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 capital’s five central business areas was 6.11%, the lowest since May 2021, according to real estate broker Miki Shoji, which compiles one of the most-watched measures of commercial office use in the city.
The drop came after some availability was taken offline due to the expansion and refurbishment of buildings, Miki Shoji said in the report. The figure includes space that hasn’t yet been vacated.
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