Retail Rent Survey (*Sample)



Declining trend eases in some areas (Q3 2009)

Although retail rents in central Tokyo have declined since the so-called Lehman Shock in the fourth quarter of 2008, the trend eased after the second quarter of 2009. The range of decline has been narrowing and some areas even saw a slight increase in advertised rents in the third quarter of 2009. Ginza, where the rent level has been high, however, continues to show a declining trend.

The number of properties recruiting tenants, which acts as an index for speculating on vacancies, indicates that conditions in central Tokyo as a whole are returning to the state before the Lehman Shock.

In particular, tenant recruitment activities have been declining for high-rent properties very close to stations and as a result, average rents in Shinjuku and some other areas have been dropping.

Although no graphs or tables are presented here to indicate the data, rents for second and upper floors are continuing to decline. While the number of properties advertising for tenants has decreased compared with the peak, the range of decrease was smaller than that of street facing retail stores on first floors.


  Ginza Omotesando Shinjuku Shibuya Ikebukuro
Advertised rents
(Yen/Tsubo)
1st Floor 53,277 46,286 30,718 33,798 20,524
Upper Floors 26,832 29,195 24,230 22,833 18,508
Average 29,876 35,744 24,978 24,879 18,993
No. of advertised properties 530 702 486 1,072 703
* 1 tsubo=3.3 m2. Figures are as of July 2009. Compiled from ReRem, a information service provided by Attractors Lab.


This report is based on information on advertised rents for retail properties, individual leasing information and other information sources. It is structured as the trend of rents for retail spaces in major areas. The data was provided by "ReReM," a market data system jointly developed by real estate marketing research company ATTRACTORS LAB and retail market consulting firm BAC URBAN PROJECTS. The data was obtained and analyzed by area and time of the year.

The advertised rents are based on online information on rental retail properties. The rents include common service fees obtained by dividing the total of additionally charged common service fees by the number of total samples (approximately 1,000 yen per month per tsubo). This is because some of the rents include common service fees while others don’t.

Most Read Articles

  • Today
  • Weekly
  • Monthly
  • 1 ACN purchases office building in Minato-ku
  • 2 Japan drops two ranks to 16th in RE transparency: JLL
  • 3 Ardepro sells hospital in Shibuya-ku
  • 4 Mitsui’s logistics REIT to acquire two properties for Y77.4bn
  • 5 NTT Urban becomes sole sponsor of Premier REIT
  • 6 Tokyu Land affiliated private REIT acquires Tokyu Plaza Ginza leased site
  • 7 Apparel company selling Jinnan, Shibuya-ku building for Y4.3bn
  • 8 Prologis to develop GFA 156,000m2 multi-tenant logistics facility
  • 9 Nippon Tochi-Tatemono JV developing office building in Toranomon
  • 10 United Urban to terminate hotel operator lease agreement
  • 1 Mitsui’s logistics REIT to acquire two properties for Y77.4bn
  • 2 Apparel company selling Jinnan, Shibuya-ku building for Y4.3bn
  • 3 Tokyu Land affiliated private REIT acquires Tokyu Plaza Ginza leased site
  • 4 Japan drops two ranks to 16th in RE transparency: JLL
  • 5 ACN purchases office building in Minato-ku
  • 6 Nippon Tochi-Tatemono JV developing office building in Toranomon
  • 7 United Urban to terminate hotel operator lease agreement
  • 8 Mapletree purchases Goodman portfolio for Y17.5bn
  • 9 Tokyu REIT to replace Warabi asset with Shibaura asset
  • 10 Comforia Residential acquiring four Tokyo properties
  • 1 Germany’s Allianz to acquire 18 residential buildings from Ichigo
  • 2 GLP establishes Y280bn private fund with 11 Japan properties
  • 3 Gaw Capital acquires Osaka office building from Lone Star
  • 4 GIC acquires office building in Hamamatsucho, Minato-ku
  • 5 Bentall GreenOak acquires hotel in Hatchobori, Chuo-ku
  • 6 M&G acquires WeWork base in Osaka’s Midosuji from LaSalle
  • 7 Taisei acquires office building and hotel in Tokyo
  • 8 CBRE GI to develop logistics facility in Toyota City
  • 9 Tokyo Olympic & Paralympic Committee leasing Telecom Center Building
  • 10 AXA IM and ESR fund acquires Amazon occupied logistics facility

Daily headline feeds



MORE SURVEY AND ANALYSIS Our regularly updated proprietary survey on market trends.

CLOSING RENT SURVEY

Our proprietary survey of closing rents for rental office buildings in Tokyo and Yokohama

RETAIL RENT SURVEY

Advertised rents and vacancy on major shopping streets in Ginza, Omotesando, Shinjuku, etc.

PROJECT MAP

A map and list of the 160 large-scale office building development projects currently in progress in Tokyo.

OFFICE MARKET INDEX

Advertised rents and vacancy rates in major office districts -Tokyo, Nagoya, Osaka, Fukuoka Free to access

About Us

For more than 140 years, Nikkei has been providing unparalleled coverage of Japan's economy, industries and markets. The group's business portfolio includes publishing, broadcasting and the Nikkei 225 stock index. Its flagship newspaper, The Nikkei, has a circulation of approximately 3 million. With 37 global bureaus and over 1,300 journalists, Nikkei is ideally positioned to provide Asian news and analysis to a global audience.

Subscription Inquiries

For questions on fees, passwords, etc.,
please contact Customer Service. >>