The Building Group announced the results of a survey on March 11, of office building market conditions in major areas of the six major metropolises (Tokyo, Nagoya, Osaka, Fukuoka, Sapporo, and Sendai) for February 2020. The survey targeted office buildings with a vacancy rate of 100 tsubo* (330.579 square meters) or more of standard floor area and office buildings with rental contracts for estimated amounts of 100 to 300 tsubo (991.736 square meters).
The average vacancy rate in the five major Tokyo wards (Chiyoda, Chūō, Minato, Shinjuku, and Shibuya) is 1.76% (up 0.04 points month-on-month), in the 1% range for seventh consecutive months. The estimated contract rent per tsubo is ¥23,190 (up ¥219). To make a distinction between the numbers in each ward, it was 1.56% in Chiyoda-ku (down 0.14%), 2.24% in Chūō-ku (down 1.86%), 1.73% in Minato-ku (up 0.03%), 1.15% in Shinjuku-ku (down 0.31%), and 2.53% in Shibuya-ku (up 1.30%).
In other cities, Nagoya’s vacancy rate was 1.56% (up 0.04%), rent was ¥11,660 (up ¥183), Osaka’s vacancy rate was 1.53% (up 0.12%), its rent was ¥14,419 (up ¥218, an increase), Fukuoka’s vacancy rate was 1.16% (down 0.12%), its rent was ¥13,975 (down ¥44), Sapporo’s vacancy rate was 1.73% (down 0.26%), its rent was ¥10,532 yen (down ¥434), Sendai’s vacancy rate was 2.09% (up 0.07%), and its rent was ¥10,603 (up ¥128).
*”Tsubo” is the Japanese reading of 「坪」. It is a Chinese character used all over East Asia (“píng” in Chinese [Mandarin], “pyeong” in Korean) for area. 1 tsubo is equivalent to 3.30579 square meters. An easy way to remember how much a tsubo is is that it is the square that would be drawn around a typical man if he lay down on the floor, arms stretched out. A standard tatami mat is exactly half a tsubo.