Mitsubishi Estate Real Estate Service Co., Ltd.
[Trends in vacancy rate and average asking rent in 7 major wards as of the end of August 2024] Average vacancy rate 5.30% ( 0.07pt compared to the previous month), average asking rent 28,572 yen/tsubo ( 306 yen/tsubo compared to the previous month)
~Vacancy rates are rising in Minato Ward and Shinjuku Ward, while average asking rents are showing a slow recovery trend in Chuo Ward, Shinagawa Ward, and Koto Ward~
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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 7 major wards as of the end of August 2024]
The vacancy rate in the seven major wards has recovered in Chuo ward, increased in Minato ward and Shinjuku ward, and remained flat in Chiyoda ward, Shibuya ward, Shinagawa ward, and Koto ward. In Minato Ward, although there was a large-scale vacancy in the Mita area, the vacancy rate increased by 0.23pt from the previous month to 7.03% due to the completion of a large property in the Akasaka area.
The average asking rent rose in Chiyoda-ku and Minato-ku, fell in Chuo-ku, Shibuya-ku, and Shinagawa-ku, and remained unchanged in Shinjuku-ku and Koto-ku. In Minato Ward, the price rose by 1,032 yen/tsubo compared to the previous month due to the effects of newly built properties mentioned above. In Chuo-ku, Shinagawa-ku, and Koto-ku, leasing is progressing smoothly for properties with relatively high asking rents, such as newly built properties and properties with high transportation convenience. The recovery of average asking rents is thought to be delayed because there are still properties in the market that are around 30,000 yen/tsubo.
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[Survey target building]
・981 buildings As of the end of August 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 offered as of the end of the month of the survey.
・The effective rental area is basically 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 rentable area is unknown, the rental ratio calculated from the actual figures for buildings of the same size will be applied and aggregated.)
[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 real estate brokerage and consulting services, 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, lending and 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=202409