Tokyo office vacancies rose in December for the 11th straight month and climbed to the highest level in more than three years, as companies cut spending amid the deepening recession, industry data showed Thursday.
The vacancy rate increased to 4.72 percent from 4.56 percent a month earlier, real estate brokerage Miki Shoji Co. said in a report released through the Land, Infrastructure, Transport and Tourism Ministry. The last time vacancies were higher was July 2005, when the rate reached 4.76 percent.
Companies are cutting spending amid the recession. Sentiment among the nation's largest manufacturers fell the most in 34 years in the last quarter, signaling companies are likely to cancel spending plans and cut more jobs.
The vacancy rate gained as some companies reduced their office space, according to the report. A wave of job cuts by financial, automobile, technology and other industries may further reduce the need for office space.