May 5, 2017 2:00 am JST

Tokyo new-office rents fall amid rising competition

Choosy companies seek convenience with buildings set to debut in 2018

More new office buildings are set to open in Tokyo next year.

TOKYO -- Rents at Tokyo's new office buildings seem to have peaked, a Nikkei Inc. survey conducted in April shows, with businesses growing more selective as new large buildings are set to open starting in 2018.

An index of rents for buildings constructed within the past year stood at 159.74, down 0.26 point from the previous year for the first decline in three years. The figure dipped from its highest since the Lehman shock in 2008. Meanwhile, the index for buildings completed at least a year ago hit 139.06, rising 0.09 point on the year.

A divide has surfaced between conveniently located buildings and those that are less competitive, slowing the growth in the average rent of new office buildings.

(Nikkei)

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