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Japan Real Estate Market

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-Office The vacancy rate in the five central wards of Tokyo dropped to 1.55% in December 2019 from 1.72% in June 2019 (Miki Shoji Office Data). Falling vacancy rate is expected to lead continuing rent increase, and NOI is expected to grow a bit. Corporate earnings are favorable at the time of this analysis and office demand in the Tokyo metropolitan area and major urban area is robust. In December 2019, active job openings-to-applicants ratio remains high at 1.57. In 2020 the new offices supply was approximately 310,000 tsubo (on a rentable area basis) in Tokyo’s 23 wards. Demand from tenants is strong as some buildings are pre-leased.