Xymax Real Estate Institute

Vacant Office Space Monthly Report
Tokyo | February 2023
March 3, 2023
(1 tsubo = approx. 3.3 sqm)
Vacant office space data of the 23 wards of Tokyo in February 2023 were as follows:
The vacancy rate in February 2023 was 3.84%, down 0.10pt from the previous month. The availability rate
was 5.83%, 0.05pt decreased from the previous month (Figure 1)

The vacancy rate among the 5 central wards was the highest in the Chuo Ward at 4.59%. The vacancy ratein the Shibuya Wards increased while the vacancy rates in the Chuo, Chiyoda, Minato, and Shinjuku Wards
decreased from the previous month. (Figure 2).

Vacant space was 428,000 tsubo, decreasing 11,000 tsubo from the previous month (Figure 3).

In terms of the increase and decrease in vacant space, the increase was 37,000 tsubo and the decrease was48,000 tsubo. The decrease exceeded the increase (Figure 4).

Figure 1: Vacancy & Availability Rates(23 Wards, All Sizes)

Figure 2: Vacancy Rate (5 Central Wards)

2022/102022/112022/122023/12023/2

Vacancy rate

4.00%

3.92%3.88%

3.94%

3.84%

Availability rate

5.96%

5.88%

5.81%

5.88%

5.83%

Figure 3: Vacant Space (23 Wards, All Sizes)

Chuo

ChiyodaMinatoShinjuku

Shibuya

3.33%

2.43%

2023/1

4.81%

2023/2

4.59%↘ 2.64%↘ 4.28%↘ 3.30%↘ 2.47%↗

2.74%

4.39%

Figure 4: Increase & Decrease in Vacant Space(23 Wards, All Sizes)

2022/102022/112022/122023/12023/22022/102022/112022/122023/12023/2

Increase (tsubo)

46,00039,00040,00044,00037,000Vacant space 456,000

447,000

439,000

439,000

428,000

Decrease (tsubo)

56,00048,00048,00044,00048,000Vacant Office Space Monthly Report | Tokyo | February 2023
The contents of this report are as of the time of writing. Xymax Real Estate Institute does not guarantee their accuracy or completeness.
This report may not be reproduced, cited, transmitted, distributed, or reprinted without prior permission of Xymax Real Estate Institute.

Copyright © 2023 Xymax Corporation. All rights reserved.

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Xymax Real Estate InstituteThe vacancy rate by area was 3.60% in the 5 central wards and 4.60% in the 18 peripheral wards. Theavailability rate was 5.62% in the 5 central wards and 6.49% in the 18 peripheral wards (Figure 5).

The vacancy rate by building size was 3.95% among large buildings (gross floor area (GFA) of 5,000 tsuboor more) and 3.71% among small & medium buildings (GFA of 300–4,999 tsubo). The availability rate was
6.40% among large buildings and 5.17% among small & medium buildings (Figure 6).

Figure 5: Vacancy & Availability Rates (by Area)

Figure 6: Vacancy & Availability Rates (by Size)

2023/12023/22022/10 2022/11 2022/12 2023/1

2023/2

Vacancy (5 central)

3.83%

3.81%

3.71%

3.71%

3.60%

Vacancy (large)

4.14%

4.02%

3.96%

4.04%

3.95%

Vacancy (18 peripheral)

4.53%

4.28%

4.42%

4.69%

4.60%

Vacancy (small & medium)

3.83%

3.81%

3.78%

3.83%

3.71%

Availability (5 central)

5.79%

5.79%

5.70%

5.71%

5.62%

Availability (large)

6.64%

6.52%

6.35%

6.50%

6.40%

Availability (18 peripheral)

6.49%

6.18%

6.16%

6.43%

6.49%

Availability (small & medium)

5.17%

5.15%

5.19%

5.18%

5.17%2022/10 2022/11 2022/12

Vacant Office Space Monthly Report | Tokyo | February 2023
The contents of this report are as of the time of writing. Xymax Real Estate Institute does not guarantee their accuracy or completeness.
This report may not be reproduced, cited, transmitted, distributed, or reprinted without prior permission of Xymax Real Estate Institute.

Copyright © 2023 Xymax Corporation. All rights reserved.

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Xymax Real Estate InstituteFor further inquiries please contact below:
Xymax Real Estate Institutehttps://soken.xymax.co.jp | E-MAIL: info-rei@xymax.co.jp

Vacant Office Space Monthly Report | Tokyo | February 2023
The contents of this report are as of the time of writing. Xymax Real Estate Institute does not guarantee their accuracy or completeness.
This report may not be reproduced, cited, transmitted, distributed, or reprinted without prior permission of Xymax Real Estate Institute.

Copyright © 2023 Xymax Corporation. All rights reserved.

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