Tokyo office vacancy rate falls to 4.76 pct in July - Miki Shoji

Tokyo office vacancy rate falls to 4.76 pct in July - Miki Shoji
08.10.2005, 03:44 AM AFX News Limited

TOKYO (AFX) - The office building vacancy rate in central Tokyo fell 0.27 percentage points month-on-month in July to 4.76 pct, the 11th decline in 12 months, according to data compiled by real estate broker Miki Shoji.

The vacancy rate is below 5.0 pct for the first time in 41 months.

The average rent in central Tokyo fell 0.25 pct last month to 17,665 yen per 3.3 square meters, Miki Shoji said.

The data covers five wards in central Tokyo -- Chiyoda, Chuo, Minato, Shinjuku and Shibuya -- which have the greatest concentration of offices occupied by major companies.

The data provides further evidence of improving conditions in the property market in Tokyo, which is sparking investor interest in the nation's long-depressed real estate market.

Kiyori.Ueno@xfn.com