vacancy stock) is moving upward.
  • New Contract Rent Index (the level of new lease rent) was 109, an increase by 5 points. Contract Rent Diffusion Index, calculated by subtracting the percentage of buildings with a rent decrease from the percentage of buildings with a rent increase, was +13, an increase by 7 points.
  • Paying Rent Index (the level of new lease rent and the level of existing lease rent combined) was 92, an increase by 1 point.
  • ● The free rent period is becoming shorter. Average Free Rent Month of Lease with Free Rent was 3.3 months, a decrease by 0.4 months.
Download PDF File
New Research
Back Number