Lower Tokyo Office Vacancies Give Relief to Market After Covid
- But rising supply, weak demand expected to weigh on sector
- Rate remains lower than other big cities including New York
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Tokyo’s office vacancy rate fell in April, offering temporary relief to landlords as cities around the globe struggle with empty space after hybrid work took root during the pandemic.
The rate in the Japanese capital’s five central business areas was 6.11%, the lowest since May 2021, according to real estate broker Miki Shoji Co., which compiles one of the most-watched measures of commercial office use in the city.