Tokyo, November 11, 2016 - CBRE today released its preliminary October 2016 data on office vacancy rates and average assumed achievable rents in Japan’s three major cities: Tokyo, Osaka, and Nagoya.
In October 2016, the Grade A office vacancy rate in Tokyo was up 0.6 points month-over-month (m-o-m) to 3.3%. This was primarily due to the fact that another new building reached completion with vacant space remaining. Meanwhile, Osaka Grade A vacancy rate was down 1.0 point to 3.5%, and the Nagoya Grade A vacancy rate was down 0.7 points to 2.6%. Assumed Achievable Rents for Tokyo Grade A buildings were up 0.3% m-o-m, Osaka Grade A rents were up 0.5% m-o-m, and Nagoya Grade A rents were down 0.2% m-o-m.
With regard to All-Grade vacancy rates, Tokyo's 23 wards were down 0.1% m-o-m to 2.5%, Osaka was down 0.6points m-o-m at 4.0%, and Nagoya was down 0.2 points m-o-m to 3.9%. For further details on each city, please refer to the following tables and charts.
CBRE’s next press release on the office market is planned for December, 9, 2016.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.co.jp