Resilient Office Demand and Rising Rents
First written in FY2017-Q1. 20 of 37 entries say "Advanced", first in FY2017-Q2. Latest entry: 2026-08-07.
Central General Development moved to the "Worse" side of this theme in 2021.
2 other companies' latest entry also says "Advanced".
- 2026-08-07AdvancedEarnings
「平均空室率は1.99％と前月比0.08ポイント改善し、2020年６月以来の１％台となりました。また、賃料は新築・既存ビルの平均月額賃料が６月時点で22,993円/坪と29ヶ月続けて上昇しております(三鬼商事㈱調査)。」
都心5区の平均空室率が1％台に低下し、平均賃料の上昇も29か月連続となった。 - FY2026AdvancedAnnual report
「Average monthly rents for new and existing buildings stood at ¥22,302 per tsubo as of March, continuing to rise for the 26th consecutive month (survey by 三鬼商事㈱).」
Average rents in Tokyo’s five central wards reached ¥22,302 per tsubo, marking the 26th consecutive monthly increase. Improvement continued from the previous 20 consecutive months of increases. - FY2026-H1AdvancedAnnual report
「The average vacancy rate for new and existing buildings fell 0.17 percentage points from the previous month to 2.68%. Average rents also rose for the 20th consecutive month (survey by 三鬼商事㈱).」
The average vacancy rate in Tokyo’s five central wards fell to 2.68%, while average rents rose for the 20th consecutive month. The office leasing environment improved from the previous vacancy rate of 3.86% and 14 consecutive months of rent increases. - FY2025AdvancedAnnual report
「As of March 2025, the average vacancy rate fell 0.08 percentage points month on month to 3.86%. Average monthly rents for new and existing buildings stood at ¥20,641 per tsubo as of March, continuing to rise for the 14th consecutive month (survey by 三鬼商事㈱).」
The average vacancy rate in Tokyo’s five central wards improved to 3.86%, while average rents reached ¥20,641 per tsubo, marking the 14th consecutive monthly increase. Improvement was seen in both vacancy rates and rents. - FY2025-H1AdvancedAnnual report
「In September, cancellations remained limited, as in the previous month, leases progressed in buildings completed less than one year earlier, and large leases were also signed in existing buildings. As a result, the average vacancy rate improved 0.15 percentage points month on month to 4.61%. Average rents for new and existing buildings also rose for the eighth consecutive month (survey by 三鬼商事㈱).」
The average vacancy rate in Tokyo’s five central wards improved to 4.61%, falling from the 5% range seen through the previous year. Average rents for new and existing buildings also rose for the eighth consecutive month, indicating improvement in both vacancy rates and rents. - FY2024Vacancy rates improve; rent weakness continuesAnnual report
「As of March 2024, the average vacancy rate fell 0.39 percentage points month on month to 5.47%. Average rents for new and existing buildings stood at ¥19,820 per tsubo as of March, remaining below ¥20,000 per tsubo for the 13th consecutive month since March 2023 (survey by 三鬼商事㈱).」
The average vacancy rate in Tokyo’s five central wards improved to 5.47%, while average rents were ¥19,820 per tsubo, remaining below ¥20,000 per tsubo for 13 consecutive months. Improving vacancy rates and weak rents coexisted. - FY2024-Q3Vacancy rates remain high; rents turn upwardAnnual report
「The average vacancy rate was unchanged month on month at 6.03%. Meanwhile, average rents for new and existing buildings rose 0.11% month on month, marking the first increase in 41 months (survey by 三鬼商事㈱).」
The vacancy rate in Tokyo’s five central wards remained high but unchanged at 6.03%, while average rents rose 0.11% month on month, marking the first increase in 41 months. - FY2024-Q2Vacancy Rates Improving, Rents Continuing to DeclineAnnual report
「In September, the average vacancy rate improved 0.25 percentage points month on month to 6.15%, as cancellations had little impact, large leases were signed in new buildings, and moves to larger premises emerged. Meanwhile, average rents for new and existing buildings continued to decline for the 38th consecutive month (survey by 三鬼商事㈱), and developments will need to be monitored closely.」
The average vacancy rate in Tokyo’s five central wards improved to 6.15%, while average rents for new and existing buildings fell for the 38th consecutive month. Improving vacancy rates and declining rents coexisted. - FY2024-Q1WorsenedAnnual report
「The average vacancy rate rose 0.32 percentage points month on month to 6.48%. Average rents for new and existing buildings also continued to decline, marking the 35th consecutive month of decline.」
The average vacancy rate in Tokyo’s five central wards rose to 6.48%, while average rents fell for the 35th consecutive month. The environment of high vacancy rates and declining rents continued. - FY2023High vacancy rates and continued rent declinesAnnual report
「In the office leasing market in Tokyo’s five central wards, the average vacancy rate rose 0.26 percentage points month on month to 6.41% in March, as the completion of several large buildings increased supply. Average rents for new and existing buildings also fell for the 32nd consecutive month, dropping below ¥20,000 per tsubo in March (survey by 三鬼商事㈱).」
The average vacancy rate remained high at 6.41% and turned upward month on month. Average rents fell for the 32nd consecutive month, dropping below ¥20,000 per tsubo. - FY2023-Q3WorsenedAnnual report
「In the office leasing market in Tokyo’s five central wards, the average vacancy rate in December rose by 0.09 percentage points from the previous month to 6.47%, turning upward for the first time in 4 months. Average rents for new and existing buildings also fell for 29 consecutive months.」
The average vacancy rate in Tokyo’s five central wards rose to 6.47%, deteriorating for the first time in 4 months. Average rents for new and existing buildings also fell for 29 consecutive months, and deterioration of the office leasing environment continued. - FY2023-Q2WorsenedAnnual report
「The average vacancy rate in September was 6.49%, broadly unchanged from the previous month, but remained above the 5% level regarded as an indicator of market strength or weakness for 20 consecutive months. Average rents for new and existing buildings also fell for 26 consecutive months.」
The average vacancy rate was 6.49%, with the rate above 5%, regarded as an indicator of market strength or weakness, continuing for 20 consecutive months. Average rents also fell for 26 consecutive months, and deterioration of the office leasing environment continued. - FY2023-Q1WorsenedAnnual report
「In the office leasing market in Tokyo’s five central wards, the average vacancy rate as of June rose by 0.02 percentage points from the previous month to 6.39%, as the impact of cancellations accompanying relocations into smaller premises outweighed the effect of several large lease transactions. The rate remained above the 5% level regarded as an indicator of market strength or weakness for 17 consecutive months. Average rents for new and existing buildings also fell for 23 consecutive months (survey by 三鬼商事㈱), and it remains necessary to closely monitor future trends.」
The average vacancy rate in Tokyo’s five central wards rose to 6.39%, remaining above 5% for 17 consecutive months. Average rents for new and existing buildings also fell for 23 consecutive months, and deterioration of the office leasing environment continued. - FY2022Slight improvement in vacancy rate, while rents continue to fallAnnual report
「The average vacancy rate in March improved by 0.04 percentage points from the previous month to 6.37%. Meanwhile, average rents for new and existing buildings fell for 20 consecutive months (survey by 三鬼商事㈱), and it is necessary to closely monitor future trends.」
The vacancy rate in Tokyo’s five central wards improved by 0.04 percentage points from the previous month in March, while average rents fell for 20 consecutive months, resulting in a combination of a slight improvement in the vacancy rate and falling rents. - FY2022-Q3Vacancy rate begins to improve, while rents continue to fallAnnual report
「The average vacancy rate in the Tokyo metropolitan area’s five central wards had risen for 20 consecutive months to 6.47% in October, but improved for 2 consecutive months to 6.35% in November and 6.33% in December (survey by 三鬼商事㈱). The main factor is believed to have been some companies seeking better locations as rents became more affordable, with average asking rents for new and existing buildings falling for 17 consecutive months.」
The average vacancy rate improved for 2 consecutive months in November and December after peaking at 6.47% in October, while average asking rents fell for 17 consecutive months. - FY2022-Q2WorsenedAnnual report
「As of September, the average vacancy rate in the Tokyo metropolitan area’s five central wards rose to 6.43%, increasing for 19 consecutive months. Average rents in existing buildings also fell for 14 consecutive months (survey by 三鬼商事㈱), and it remains necessary to closely monitor future trends.」
The average vacancy rate in Tokyo’s five central wards rose to 6.43% for 19 consecutive months, while average rents in existing buildings fell for 14 consecutive months. The deterioration of the office leasing environment continued and progressed. - FY2022-Q1WorsenedAnnual report
「As of June, the average vacancy rate in the Tokyo metropolitan area’s five central wards rose to 6.19%, increasing for 16 consecutive months. Average rents in existing buildings also fell for 11 consecutive months.」
The average vacancy rate in Tokyo’s five central wards rose to 6.19% for 16 consecutive months, while average rents in existing buildings fell for 11 consecutive months. The office leasing environment deteriorated further. - FY2021-Q3WorsenedAnnual report
「In the building leasing market, the spread of telework and other factors led to office consolidation and relocations into smaller premises. As a result, the average vacancy rate in the Tokyo metropolitan area’s five central wards as of December rose to 4.49%, increasing for 10 consecutive months. Average rents in existing buildings also fell for 5 consecutive months (survey by 三鬼商事㈱), and it remains necessary to closely monitor future trends.」
Against a backdrop of office consolidation and relocations into smaller premises due to telework and other factors, the average vacancy rate rose to 4.49% for 10 consecutive months, while average rents in existing buildings fell for 5 consecutive months. - FY2021-Q2WorsenedAnnual report
「In the building leasing market, partly due to the impact of the COVID-19 pandemic, the average vacancy rate in the Tokyo metropolitan area’s five central wards as of September rose to 3.43%, increasing for 7 consecutive months. Average rents in existing buildings also fell for 2 consecutive months from July (survey by 三鬼商事㈱), and we believe it is necessary to closely monitor future trends.」
The average vacancy rate in Tokyo’s five central wards rose to 3.43%, increasing for 7 consecutive months. Average rents in existing buildings also fell for 2 consecutive months, indicating deterioration from the previous trend of low vacancy rates and rising rents. - FY2021-Q1WorsenedAnnual report
「As of June, the average vacancy rate in the Tokyo metropolitan area’s five central wards had risen to 1.97%, increasing for 3 consecutive months from 1.56% in April. Average rents in existing buildings remained broadly flat from April through June, bringing the gradual upward trend to a halt.」
The average vacancy rate in Tokyo’s five central wards rose from 1.56% to 1.97% for 3 consecutive months, while rents in existing buildings remained flat and the upward trend came to a halt. The operating environment shifted toward deterioration from the previous trend of improving vacancy rates and rising rents. - FY2020AdvancedAnnual report
「As of the end of March, the average vacancy rate in the Tokyo metropolitan area’s five central wards rose by 0.01 percentage points from the previous month to 1.50%, but remained in the 1% range. Average rents in existing buildings also exceeded the previous month’s level for 38 consecutive months, and continued to rise gradually.」
The average vacancy rate was 1.50%, remaining in the 1% range, while average rents in existing buildings exceeded the previous month’s level for 38 consecutive months. - FY2020-Q3AdvancedAnnual report
「As of the end of December, the average vacancy rate in the Tokyo metropolitan area’s five central wards improved by 0.01 percentage points from the previous month to 1.55%. Average rents in existing buildings also exceeded the previous month’s level for 35 consecutive months, and continued to rise gradually.」
The average vacancy rate in Tokyo’s five central wards improved to 1.55%, while average rents in existing buildings exceeded the previous month’s level for 35 consecutive months. - FY2020-Q2AdvancedAnnual report
「As of the end of September, the average vacancy rate in the Tokyo metropolitan area’s five central wards improved by 0.07 percentage points from the previous month to 1.64%. Average rents in existing buildings also exceeded the previous month’s level for 32 consecutive months, and continued to rise gradually.」
The average vacancy rate in Tokyo’s five central wards improved to 1.64%, while average rents in existing buildings exceeded the previous month’s level for 32 consecutive months. - FY2020-Q1AdvancedAnnual report
「As of the end of June, the average vacancy rate in the Tokyo metropolitan area’s five central wards rose by 0.08 percentage points from the previous month to 1.72%, but remained in the 1% range, indicating robust office demand. Average rents in existing buildings also exceeded the previous month’s level for 29 consecutive months (survey by 三鬼商事㈱), and continued to rise gradually.」
The average vacancy rate in Tokyo’s five central wards remained in the 1% range at 1.72%, while average rents in existing buildings exceeded the previous month’s level for 29 consecutive months. Office demand was also described as robust. - FY2019AdvancedAnnual report
「In the building leasing market, the average vacancy rate in the Tokyo metropolitan area’s five central wards as of the end of March was 1.78% and continued to improve, with market conditions more active than before the Lehman shock. Average rents in existing buildings also exceeded the previous month’s level for 26 consecutive months (survey by 三鬼商事㈱), and continued to rise gradually.」
The average vacancy rate in Tokyo’s five central wards improved to 1.78%, while average rents in existing buildings rose for 26 consecutive months. - FY2019-Q3AdvancedAnnual report
「In the Tokyo metropolitan area’s five central wards, the average vacancy rate as of the end of December improved by 0.10 percentage points from the previous month to 1.88%. Average rents in existing buildings also exceeded the previous month’s level for 23 consecutive months, and continued to rise gradually.」
The average vacancy rate in Tokyo’s five central wards improved to 1.88%, while average rents in existing buildings exceeded the previous month’s level for 23 consecutive months. - FY2019-Q2AdvancedAnnual report
「In the Tokyo metropolitan area’s five central wards, the average vacancy rate as of the end of September improved by 0.12 percentage points from the previous month to 2.33%. Average rents in existing buildings also exceeded the previous month’s level for 20 consecutive months, and continued to rise gradually.」
The average vacancy rate in Tokyo’s five central wards improved to 2.33%, while average rents in existing buildings exceeded the previous month’s level for 20 consecutive months. - FY2019-Q1AdvancedAnnual report
「As of the end of June, the average vacancy rate improved by 0.11 percentage points from the previous month to 2.57%, remaining in the 2% range. Average rents in existing buildings as of the end of June also improved by 0.36% from the previous month, and continued to trend upward gradually.」
The average vacancy rate improved to 2.57% and remained in the 2% range, while average rents in existing buildings improved by 0.36% from the previous month. - FY2018AdvancedAnnual report
「As of the end of March, the average vacancy rate improved by 0.23 percentage points from the previous month to 2.80%, marking the first time in 10 years, since March 2008, that the average vacancy rate had been in the 2% range. Average rents in existing buildings as of the end of March also improved by 1.08% from the previous month, and continued to trend upward gradually.」
The average vacancy rate fell to 2.80%, entering the 2% range for the first time in 10 years, while rents in existing buildings improved by 1.08% from the previous month. - FY2018-Q3Maintaining a low vacancy rate and continued rent increasesAnnual report
「As of the end of December, the average vacancy rate in the Tokyo metropolitan area’s five central wards rose by 0.09 percentage points from the previous month to 3.12%, but remained in the 3% range for 18 consecutive months since July 2016. Average rents in existing buildings as of the end of December also improved by 0.58% from the previous month, and continued to trend upward gradually (survey by 三鬼商事㈱).」
Although the average vacancy rate rose from the previous month, it remained in the 3% range for 18 consecutive months, while average rents in existing buildings improved by 0.58% from the previous month. - FY2018-Q2AdvancedAnnual report
「As of the end of September, the average vacancy rate in the Tokyo metropolitan area’s five central wards improved by 0.18 percentage points from the previous month to 3.17%, remaining in the 3% range for 15 consecutive months since July 2016. Average rents in existing buildings as of the end of September also improved by 3.53% year on year, and continued to trend upward gradually (survey by 三鬼商事㈱).」
The average vacancy rate improved to 3.17%, remaining in the 3% range for 15 consecutive months. Average rents in existing buildings also improved by 3.53% year on year. - FY2018-Q1AdvancedAnnual report
「As of the end of June, the average vacancy rate in the Tokyo metropolitan area’s five central wards improved by 0.15 percentage points from the previous month to 3.26%, remaining in the 3% range for 12 consecutive months since July 2016. Average rents in existing buildings as of the end of June also improved by 4.01% year on year, and continued to trend upward gradually (survey by 三鬼商事㈱).」
The average vacancy rate was 3.26%, remaining in the 3% range for 12 consecutive months, while average rents in existing buildings improved by 4.01% year on year. - FY2017-Q3AdvancedAnnual report
「As of the end of December, the average vacancy rate improved by 0.14 percentage points from the previous month to 3.61%, remaining in the 3% range for 6 consecutive months since July 2016. Rents have also continued to trend upward gradually, with average rents in existing buildings exceeding the previous month’s level for 35 consecutive months (survey by 三鬼商事㈱).」
The average vacancy rate improved to 3.61% and remained in the 3% range for 6 months. Average rents in existing buildings also exceeded the previous month’s level for 35 consecutive months, up from 32 months previously. - FY2017-Q2AdvancedAnnual report
「As of the end of September, the average vacancy rate in the Tokyo metropolitan area’s five central wards was 3.7%, improving for 3 consecutive months. Rents have also continued to trend upward gradually, with average rents in existing buildings exceeding the previous month’s level for 32 consecutive months (survey by 三鬼商事㈱).」
The average vacancy rate was 3.7%, improving for 3 consecutive months, while average rents in existing buildings exceeded the previous month’s level for 32 consecutive months, up from 29 months. - FY2017-Q1First statedAnnual report
「Rents have also continued to trend upward gradually, with average rents in existing buildings exceeding the previous month’s level for 29 consecutive months (survey by 三鬼商事㈱).」
The vacancy rate in Tokyo’s five central wards and trends in rents for existing buildings were described as the operating environment for the leasing business.