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Office vacancy rate in Tokyo down for 18th straight month

Xinhua, January 8, 2015 Adjust font size:

The average office vacancy rate in central Tokyo was down 0.08 percentage point in December 2014 from the previous month, marking the 18th straight monthly decline, local media reported on Thursday.

The 5.47 percent vacancy rate was the lowest level since 2008 as a year-end, according to Miki Shoji Co., a real estate broker. It attributed the improvement to a trend of office expansion by companies.

In the capital's five central wards of Chiyoda, Chuo, Minato, Shinjuku and Shibuya, the average office rent also improved 0.02 percent to 116,953 yen (about 970.71 U.S. dollars) per 3.3 square meters, up for the 12th consecutive month.

In the Osaka area, the average office vacancy rate dropped 0.09 percentage point from the previous month to 7.92 percent, while the Nagoya area saw an increase of 0.03 percentage point to 7.53 percent. Endi