In February, the office vacancy rate in the Chiyoda business district in Tokyo reached the lowest level in 39 months. According to office brokerage Miki Shoji, the vacancy rate dropped by 0.2 points from the previous month to 2.96%. This is 1.4 points lower than 12 months ago.
Chiyoda currently has the lowest vacancy rate of the five central business districts measured by Miki Shoji:
- Chiyoda: 2.96% (-1.4 points from Feb. 2023)
- Shinjuku: 4.69% (-1.15 points)
- Shibuya: 4.84% (+1.41 points)
- Chuo: 6.80% (-0.49 points)
- Minato: 8.69% (+0.65 points)
Chiyoda includes the nation’s business and financial hub of Otemachi and Marunouchi located between Tokyo Station and the Imperial Palace. This sliver is considered the most prime office location in Japan. Over the past 10 years, the working population in the Marunouchi area, including Otemachi and Yurakucho, has increased by 25% to 380,000 persons, while the number of businesses has increased by 16% to 5,000, according to a 2023 survey by Mitsubishi Estate.
