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Rent levels have been falling on office space in Tokyo as building owners struggle to attract new tenants or keep their current occupiers on similarly priced deals.
An oversupply of high quality office space across Tokyo and particularly in its central business districts has seen businesses taking the opportunity to renegotiate their rental arrangement in recent months, according to a new study from Miki Shoji.
The research firm reports that the average rent per square foot of office space in Tokyo’s five central zones had fallen by as much as 7.34 per cent between the end of 2009 and the end of 2010.
And the situation looks set to get more favourable for companies looking for commercial space in the Japanese capital, with several new buildings and hundreds of thousands of square feet of office space set to be made available over the coming 12 months.
“It is widely expected to take time for the market to bottom out,” a spokesperson for Miki Shoji made clear.
Overall vacancy rates in Tokyo fell slightly over the course of last month but there is around 0.82 per cent more unoccupied office space in across the city now than was the case a year ago.
All of which means development owners in Tokyo will be working hard to attract occupiers in months to come.
Over in Hong Kong by contrast, recent reports suggest that demand for office space is such that even some of the world’s leading finance companies are considering the option of occupying less expensive buildings outside the city’s main business district.