| Tokyo Office Vacancies Hit Record 9.19% In March |
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07/04/2011 04:52 (419 Day 16:23 minutes ago) | |||||
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The FINANCIAL -- The office vacancy rate in central Tokyo rose 0.09 percentage point on the month to a record 9.19% at the end of March, up for the third straight month, Miki Shoji Co. said on April 7, according to Nikkei.com.
The vacancy rate climbed 0.44 point on the year as tenants left older buildings and moved into new ones in Tokyo's five central wards of Chiyoda, Chuo, Minato, Shinjuku and Shibuya.
On the impact of the Great East Japan Earthquake, the agency said "relocation trends need to be closely watched."
Some companies, mostly foreign businesses, have canceled plans to move into new buildings.
It is also feared that disruptions to material supply may delay the completion of new buildings.
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