Mitsubishi Estate Real Estate Service Co., Ltd.
-End of April 2024-Trends in large office building vacancy rates and average asking rents in 7 major Tokyo wards
Average vacancy rate 5.63% (-0.09% compared to the previous month), average asking rent 27,864 yen/tsubo (+215 yen/tsubo compared to the previous month) – The vacancy rate in the 7th ward continues to be on a recovery trend, and the asking rent is also about the same as the vacancy rate. Although no significant recovery has been seen, there is a gradual recovery trend.
……
Mitsubishi Estate Real Estate Services Co., Ltd. (Headquarters: 1-9-2 Otemachi, Chiyoda-ku, Tokyo, President and Representative Director: Tetsuo Yuasa) is a subsidiary of Mitsubishi Estate Real Estate Services Co., Ltd. We conducted a survey of vacancy rates and average asking rents for large-scale office buildings*1 in Minato Ward, Shinjuku Ward, Shibuya Ward, Shinagawa Ward, and Koto Ward), and we would like to inform you that the results of the survey have been compiled.
*1: Large-scale office building = rental office building with a total floor area of 3,000 tsubo or more
Trends in vacancy rate and average asking rent in seven major wards as of the end of April 2024
Regarding the vacancy rates in the seven major wards, they recovered in Shinjuku and Shibuya wards, and remained flat in Chiyoda, Chuo, Minato, Shinagawa, and Koto wards. The vacancy rate in the seven major wards continues to show a recovery trend. In Shibuya Ward, in addition to contracts for large floors in the area around Shibuya Station, there were also multiple contracts for large floors in the Yoyogi and Sasazuka areas.
Average asking rents recovered in Chiyoda-ku, Minato-ku, and Shinagawa-ku, fell in Shibuya-ku, and remained unchanged in Chuo-ku, Shinjuku-ku, and Koto-ku. Although the average asking rent in the seven major wards has not recovered as markedly as the vacancy rate, it is showing a gradual recovery trend. The average asking rent in Chiyoda-ku increased by 1,844 yen/tsubo compared to the same month last year, due in part to the start of recruitment for large-scale, high-priced properties in the Marunouchi/Otemachi area. The average asking rent in Shibuya Ward is falling, but this is largely due to the end of listings for properties over 50,000 yen/tsubo in the area around Shibuya Station.
[Image 1: https://prtimes.jp/i/102049/77/resize/d102049-77-fd233445a9043f6622b8-0.jpg&s3=102049-77-a681dce744003325762d9353862f518e-697×608.jpg]
[Image 2: https://prtimes.jp/i/102049/77/resize/d102049-77-01189d17363403fdd2d9-0.jpg&s3=102049-77-f32527861733b692a90caf6061442a2c-785×608.jpg] Office relocation trends – Vacancy rate and average asking rent trends in seven major wards by building age
Looking at the vacancy rate trends in the seven major wards in 2023 by age of building, the vacancy rate of newly built properties is outstandingly high, but the vacancy rate is on a recovery trend in all age ranges. ing. Furthermore, when looking at trends in average asking rent by building age, while the average asking rent for newly built properties is on an upward trend, other building age ranges are generally flat. The older the building, the lower the average asking rent, but the average asking rent for properties that are 40 years old or older exceeds the average asking rent for properties that are 20 to 40 years old. Approximately 65% of properties that are 40 years old or older have been renovated, resulting in a product that surpasses properties that are 20 to 40 years old and can compete with properties that are 10 to 20 years old. It is presumed that they are securing the following.
[Image 3: https://prtimes.jp/i/102049/77/resize/d102049-77-c7f19b569de7b92430ae-3.jpg&s3=102049-77-0634cbc3d76c99a2e4d11465a6bc6a35-669×362.jpg]
[Image 4: https://prtimes.jp/i/102049/77/resize/d102049-77-eddf3f47b6f3c795c208-4.jpg&s3=102049-77-7df232873c75609a7802de332b523fee-673×315.jpg]
[Image 5: https://prtimes.jp/i/102049/77/resize/d102049-77-6887009ddb57e99be1fa-5.jpg&s3=102049-77-c8d67cc913145318f151e0129adc365c-791×362.jpg]
[Image 6: https://prtimes.jp/i/102049/77/resize/d102049-77-928dceb1d5fdc5d76c22-6.jpg&s3=102049-77-db8161bc2e86fdeccfb226cb69f2a75f-822×341.jpg] -Click here for detailed report-
https://office.mecyes.co.jp/market/detail/75?utm_source=birurelease&utm_medium=pr&utm_campaign=202405 Aggregation target
[Survey target building]
・997 buildings As of the end of April 2024
・Buildings targeted for the survey are those registered in our company’s internal data, and buildings with a total floor space of 3,000 tsubo or more that have been completed at the time of the survey in Chiyoda Ward, Chuo Ward, Minato Ward, Shinjuku Ward, Shibuya Ward, Shinagawa Ward, and Koto Ward. The target is tenant buildings. *However, buildings that are judged to have special circumstances in the normal office rental market are excluded from this scope. [Vacancy rate]
– The vacancy rate is calculated by dividing the available area in the target building by the effective rental area.
・The advertised area covers the plots that are being solicited as of the last day of the month of the survey.
・The effective area for rent is, in principle, based on the
information disclosed by the lender and the actual number according to our research.
*However, if the effective rental area is unknown, the rental ratio (effective rental area/total floor area) will be set at 50% if the total floor area is 10,000 square meters or more, and 60% if the total floor area is less than 10,000 square meters. We are compiling the data. (Before March 2023, if the effective rental area is unknown, the rental ratio calculated from the actual figures for buildings of the same size will be applied to the calculation.)
[Average asking rent]
– The asking rent is calculated using a weighted average of the conditions of the lots being offered as of the end of the month. ・Since there are differences in whether or not the common area fee method is adopted depending on the surveyed buildings, the average asking rent includes common area fees (excluding consumption tax, etc.).
[Notes]
・This material has been created based on our current views regarding the real estate market. Our views are opinions or predictions based on information sources we believe to be reliable and our own analysis of the current market environment, and the information herein is based on market and economic conditions after the date and time stated. may become invalid due to
About Mitsubishi Estate Real Estate Service Co., Ltd.
As a group company of Mitsubishi Estate, which operates a
comprehensive real estate business, we provide brokerage and consulting services for real estate sales, building and housing rental services, and parking management support. We utilize the know-how and track record we have cultivated over many years, as well as the Mitsubishi Estate Group’s network, to meet the diverse needs of our customers.
Company name: Mitsubishi Estate Real Estate Service Co., Ltd. Head office location: Otemachi Financial City Grand Cube 11th floor, 1-9-2 Otemachi, Chiyoda-ku, Tokyo
Representative Director: Tetsuo Yuasa
Business details: Real estate buying and selling, intermediary and appraisal, real estate management, leasing, buying and selling consignment, etc.
Established: December 20, 1972
Rental office search site:
https://office.mecyes.co.jp/?utm_source=birurelease&utm_medium=pr&utm_campaign=202405 More details about this release:
https://prtimes.jp/main/html/rd/p/000000077.000102049.html