JAPAN DATA: Demand for office space in Tokyo improved for four months in a row
in October. Central Tokyo office vacancy ratio (vacant office space divided by
available space) fell to 8.74% at end-October, down from 8.90% in September and
showing the lowest figure since 8.64% in September 2011, data from real estate
firm Miki Shoji showed. The average office rent per 3.3 square meters in central
Tokyo wards, which tends to follow Tokyo’s office vacancy ratio with a six-month
lag, hit a record low of Y16,628, down four months in a row, after Y16,675 in
September. The firm said office space totaling 600,000 to 1 million square
meters are expected to be added in 2013, down sharply from 1.65 million this
year. That can be seen as a positive factor for declines in the ratio.