On March 15, Sanko Estate Co., Ltd. officially announced market data for five wards in central Tokyo (Chiyoda, Chūō, Minato, Shinjuku, and Shibuya) and six major cities or metropolises (Tokyo, Sapporo, Sendai, Nagoya, Osaka, and Fukuoka). The market data regards large-scale building (standard floor area for rent of 200 tsubo or more).
The vacancy rate in the five central wards of Tokyo was more or less flat at 0.59% (down 0.09 points month-on-month), falling to the 0.5% range for the first time since March 2007. Demand is strong, and vacant floors in existing buildings are being eliminated. The current vacant area is 39,831 tsubo (about 131,000 square meters) (down 4,940 tsubo [about 16,000 square meters]), falling below 40,000 tsubo (about 132,000 square meters) for the first time in nine months.
The average rent offered per tsubo was ¥31,293 (up ¥116), up for the fifth consecutive month. The area for which owners were trying to fill vacancies was 205,753 tsubo (about 680,000 square meters) (down 2,382 tsubo [about 8,000 square meters]).
The vacancy rates of the six major cities nationwide were 0.8% in Tokyo’s 23 wards (down 0.1 points), 1.1% in Sapporo (down 0.3 points), 3.9% in Sendai (down 0.1 points), and 1.3% in Nagoya. Osaka City’s vacancy rate rose 1.2% (no major change), and Fukuoka City’s was 1.1% (down 0.1 points).