Tokyo vacancy rates up for seventh straight month in February
March 10, 2009
By Ken Worsley
Earlier today, the Nikkei reported that vacancy rates at office buildings in central Tokyo inched up 0.1% to 3.5% in February, according to data from CB Richard Ellis. This is the seventh consecutive month in which vacancy rates have increased. At the same time, average rent per tsubo (about 3.3 square meters) decreased 1.0% to 15,160 yen.
Filed Under Economic Reports, Real Estate
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Sounds like Japan is having the same problems the US is experiencing. Too many homes available with no one who can pay the mortgage. This recession is seriously worldwide.