Tokyo office vacancy rate edges up

Kyodo News

The average vacancy rate for office buildings in central Tokyo had climbed to 9.04 percent at the end of November, office broker Miki Shoji Co. said Thursday.

Rising for the first time in three months , the vacancy rate in the area comprising Chiyoda, Chuo, Minato, Shinjuku and Shibuya wards rose 0.19 point, the company said. At the end of October, the rate had taken its first dip below 9 percent in five years.

Miki Shoji traced the rebound to growing moves by businesses to relocate or consolidate.

“The average vacancy ratio may remain high in 2011 and 2012, because the supply of newly built large-scale office buildings is going to increase despite weak prospective office demand for the near future,” a Miki Shoji official said.