Retail Rent Survey: Shibuya *Sample

Rents remain stable, first floors indicating recovery

The average advertised rent for street facing retail stores on first floors for the third quarter of 2009 was slightly below 34,000 yen, which was a 4% decrease over the same period of the previous year, although it was a 2% increase over the previous period (the second quarter of 2009).

After marking a significant drop in the second quarter of 2008, rents for first floors have remained stable between 30,000 and 35,000 yen and have increased slightly since the second quarter of 2009.

Advertised rents in the Shibuya area
  08Q3 08Q4 09Q1 09Q2 09Q3 YoY QoQ
Advertised rent (Yen/Tsubo) 1F 35,026 32,482 32,785 33,145 33,798 96% 102%
Upper floors 27,039 26,480 24,826 23,379 22,833 84% 98%
Average 28,628 27,706 26,414 25,188 24,879 87% 99%
No. of advertised properties 1,009 1,239 1,506 1,366 1,072 106% 78%
* 1 tsubo=3.3 m2. Figures are as of July 2009. Compiled from ReRem, a information service provided by Attractors Lab.

Casual fashion brands from overseas are opening new stores in this area, including the flagship store of Sweden's H&M and the second Shibuya store of Spain's ZARA.

Looking at floors above the first, advertised rents have been declining, which may indicate lowered interest from restaurant tenants in opening stores in the area. Although the number of properties recruiting tenants is greater than in other areas, it is declining to the level of the third quarter of 2008.

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