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 MIPIM: Cannes closed with Japan showing presence
  • 2 Mori Hills REIT incorporating Toranomon Hills, Holland Hills into portfolio
  • 3 Star Asia to acquire six properties including hotels for Y13.6bn
  • 4 Takara Leben to relocate from Shinjuku to Marunouchi
  • 5 Nomura Master Fund to acquire four properties for Y17bn
  • 6 Hotel operator Breezbay wins foreclosure bid for Hatchobori, Chuo-ku office
  • 7 Apparel company moving to Yoyogi Community Building
  • 8 Tokyu Land private REIT acquires apartment in Osaka
  • 9 Invesco SPC acquiring Koto-ku office from Morgan Stanley
  • 10 Ichigo Group obtains two office properties from Grosvenor
  • 1 MIPIM: Anxiety covers temporal stable status with consecutive political events
  • 2 Star Asia to acquire six properties including hotels for Y13.6bn
  • 3 MIPIM: Cannes closed with Japan showing presence
  • 4 Kasumigaseki office building sold
  • 5 Akasaka office building traded
  • 6 Pumps manufacturer Nikkiso selling building it owns in Ebisu
  • 7 daVinci founder Sam Kaneko takes major stake in Logicom
  • 8 Takara Leben to relocate from Shinjuku to Marunouchi
  • 9 Nomura developing PMO brand office in Ochanomizu
  • 10 Hankyu acquires land in Tokyo's Yaesu redevelopment project
  • 1 Savills IM buys Sasazuka, Shibuya-ku property for Y12bn
  • 2 Singapore's CapitaLand to acquire four properties for Y50bn
  • 3 Nomura Master Fund to acquire urban malls from Dynasty, LaSalle for Y20bn
  • 4 Morgan Stanley acquires building in Osaka's Shinsaibashi
  • 5 Fukuoka company acquires future Google office in LA for Y35bn
  • 6 LG Electronics to construct R&D base and rental office in Yokohama
  • 7 Hoshino Resorts to develop 600-room hotel in Osaka
  • 8 NTT Urban developing 26,800 m2 mixed-use building in Harajuku
  • 9 Akasaka Twin Tower redevelopment slated for completion in FY 2022
  • 10 Retail Fund acquiring Hermes Osaka, etc. for Y35bn

Daily headline feeds twitter twitter

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

Founded in 1969, Nikkei Business Publications is the publisher of the Nikkei Real Estate Market Report and is the leading provider of business information and commercial property transaction data for Japan. Part of the Nikkei Group, one of the world's largest financial media companies, Nikkei Business Publications is based in Tokyo and has over 900 employees.

Editorial Hotline

Please direct your questions and comments on our editorial contents to Jun Homma.

+81-3-6811-8875
realestate[at]nikkeibp.co.jp

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