Tokyo's office rent fell 3.7 percent in 2011 from a year earlier to a record low as vacancy rates remained high, according to Miki Shoji Co., an office brokerage.
Rents in the capital, which have dropped every month for more than three years, declined to ¥16,932 per "tsubo" (3.3 sq. meters) on average in December from ¥17,585 a year ago, according to data compiled by the firm. The vacancy rate in the city rose to 9.01 percent in December from 8.91 percent a year earlier, it showed.
Landlords are competing to fill space in the capital with supply expected to reach the highest since 2006, according to a survey by Mori Building Co. New office space will rise 12 percent to 1.54 million sq. meters this year, matching the level in 2006, the survey said.