As telework spreads among companies, there is a growing movement to cancel contracts for rental offices and reduce space.

In central Tokyo, a private-sector survey found that office vacancy rates have risen for 11 consecutive months until last month.

Miki Shoji, a major office broker, surveys the vacancy rate and rent of office buildings with an area of ​​100 tsubo or more every month.



According to this, the vacancy rate of rental offices averaged 4.82% last month in approximately 2,600 buildings in five wards of central Tokyo.



This is ▼ 0.33 points higher than the previous month, the 11th consecutive month of increase, and ▼ a significant increase of 3.29 points compared to the same month of the previous year.



As many companies promote telework, the main factor is the increasing movement to cancel contracts for rental offices and reduce space.



Among them, it seems that there are many IT companies that are easy to introduce telework, which is particularly high at 6.54% in Minato Ward and 5.23% in Shibuya Ward.

The vacancy rates in other areas were ▼ Sapporo City 2.74%, ▼ Osaka City 3.54%, ▼ Fukuoka City 3.87%, ▼ Sendai City 5.96%, all of which increased from the previous month, while ▼ Yokohama City Was 3.58%, and ▼ Nagoya City was 3.78%, a slight decrease from the previous month.



According to the company surveyed, rental offices are often contracted every few years, so in the future, movements of relocation and contraction will continue at the time of contract renewal, and the vacancy rate may increase further.

In the city center where development continues

In central Tokyo, the vacancy rate of rental offices is rising, but real estate companies are continuing to develop large-scale buildings, expecting that demand for offices will recover once the infection with the new coronavirus is resolved.



Of these, ▼ Mitsui Fudosan is constructing office buildings in Nihonbashi and Yaesu, Chuo-ku, Tokyo.



Around 2025, we plan to increase the floor area of ​​rental offices by about 1.5 times compared to 2018.



▼ Mitsubishi Estate is constructing a 63-story building near Tokyo Station with the aim of opening in 2027.



▼ Mori Building plans to open a new office building in Toranomon, Minato-ku in 2023.



As of December last year, the vacancy rates of rental offices of major companies were below average at ▼ Mitsui Fudosan 3.5%, ▼ Mitsubishi Estate 1.8%, and ▼ Tokyu Land 0.9%, and demand was strong. It is said that.



On the other hand, companies whose business performance has deteriorated due to the effects of the new coronavirus are also moving to sell their own buildings in the city center.



▼ Major music company "Avex" has decided to sell its headquarters building in Minami Aoyama, Minato-ku, and ▼ Major advertising company "Dentsu Group" is considering selling its headquarters building in Minato-ku.



These movements are also due to the fact that telework has taken root and the need to have a large office in the city center has diminished.

Expert "Is the vacancy rate rising in the next few years?"

Regarding the continued rise in office vacancy rates in central Tokyo, Toyokazu Imaseki, the representative of the Office Building Research Institute, which conducts market research and consulting on office buildings, said, "IT companies that are easy to introduce telework and The movement of startups with quick decision-making is reflected in the current vacancy rate. Many office lease contracts are concluded every few years, so there is a possibility that movements of large companies will come out in the future. Yes, the vacancy rate may rise in the next two to three years. "



On that basis, "Companies used to determine the area of ​​the office based on the number of employees, but in the future, the area will be determined in consideration of the variable of attendance rate. When returning to the work style that is premised on going to the office It's hard to imagine, and going to the office will require an office that can meet new needs, such as high-quality communication and facilities that make it easy to hold online meetings. "