JAPAN DATA: Demand for office space in Japan’s capital fell for the
first time in three months in April. The central Tokyo office vacancy
ratio (vacant office space divided by available space) rose to 9.23% at
end-April from 9.04% in March, matching a record high marked in January,
data from real estate firm Miki Shoji showed. The average office rent
per 3.3 square meters in central Tokyo wards, which tends to follow
Tokyo’s office vacancy ratio with a six-month lag, hit a fresh record
low of Y16,711 in April, surpassing the previous low of Y16,716 marked
in March. A Miki Shoji official said vacancy in Tokyo is unlikely to
improve for the time being as office space totaling 1.65 million square
meters is estimated to be added in 2012, about double the new supply in
2011.