Tokyo office vacancy rate up for 18th month

A growing number of offices in Tokyo are sitting vacant as people work from home during the coronavirus pandemic. The vacancy rate in the capital's central business districts was up for the 18th month in a row in August.

Office-space broker Miki Shoji says 6.31 percent of workspaces 330 square meters or bigger in the areas went unused last month.

An increasing number of companies are ending their leases in central Tokyo to downsize or relocate.

The falling demand is also weighing on rents. The firm's data shows the average monthly charge was down from July, marking the 13th straight decline.
Compared to August last year, the average rent fell 8.28 percent.