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Forval RealStraight (9423) · FactAdvanced

Improvement in the Office Market in Tokyo's Five Central Wards

First written in FY2017-Q1. 24 of 41 entries say "Advanced", first in FY2017-Q2. Latest entry: FY2027-H1.

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11years
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ProgressHeldSoftenedWorseAdvancedFY2017-Q2 – FY2020OtherFY2021-Q1 – FY2024AdvancedFY2025-H1 – FY2027-H12016: 220162017: 420172018: 420182019: 420192020: 420202021: 420212022: 420222023: 420232024: 320242025: 220252026: 62026
Same theme, other companies
Falling vacancy rates and rising rents as Tokyo’s central office market improvesA theme 6 companies write about · 0 as a headwind · 6 as a tailwind

2 other companies' latest entry also says "Advanced".

Ridges = years it wrote progress, valleys = years it wrote worse. Most hopeful companies at the back. Drag to turn, scroll to zoom, right-drag to pan. On a phone, two fingers turn and pinch to zoom; one finger scrolls the page.
Full recordFilings, disclosures and news, newest first
  1. FY2027-H1AdvancedAnnual report

    「In the office building market in Tokyo's five central wards (Chiyoda, Chuo, Minato, Shinjuku and Shibuya), the average vacancy rate was 1.85% as of the end of September 2026, down 0.83 percentage points from the same month of the previous year. (Note) The average rent in Tokyo's five central wards as of the end of September 2026 was ¥23,985 per tsubo, up ¥2,893, or 13.72%, year on year. (Note)」

    The average vacancy rate in Tokyo's five central wards fell to 1.85% year on year, while average rents rose to ¥23,985 per tsubo. The market improved from the previous year's 2.22% vacancy rate and ¥22,302 per tsubo.
  2. 2026-08-07AdvancedResults

    「2026年６月末時点の平均空室率が1.99％となり、前年同月比1.38％下降いたしました。また、東京都心５区の2026年６月末時点における平均賃料は前年同月比で2,116円（10.14％）上昇し、22,993円／坪となりました。」

    東京都心5区の平均空室率が1.99％へ低下し、平均賃料が22,993円／坪へ上昇している。
  3. FY2026AdvancedAnnual report

    「In the office building market in Tokyo’s five central wards (Chiyoda, Chuo, Minato, Shinjuku and Shibuya), the average vacancy rate was 2.22% as of the end of March 2026, down 1.64 percentage points year on year. (Note) The average rent in Tokyo’s five central wards as of the end of March 2026 rose by ¥1,661 (8.05%) year on year to ¥22,302 per tsubo. (Note)」

    The average vacancy rate in Tokyo’s five central wards fell from 3.86% in the previous fiscal year to 2.22%, while the average rent rose from ¥20,641 to ¥22,302 per tsubo.
  5. FY2026-H1AdvancedAnnual report

    「The average vacancy rate in Tokyo’s five central wards was 2.68% as of the end of September 2025, down 1.93 percentage points year on year. The average rent in Tokyo’s five central wards as of the end of September 2025 rose by ¥966 (4.80%) year on year to ¥21,092 per tsubo.」

    The average vacancy rate in Tokyo’s five central wards fell from 4.61% to 2.68%, while the average rent rose from ¥20,126 to ¥21,092 per tsubo, indicating continued market improvement.
  6. FY2025AdvancedAnnual report

    「In the office building market in Tokyo’s five central wards (Chiyoda, Chuo, Minato, Shinjuku and Shibuya), the average vacancy rate was 3.86% as of the end of March 2025, down 1.61 percentage points year on year. (Note) The average rent in Tokyo’s five central wards as of the end of March 2025 rose by ¥821 (4.14%) year on year to ¥20,641 per tsubo. (Note)」

    In Tokyo’s five central wards, the average vacancy rate fell year on year to 3.86%, while the average rent rose to ¥20,641 per tsubo. The market continued to improve from 5.47% and ¥19,820 per tsubo in the previous fiscal year.
  7. FY2025-H1AdvancedAnnual report

    「In the office building market in Tokyo’s five central wards (Chiyoda, Chuo, Minato, Shinjuku and Shibuya), the average vacancy rate was 4.61% as of the end of September 2024, down 1.54 percentage points year on year. (Note) The average rent in Tokyo’s five central wards as of the end of September 2024 rose by ¥376 (1.90%) year on year to ¥20,126 per tsubo. (Note)」

    The average vacancy rate fell to 4.61%, while the average rent rose to ¥20,126 per tsubo. Compared with the previous FY2024 disclosure, the decline in the vacancy rate and increase in rent have progressed further.
  8. FY2024Lower vacancy rate, slight rent declineAnnual report

    「In the office building market in Tokyo’s five central wards (Chiyoda, Chuo, Minato, Shinjuku and Shibuya), the average vacancy rate was 5.47% as of the end of March 2024, down 0.94 percentage points year on year. The average rent in Tokyo’s five central wards as of the end of March 2024 fell by ¥171 (0.86%) year on year to ¥19,820 per tsubo.」

    The average vacancy rate fell year on year, while the average rent also fell year on year.
  9. FY2024-Q3Lower vacancy rate, continued rent declinesAnnual report

    「In the office building market in Tokyo’s five central wards (Chiyoda, Chuo, Minato, Shinjuku and Shibuya), the average vacancy rate was 6.03% as of the end of December 2023, down 0.44 percentage points year on year. (Note) The average rent in Tokyo’s five central wards as of the end of December 2023 fell by ¥311 (1.55%) year on year to ¥19,748 per tsubo. (Note)」

    The average vacancy rate in Tokyo’s five central wards fell year on year, while the average rent also fell year on year.
  10. FY2024-Q2Lower vacancy rate, continued rent declinesAnnual report

    「In the office building market in Tokyo’s five central wards (Chiyoda, Chuo, Minato, Shinjuku and Shibuya), the average vacancy rate was 6.15% as of the end of September 2023, down 0.34 percentage points year on year. (Note) The average rent in Tokyo’s five central wards as of the end of September 2023 fell by ¥406 (2.01%) year on year to ¥19,750 per tsubo. (Note)」

    The average vacancy rate fell year on year to 6.15%, while the average rent fell 2.01% year on year to ¥19,750 per tsubo.
  11. FY2024-Q1Vacancy rate up year on year, continued rent declinesAnnual report

    「In the office building market in Tokyo’s five central wards (Chiyoda, Chuo, Minato, Shinjuku and Shibuya), the average vacancy rate was 6.48% as of the end of June 2023, up 0.09 percentage points year on year. (Note) The average rent in Tokyo’s five central wards as of the end of June 2023 fell by ¥435 (2.15%) year on year to ¥19,838 per tsubo. (Note)」

    The average vacancy rate rose from 6.39% in the same period of the previous year to 6.48%, while the average rent fell from ¥20,273 to ¥19,838 per tsubo.
  12. FY2023Vacancy rate down from the previous period, continued rent declinesAnnual report

    「In the office building market in Tokyo’s five central wards (Chiyoda, Chuo, Minato, Shinjuku and Shibuya), the average vacancy rate was 6.41% as of the end of March 2023, up 0.04 percentage points year on year. (Note) The average rent in Tokyo’s five central wards as of the end of March 2023 fell by ¥375 (1.84%) year on year to ¥19,991 per tsubo. (Note)」

    The average vacancy rate rose 0.04 percentage points year on year to 6.41%, while the average rent fell 1.84% year on year to ¥19,991 per tsubo.
  13. FY2023-Q3Vacancy rate down from the previous period, continued rent declinesAnnual report

    「In the office building market in Tokyo’s five central wards (Chiyoda, Chuo, Minato, Shinjuku and Shibuya), the average vacancy rate was 6.47% as of the end of December 2022, up 0.14 percentage points year on year. (Note) The average rent in Tokyo’s five central wards as of the end of December 2022 fell by ¥537 (2.61%) year on year to ¥20,059 per tsubo. (Note)」

    The average vacancy rate edged down from 6.49% in the previous disclosure to 6.47%, but rose 0.14 percentage points year on year. The average rent fell from ¥20,156 to ¥20,059 per tsubo, with the year-on-year decline amounting to ¥537.
  14. FY2023-Q2Higher vacancy rate, continued rent declinesAnnual report

    「In the office building market in Tokyo’s five central wards (Chiyoda, Chuo, Minato, Shinjuku and Shibuya), the average vacancy rate was 6.49% as of the end of September 2022, up 0.06 percentage points year on year. (Note) The average rent in Tokyo’s five central wards as of the end of September 2022 fell by ¥702 (3.37%) year on year to ¥20,156 per tsubo. (Note)」

    The average vacancy rate rose year on year to 6.49%, while the average rent fell 3.37% year on year to ¥20,156 per tsubo.
  15. FY2023-Q1Higher vacancy rate, continued rent declinesAnnual report

    「In the office building market in Tokyo’s five central wards (Chiyoda, Chuo, Minato, Shinjuku and Shibuya), the average vacancy rate was 6.39% as of the end of June 2022, up 0.20 percentage points year on year. (Note) The average rent in Tokyo’s five central wards as of the end of June 2022 fell by ¥887 (4.19%) year on year to ¥20,273 per tsubo. (Note)」

    The average vacancy rate rose year on year to 6.39%, while the average rent fell 4.19% year on year to ¥20,273 per tsubo.
  16. FY2022Higher vacancy rate, continued rent declinesAnnual report

    「In the office building market in Tokyo’s five central wards (Chiyoda, Chuo, Minato, Shinjuku and Shibuya), the average vacancy rate was 6.37% as of the end of March 2022, up 0.95 percentage points year on year. (Note) The average rent in Tokyo’s five central wards as of the end of March 2022 fell by ¥1,175 (5.45%) year on year to ¥20,366 per tsubo. (Note)」

    The average vacancy rate rose 0.95 percentage points year on year to 6.37%, while the average rent fell 5.45% year on year to ¥20,366 per tsubo.
  17. FY2022-Q3Vacancy rate down from the previous period, rent downAnnual report

    「Against this economic backdrop, in the office building market in Tokyo’s five central wards (Chiyoda, Chuo, Minato, Shinjuku and Shibuya), the average vacancy rate was 6.33% as of the end of December 2021, down 1.84 percentage points year on year. (Note) The average rent in Tokyo’s five central wards as of the end of December 2021 fell by ¥1,403 (6.38%) year on year to ¥20,596 per tsubo. (Note)」

    The average vacancy rate fell from 6.43% in the previous disclosure to 6.33%, while the average rent fell from ¥20,858 to ¥20,596 per tsubo.
  18. FY2022-Q2Vacancy rate up from the previous period, rent downAnnual report

    「In the office building market in Tokyo’s five central wards (Chiyoda, Chuo, Minato, Shinjuku and Shibuya), the average vacancy rate was 6.43% as of the end of September 2021, down 3.00 percentage points year on year. (Note) The average rent in Tokyo’s five central wards as of the end of September 2021 fell by ¥1,875 (8.25%) year on year to ¥20,858 per tsubo. (Note)」

    Although the average vacancy rate fell year on year, it rose from 6.19% in the previous disclosure to 6.43%. The average rent fell from ¥21,160 per tsubo in the previous period to ¥20,858 per tsubo, also declining year on year.
  19. FY2022-Q1Further increases in the vacancy rate and declines in rentAnnual report

    「In the office building market in Tokyo’s five central wards (Chiyoda, Chuo, Minato, Shinjuku and Shibuya), the average vacancy rate was 6.19% as of the end of June 2021, up 4.22 percentage points year on year. (Note) The average rent in Tokyo’s five central wards as of the end of June 2021 fell by ¥1,720 (7.52%) year on year to ¥21,160 per tsubo. (Note)」

    The average vacancy rate rose from 1.97% in the same month of the previous year to 6.19%, while the average rent fell from ¥22,880 to ¥21,160 per tsubo. The increase in the vacancy rate and decline in rent accelerated further from the previous quarter.
  20. FY2021Higher vacancy rate, lower rentAnnual report

    「In the office building market in Tokyo’s five central wards (Chiyoda, Chuo, Minato, Shinjuku and Shibuya), the average vacancy rate was 5.42% as of the end of March 2021, up 3.92 percentage points year on year. (Note) The average rent in Tokyo’s five central wards as of the end of March 2021 fell by ¥1,053 (4.66%) year on year to ¥21,541 per tsubo. (Note)」

    The average vacancy rate rose year on year to 5.42%, while the average rent fell 4.66% year on year to ¥21,541 per tsubo.
  21. FY2021-Q3Higher vacancy rate, lower rentAnnual report

    「In the office building market in Tokyo’s five central wards, the average vacancy rate was 4.49% as of the end of December 2020, up 2.94 percentage points year on year. (Note) The average rent in Tokyo’s five central wards as of the end of December 2020 fell by ¥207 (0.93%) year on year to ¥21,999 per tsubo. (Note)」

    The average vacancy rate rose year on year, from 3.43% in the previous disclosure to 4.49%. The average rent fell year on year, from ¥22,733 per tsubo in the previous disclosure to ¥21,999 per tsubo.
  22. FY2021-Q2Higher vacancy rate, rent up year on year but down from the previous periodAnnual report

    「In the office building market in Tokyo’s five central wards (Chiyoda, Chuo, Minato, Shinjuku and Shibuya), the average vacancy rate was 3.43% as of the end of September 2020, up 1.79 percentage points year on year. (Note) The average rent in Tokyo’s five central wards as of the end of September 2020 rose by ¥878 (4.02%) year on year to ¥22,733 per tsubo. (Note)」

    The average vacancy rate rose year on year, from 1.97% in the previous period disclosed to 3.43%. The average rent rose year on year but fell from ¥22,880 per tsubo in the previous disclosure to ¥22,733 per tsubo.
  23. FY2021-Q1Higher vacancy rate, continued rent growthAnnual report

    「In the office building market in Tokyo’s five central wards (Chiyoda, Chuo, Minato, Shinjuku and Shibuya), the average vacancy rate was 1.97% as of the end of June 2020, up 0.25 percentage points year on year. (Note) The average rent in Tokyo’s five central wards as of the end of June 2020 rose by ¥1,362 (6.33%) year on year to ¥22,880 per tsubo. (Note)」

    While the average vacancy rate turned higher year on year, the average rent continued to rise year on year.
  24. FY2020AdvancedAnnual report

    「In the office building market in Tokyo’s five central wards (Chiyoda, Chuo, Minato, Shinjuku and Shibuya), the average vacancy rate was 1.50% as of the end of March 2020, down 0.28 percentage points year on year. (Note) The average rent in Tokyo’s five central wards as of the end of March 2020 rose by ¥1,460 (6.91%) year on year to ¥22,594 per tsubo. (Note)」

    The average vacancy rate in Tokyo’s five central wards fell year on year to 1.50%, while the average rent rose to ¥22,594 per tsubo.
  25. FY2020-Q3AdvancedAnnual report

    「Against this economic backdrop, in the office building market in Tokyo’s five central wards (Chiyoda, Chuo, Minato, Shinjuku and Shibuya), the average vacancy rate was 1.55% as of the end of December 2019, down 0.33 percentage points year on year. (Note) The average rent in Tokyo’s five central wards as of the end of December 2019 rose by ¥1,319 (6.31%) year on year to ¥22,206 per tsubo. (Note)」

    The average vacancy rate in Tokyo’s five central wards fell further, from 1.64% to 1.55%, while the average rent rose from ¥21,855 to ¥22,206 per tsubo.
  26. FY2020-Q2AdvancedAnnual report

    「Against this economic backdrop, in the office building market in Tokyo’s five central wards (Chiyoda, Chuo, Minato, Shinjuku and Shibuya), the average vacancy rate was 1.64% as of the end of September 2019, down 0.69 percentage points year on year. (Note) The average rent in Tokyo’s five central wards as of the end of September 2019 rose by ¥1,417 (6.93%) year on year to ¥21,855 per tsubo. (Note)」

    The average vacancy rate in Tokyo’s five central wards fell to 1.64%, while the average rent rose to ¥21,855 per tsubo.
  27. FY2020-Q1AdvancedAnnual report

    「In the office building market in Tokyo’s five central wards (Chiyoda, Chuo, Minato, Shinjuku and Shibuya), the average vacancy rate was 1.72% as of the end of June 2019, down 0.85 percentage points year on year. The average rent in Tokyo’s five central wards as of the end of June 2019 rose by ¥1,410 (7.01%) year on year to ¥21,518 per tsubo.」

    The average vacancy rate in Tokyo’s five central wards fell to 1.72%, while the average rent rose to ¥21,518 per tsubo.
  28. FY2019AdvancedAnnual report

    「In the office building market in Tokyo’s five central wards (Chiyoda, Chuo, Minato, Shinjuku and Shibuya), the average vacancy rate was 1.78% as of the end of March 2019, down 1.02 percentage points year on year. The average rent in Tokyo’s five central wards as of the end of March 2019 rose by ¥1,435 (7.28%) year on year to ¥21,134 per tsubo.」

    The average vacancy rate in Tokyo’s five central wards fell by 1.02 percentage points year on year to 1.78%, while the average rent rose to ¥21,134 per tsubo.
  29. FY2019-Q3AdvancedAnnual report

    「In the office building market in Tokyo’s five central wards (Chiyoda, Chuo, Minato, Shinjuku and Shibuya), the average vacancy rate was 1.88% as of the end of December 2018, down 1.24 percentage points year on year. The average rent in Tokyo’s five central wards as of the end of December 2018 rose by ¥1,714 (8.94%) year on year to ¥20,887 per tsubo.」

    The average vacancy rate in Tokyo’s five central wards fell by 1.24 percentage points year on year to 1.88%, while the average rent rose to ¥20,887 per tsubo.
  30. FY2019-Q2AdvancedAnnual report

    「In the office building market in Tokyo’s five central wards (Chiyoda, Chuo, Minato, Shinjuku and Shibuya), the average vacancy rate was 2.33% as of the end of September 2018, down 0.84 percentage points year on year. The average rent in Tokyo’s five central wards as of the end of September 2018 rose by ¥1,443 (7.60%) year on year to ¥20,438 per tsubo.」

    The average vacancy rate in Tokyo’s five central wards fell from 2.57% to 2.33%, while the average rent rose from ¥20,108 to ¥20,438 per tsubo.
  31. FY2019-Q1AdvancedAnnual report

    「In the office building market in Tokyo’s five central wards (Chiyoda, Chuo, Minato, Shinjuku and Shibuya), the average vacancy rate was 2.57% as of the end of June 2018, down 0.69 percentage points year on year. The average rent in Tokyo’s five central wards as of the end of June 2018 rose by ¥1,244 (6.59%) year on year to ¥20,108 per tsubo.」

    The average vacancy rate in Tokyo’s five central wards fell year on year to 2.57%, while the average rent rose to ¥20,108 per tsubo.
  32. FY2018AdvancedAnnual report

    「In the office-building market in Tokyo's five central wards (Chiyoda, Chuo, Minato, Shinjuku and Shibuya), the average vacancy rate was 2.80% as of 31 March 2018, down 0.80 percentage points year on year. The average rent in Tokyo's five central wards as of 31 March 2018 rose ¥969, or 5.17%, year on year to ¥19,699 per tsubo.」

    In Tokyo's five central wards, the average vacancy rate declined from 3.60% at the end of the previous fiscal year to 2.80%, while average rents increased from ¥18,730 to ¥19,699 per tsubo.
  33. FY2018-Q3AdvancedAnnual report

    「In the office-building market in Tokyo's five central wards (Chiyoda, Chuo, Minato, Shinjuku and Shibuya), the average vacancy rate was 3.12% as of 31 December 2017, down 0.49 percentage points year on year. The average rent in Tokyo's five central wards as of 31 December 2017 rose ¥633, or 3.41%, year on year to ¥19,173 per tsubo.」

    In Tokyo's five central wards, the average vacancy rate declined further from 3.17% at the previous disclosure date to 3.12%, while average rents increased from ¥18,995 to ¥19,173 per tsubo.
  34. FY2018-Q2AdvancedAnnual report

    「In the office-building market in Tokyo's five central wards (Chiyoda, Chuo, Minato, Shinjuku and Shibuya), the average vacancy rate was 3.17% as of 30 September 2017, down 0.53 percentage points year on year. The average rent in Tokyo's five central wards as of 30 September 2017 rose ¥659, or 3.59%, year on year to ¥18,995 per tsubo.」

    In Tokyo's five central wards, the average vacancy rate declined further from 3.60% at the end of the previous fiscal year to 3.17%, while average rents increased from ¥18,730 to ¥18,995 per tsubo.
  35. FY2018-Q1AdvancedAnnual report

    「In the office-building market in Tokyo's five central wards (Chiyoda, Chuo, Minato, Shinjuku and Shibuya), the average vacancy rate was 3.26% as of 30 June 2017, down 0.81 percentage points year on year. The average rent in Tokyo's five central wards as of 30 June 2017 rose ¥685, or 3.77%, year on year to ¥18,864 per tsubo.」

    In Tokyo's five central wards, the average vacancy rate declined from 3.60% at the end of the previous fiscal year to 3.26%, while average rents increased from ¥18,730 to ¥18,864 per tsubo.
  36. FY2017AdvancedAnnual report

    「In the office-building market in Tokyo's five central wards (Chiyoda, Chuo, Minato, Shinjuku and Shibuya), the average vacancy rate was 3.60% as of 31 March 2017, down 0.74 percentage points year on year. The average rent in Tokyo's five central wards as of 31 March 2017 rose ¥757, or 4.21%, year on year to ¥18,730 per tsubo.」

    In Tokyo's five central wards, the average vacancy rate declined from 3.61% to 3.60%, while average rents increased from ¥18,540 to ¥18,730 per tsubo.
  37. FY2017-Q3AdvancedAnnual report

    「In the office-building market in Tokyo's five central wards (Chiyoda, Chuo, Minato, Shinjuku and Shibuya), the average vacancy rate was 3.61% as of 31 December 2016, down 0.42 percentage points year on year. The average rent in Tokyo's five central wards as of 31 December 2016 rose ¥848, or 4.79%, year on year to ¥18,540 per tsubo.」

    In Tokyo's five central wards, the average vacancy rate declined further from 3.70% at the previous disclosure date to 3.61%, while average rents increased from ¥18,336 to ¥18,540 per tsubo.
  38. FY2017-Q2AdvancedAnnual report

    「In the office-building market in Tokyo's five central wards (Chiyoda, Chuo, Minato, Shinjuku and Shibuya), the average vacancy rate was 3.70% as of 30 September 2016, down 0.83 percentage points year on year. The average rent in Tokyo's five central wards as of 30 September 2016 rose ¥742, or 4.22%, year on year to ¥18,336 per tsubo.」

    In Tokyo's five central wards, the average vacancy rate declined further and average rents increased from the previous disclosure date.
  39. FY2017-Q1First statedAnnual report

    「In the office-building market in Tokyo's five central wards (Chiyoda, Chuo, Minato, Shinjuku and Shibuya), the average vacancy rate was 4.07% as of 30 June 2016, down 1.05 percentage points year on year. The average rent in Tokyo's five central wards as of 30 June 2016 rose ¥778, or 4.47%, year on year to ¥18,179 per tsubo.」

    The company describes market conditions in Tokyo's five central wards, where the average vacancy rate declined and average rents increased.
Moved together

"Revenue improvement through higher sales and earnings" moved the same way as this thread, in the same document, in 10 of its 41 moves.

1099655★123456
  1. ★This thread
  2. 1Revenue improvement through higher sales and earnings10×
  3. 2Continued Suspension of Dividends and Early Resumption9×
  4. 3Increase in Net Assets and Improvement in the Equity Ratio9×
  5. 4Granting Stock Options to Directors and Employees6×
  6. 5Expanding revenue from office environment-related services5×
  7. 6Share Issuance Through the Exercise of Stock Acquisition Rights5×

★ is this thread; numbers match the list above. The number on a line is how many documents both moved the same way in; lines between the other threads count the documents they moved together in too. Threads that move together often sit closer.

When this could move next
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