In the fourth quarter 2019, the All-Grade vacancy rate in Tokyo 23 wards stood at 0.7 percent for the second consecutive quarter, reported CBRE.
The period saw companies continuing to relocate, moving into larger premises as their businesses diversify, or moving to improve location — a trend particularly common among IT-related firms. As leading manufacturers consolidated bases or relocated due to reconstruction, several class A large units completed this quarter were filled, as well as at relatively new buildings where there had been vacancies. Nevertheless, it may take some time for the resulting secondary vacancies to be filled.
Tokyo All-Grade rent stood at JPY 23,150 per tsubo ($tk per square foot), a rise of 1.2 percent quarter-over-quarter (q-o-q). The rate of increase for full-year 2019 was 4.2 percent. Grade B rent rose by 1.5 percent q-o-q and by 5.6 percent
