The FINANCIAL -- The office vacancy rate in central Tokyo stood at 7.57% as of the end of August, unchanged from a month earlier, Miki Shoji Co. said on September 10.

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The rate had risen for 18 straight months through July, but now, "The number of leases signed for new large buildings is picking up," according to a Miki Shoji official. "Companies apparently have begun easing the downsizing of their office spaces."

 

The average asking rent in Tokyo's five central wards of Chiyoda, Chuo, Minato, Shinjuku and Shibuya fell 13.25% year on year to 19,867 yen per 3.3 sq. meters at the end of August. On a month-on-month basis, the figure slipped 1.5%. "Owners are increasingly accommodating toward their corporate tenants," said the official.

 

Meanwhile, in Osaka's business district, the office vacancy rate rose 0.14 percentage point month on month to 9.47%. In Nagoya, the rate inched down 0.03 point to 11.69%.

 

 

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