Office Vacancy Rates Rise

The average office vacancy rate in 11 of 12 major cities across Japan increased from the end of September to the end of December.

The exception was Kyoto, where the rate remained unchanged at 10.7%.

During the same period, the average asking rent decreased in all 12 cities but Hiroshima.

The office rental market appears to be sagging nationwide, with the office vacancy rate in Yokohama standing at 11.5%, the highest since the survey began.

The average office vacancy rate for the 12 cities at the end of December stood at 13.2%, a rise of 0.9 percentage point from the end of September. The average asking rent fell 1.5% to 9,710 yen per 3.3 sq. meters.

The office vacancy rate in Tokyo's 23 wards, counted as a city in the survey, also rose 0.9 point, to 6.5%, in the three-month period. The vacancy rate in Osaka gained 0.7 point to 10.3% and that in Nagoya climbed 0.5 point to 12.5%.

http://www.nni.nikkei.co.jp/e/fr/tnks/Nni20100114D14HH442.htm