Tokyo's office vacancy rates fell for a third month in June, recovering from a record high in March after the Great East Japan Earthquake, according to Miki Shoji Co.
The measure of unoccupied office units in Tokyo fell to 8.81 percent in June from 8.88 percent a month earlier, according to the Tokyo-based privately held office brokerage. The average office rent in Tokyo's five main business districts of Chiyoda, Chuo, Minato, Shinjuku and Shibuya fell to a record low, it said.
The vacancy rate in Tokyo, which had been rising since 2008, is starting to recover after reaching a record high of 9.19 percent in March. The office vacancy rate may sink to its lowest level around April 2012, when Japan's economic growth is expected to gather pace, according to Credit Suisse Securities (Japan) Ltd.
"Vacancy rates could decline in the period through October 2011, when few new buildings are scheduled for completion," said Masahiro Mochizuki, an analyst at Credit Suisse, in a report Wednesday.