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.

Most Read Articles

  • Today
  • Weekly
  • Monthly
  • 1 Tokyu Land proposing 68,000 m2 GFA redevelopment on Kudan Kaikan site
  • 2 Kansai Electric subsidiary adds interest in Grand Front Osaka
  • 3 Resorttrust to globally expand The Kahala Hotel starting in Yokohama
  • 4 Hulic REIT to acquire Ginza hotel, etc. for Y15bn
  • 5 LaSalle sells office building in Nagoya
  • 6 Takashimaya to completely own Shinjuku’s Times Square
  • 7 PAG sells two apartment buildings in Hanzomon, Chiyoda-ku
  • 8 Raysum purchases Meguro medical building
  • 9 Hoshino Resorts REIT to acquire six hotels for Y29bn
  • 10 Sojitz acquires Iidabashi, Shinjuku-ku mixed-use building from Hulic
  • 1 Resorttrust to globally expand The Kahala Hotel starting in Yokohama
  • 2 PAG sells two apartment buildings in Hanzomon, Chiyoda-ku
  • 3 PAG acquires large office building in Yokohama's Minato Mirai
  • 4 Hoshino Resorts REIT to acquire six hotels for Y29bn
  • 5 Retail Fund to acquire 10,000 m2 GFA amusement facility in Kobe
  • 6 Hulic REIT to acquire Ginza hotel, etc. for Y15bn
  • 7 Sojitz acquires Iidabashi, Shinjuku-ku mixed-use building from Hulic
  • 8 One REIT acquires three properties for Y16bn
  • 9 JR East developing hotel, retail building beside Gotanda Station
  • 10 Vortex acquires Shibuya building for strata sale
  • 1 Fujiya Ginza Building sells for over Y200 mn per tsubo
  • 2 PAG acquires large office building in Yokohama's Minato Mirai
  • 3 GIC, Invincible REIT to acquire Maihama Sheraton for Y98bn
  • 4 Korea Investment & Securities acquires Ariake office for Y15bn
  • 5 Three locations decided for Japan's first WeWork collaboration offices
  • 6 Veloqx sells retail building in Harajuku
  • 7 Resorttrust to globally expand The Kahala Hotel starting in Yokohama
  • 8 Singapore Telecom to relocate to new Meguro Central Square
  • 9 Retail Fund to acquire property on Harajuku’s Cat Street
  • 10 Hoshino Resorts REIT to acquire six hotels for Y29bn

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. >>