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Notes on real estate: Office vacancies up, rents down, fewer new condos on the market

February 18, 2009
By Ken Worsley


In an article published last week, the Nikkei tells us that vacancy rates at office buildings in central Tokyo inched up 0.2% to 3.4% in January, according to data from CB Richard Ellis. This is the sixth consecutive month in which vacancy rates have increased. At the same time, average rent per tsubo, about 3.3 square meters, decreased 0.3% (about 40 yen) to 15,310 yen.

On Monday, the Real Estate Economic Institute announced that the number of new condo units put up for sale in January in Tokyo decreased 24.1% against a year ago, to 1,760 units. This was the 17th consecutive month in which the supply of new condo units has slipped. 64.2% of new units were sold within a month of being put on the market, which is up from the 61.9% seen in December but still less than the 70% sales ratio considered as healthy by the industry.

The average price of a new condo in Tokyo was about 41.72 million yen, down 0.9% from a year ago. Adjusting for the average size of a new condo, this is about 590,000 yen per square meter.

Filed Under Economic Reports, Japan, Real Estate 

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Comments

4 Responses to “Notes on real estate: Office vacancies up, rents down, fewer new condos on the market”

  1. Notes on real estate: Office vacancies up, rents down, fewer new … | Access Real Property on February 19th, 2009 1:43 pm

    […] Dave wrote an interesting post today onHere’s a quick excerptNews and commentary on Japan’s economy, with a focus on business trends and risk management. […]

  2. Real Estate/Buisness News » Blog Archive » Notes on real estate: Office vacancies up, rents down, fewer new … on February 19th, 2009 3:30 pm

    […] Original post by Ken Worsley […]

  3. Ace on March 11th, 2009 2:35 pm

    Doesn’t Japan have a limited amount of space? I bet there are people who are dying to stay in those places but don’t have the funds.

  4. J on May 8th, 2009 7:02 pm

    Ace-not limited space where I live, the farmers sell and people buy it up quickly, most japanese like to move into a newly built house-don’t like used ones, partially because their building techniques are better than 25 years ago, the stigma “used” is rough for them…

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