Tokyo Office Vacancy Rose in February; Property Developers' Stocks Decline
Tokyo’s office vacancy rate rose for a second month in February, according to Miki Shoji Co., a privately held office brokerage company. Mitsui Fudosan Co. paced declines by Japan’s property stocks.
The measure of unoccupied office units rose to 9.1 percent last month from 9.04 percent in January, the Tokyo-based brokerage said. Vacancy rate stood at 8.91 percent in December.
The Topix Real Estate Index (TPREAL), which tracks 44 property firms, dropped 3 percent at the 3 p.m. close in Tokyo. Mitsui Fudosan, the nation’s largest developer, dropped 4.1 percent to 1,611 yen, its biggest drop since June 7.
Mitsubishi Estate Co., the second biggest, lost 3.2 percent to 1,634 yen, while Sumitomo Realty & Development Co., the third biggest, slipped 2.4 percent to 2,019 yen.
To contact the reporters on this story: Katsuyo Kuwako in Tokyo at kkuwako@bloomberg.net; Kathleen Chu in Tokyo at Kchu2@bloomberg.net
To contact the editor responsible for this story: Andreea Papuc at apapuc1@bloomberg.net
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