2019-12-04

Office Vacancy Rates in Central Yokohama Below 1%

News

The availability of office space in central Yokohama is at record lows. According to commercial real estate brokerage CBRE, the vacancy rate of office buildings in the areas surrounding Yokohama Station and Minato Mirai (MM 21) is 0.8% as of September 2019. This is the first time that the office vacancy rate has been below 1%.

The rate is 2.3% lower than the previous year. For comparison, the vacancy rate of office space in Tokyo is currently at 0.7%. Various new businesses have set up offices in the MM21 area, including research laboratories and coworking spaces. Some offices increased in size by incorporating vacant rooms from existing spaces.

The average rent per tsubo (approximately 3.31 square meters) increased by 4.7% from the previous year, up to 15,740 yen.

Senior director for CBRE, Koichi Suzuki, stated that “rents are likely to continue rising (in the MM21 area)”. He also added, “There is a possibility that CBRE will open a branch office in the Minato Mirai area soon.”

Source

Editorial Department