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Briefing Office Sector Savills World Research Tokyo Briefi ng Offi ce sector Q4 2016 Image: Marunouchi, Tokyo SUMMARY Rents continue to rise, albeit slowly and in select areas. Overall vacancy rates remain extremely low despite a 3.8ppt increase in Chuo due to the opening of Kyobashi Edogrand. Average estimated passing rents reached JPY24,147 per tsubo, edging for Grade A offi ce space increased up by 0.4% QoQ and 1.6% YoY. “Q4/2016 Grade A and B offi ce to JPY31,693 per tsubo1 per month, representing a 0.2% rise quarter-on- The average vacancy rate for rents in the central fi ve wards quarter (QoQ) and a 1.8% increase large-scale Grade B offi ce properties continue to improve, albeit year-on-year (YoY). marginally increased by 0.1ppts QoQ to 2.1%, but decreased by 0.1ppts at a slowing pace. Despite a The average Grade A offi ce over the same period in the previous vacancy rate in Tokyo’s central fi ve year. slight softening, vacancy rates wards softened marginally by 0.3 remain low in Tokyo, refl ecting percentage points (ppts) QoQ to 1.9%, Although the opening of Kyobashi but strengthened by 0.3ppts YoY. Edogrand caused an increase in sound demand for quality vacancy rate in Chuo, the softening Savills Research The estimated passing rent for should be temporary as the space is properties.” large-scale Grade B offi ce space expected to be quickly absorbed. 1 1 tsubo = 3.306 sq m or 35.583 sq ft savills.co.jp/research 01 Briefi ng | Tokyo offi ce sector Q4 2016 Newly completed project GRAPH 1 On 25 November, Kyobashi Edogrand Average offi ce rents and vacancy rates in Tokyo’s opened as a culmination of the central fi ve wards*, Q1/2011–Q4/2016 redevelopment project in the Kyobashi area, which took 15 years from its Grade A vacancy rate Grade B vacancy rate Grade A rent Grade B rent conception. The B3/32F mixed-use 35,000 10% building is located fi ve minutes from 30,000 Tokyo Station and features 66,600 sq 8% m of rentable offi ce space, as well as 25,000 over 30 restaurants and retail shops. Vacancy rate 6% Furthermore, the MEIDI-YA Kyobashi 20,000 Building has been renovated and 15,000 incorporated as an integral part of the 4% development to highlight the area’s / tsubo) Rent (JPY 10,000 local history. 2% 5,000 Grade A offi ces The average Grade A2 vacancy rate in 0 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 the central fi ve wards (C5W) tightened 2011 2012 2013 2014 2015 2016 0.1ppts YoY to 1.9%. However, Source: Savills Research & Consultancy after six consecutive decreases, * Tokyo’s central fi ve wards (C5W) are comprised of Chiyoda, Chuo, Minato, Shibuya and Shinjuku. the average Grade A offi ce vacancy rate loosened by 0.3ppts QoQ from GRAPH 2 1.6% in Q3/2016. As discussed later Grade A offi ce rental index by ward, Q1/2011– in this report, Chuo contributed to the increase due to the opening of Q4/2016 1 Kyobashi Edogrand. Average Chiyoda Chuo Minato Shinjuku Shibuya 160 The estimated passing rent for Grade A offi ce space increased to JPY31,693 150 per tsubo per month, representing a 1.8% increase YoY and a 0.2% 140 increase QoQ, continuing its steady 130 upward trend. However, as new supply continues to enter the market 120 and tenants remain price sensitive, Q1/2012 = 100 rental growth, if any, is anticipated to 110 continue at the current crawling pace 100 in the near term. 90 Large-scale Grade B Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 offi ces2 2011 2012 2013 2014 2015 2016 The average vacancy rate for large- Source: Savills Research & Consultancy scale Grade B3 offi ce properties has increased by 0.1ppts QoQ to 2.1% GRAPH 3 as of Q4/2016, but decreased by Average Grade A offi ce vacancy rates by ward, 0.1ppts YoY. The average rate for Q4/2015–Q4/2016 Grade B property has been below 2.5% for fi ve consecutive quarters, Q4/2015 Q1/2016 Q2/2016 Q3/2016 Q4/2016 refl ecting sound offi ce demand. 10% 9% Rental growth is also slowing in Grade 8% B property. The average monthly rent for large-scale Grade B properties 7% stood at JPY24,147 per tsubo in the 6% fourth quarter. This represents a QoQ 5% gain of 0.4% and a YoY gain of 1.6%. 4% 3% 2% 2 Grade A offi ce refers to buildings located in the central fi ve wards of Tokyo with a GFA of 9,000 tsubo 1% (30,000 sq m) or larger and a building age of less than 15 years. 0% 3 Large-scale Grade B offi ce refers to buildings with Chiyoda Chuo Minato Shinjuku Shibuya a GFA of 4,500 tsubo (15,000 sq m) and a building age of less than 25 years. Some buildings are included that do not fi t this defi nition. Source: Savills Research & Consultancy savills.co.jp/research 02 Briefi ng | Tokyo offi ce sector Q4 2016 Grade A rents and TABLE 1 vacancy rates by ward Tenant origins vs destinations, Q4/2016 Chiyoda The Grade A vacancy rate in Chiyoda Origin was 1.0% in Q4/2016, a tightening Chiyoda Chuo Minato Shibuya Shinjuku Other of 0.6ppts QoQ and 0.7ppts YoY. 65155 1 6 The average Grade A passing rent Total Destination in Chiyoda stood at JPY39,104 per arrivals tsubo, increasing by 0.3% QoQ and 2.1% YoY. 32 5Chiyoda 1 1 38Chuo Deloitte Tohmatsu will consolidate 2391 1 2 16Minato its various subsidiaries into a new building, tentatively called the 12 2Shibuya Marunouchi 3-2 Project. The project 112Shinjuku is scheduled to be completed in October 2018 and Deloitte is expected 13 1 5 Other to occupy about 9,000 tsubo in the building. Source: Savills Research & Consultancy, Nikkei RE Chuo Chuo’s average Grade A vacancy TIS Kasuga Building in Bunkyo to take place within the ward. Several rate increased by 3.8ppts QoQ to Kyobashi Edogrand in early 2017. The companies are relocating to Minato 4.7% in Q4/2016 due to the opening company will lease about 820 tsubo in from outside, including Tobishima of Kyobashi Edogrand. The building the building. and Monex. Tobishima will move from opened in late November and its Kanagawa Science Park R&D to the vacancy rate is approximately 45% Minato W Building and is expected to occupy or lower. Given the property’s premier The average Grade A vacancy rate in 1,500 tsubo. Monex will move from the location near Tokyo Station, however, Minato tightened by 0.6ppts QoQ to Kojimachi Odori Building in Chiyoda to the space should be quickly absorbed. 2.3% in Q4/2016, following temporary the Ark Mori Building, taking up 1,300 softness in Q3/2016. This fi gure tsubo. Rents in Chuo strengthened by the represents an improvement of 1.1ppts largest margins, recording growth of YoY. The average Grade A offi ce rent Shibuya 1.1% QoQ and 3.7% YoY. The average in Minato weakened slightly by 0.4% Shibuya’s average Grade A vacancy Grade A passing rent in Chuo stood at QoQ to JPY30,061 per tsubo, but rose rate loosened by 0.8ppts QoQ to 1.6% JPY29,519 per tsubo, still the second by 0.5% YoY. as Actelion Pharmaceuticals Japan lowest in the C5W. moved out of Ebisu Prime Square. As illustrated in Table 1, Minato Grade A rents declined by 0.5% QoQ Total Insurance Service plans to continues to see strong leasing activity, to JPY31,692 per tsubo, but increased relocate its headquarters from the though a majority of relocations by 0.6% YoY in Shibuya. TABLE 2 Notable offi ce leasing transactions, Q4/2016 Former/current Approximate space Company Business sector Type New location location tsubo sq m Various Marunouchi 3-2 Project Deloitte Tohmatsu Consulting Subsidiary consolidation 9,000 29,700 Chiyoda Chiyoda Various Shibuya Hikarie HQ relocation/ Adastria Apparel 3,350 11,100 subsidiary consolidation Chiyoda Shibuya NBF Platinum Tower Nikkei Denpa Kaikan Nikkei Business Publications HQ relocation 2,800 9,400 Publications Minato Minato Kanagawa Science Park R&D W Building Tobishima Construction HQ relocation 1,500 5,000 Kanagawa Prefecture Minato Kojimachi Odori Building Ark Mori Building Monex Finance HQ relocation 1,300 4,300 Chiyoda Minato Source: Savills Research & Consultancy, Nikkei RE savills.co.jp/research 03 Briefi ng | Tokyo offi ce sector Q4 2016 Adastria, an apparel company the Shinjuku Sumitomo Building and operating brands such as Global Work the Nishi-Shinjuku Mitsui Building, and Lowrys Farm, will occupy 3,350 respectively. Both companies will tsubo in Shibuya Hikarie and 650 take up about 400 tsubo in the new OUTLOOK tsubo in the Shibuya Minami Tokyu buildings. Building. The company’s headquarters The prospects for the market is currently located in GranTokyo South Savills monitors rents and vacancy Tower with sub-offi ces situated in levels at more than 450 buildings Rental growth in Tokyo has extended for 18 neighbouring buildings in Chiyoda. The located in Tokyo’s central fi ve wards consecutive quarters as select properties continue company will complete the relocation with a GFA of 3,000 tsubo (10,000 to increase asking rents, albeit at a slower pace.
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