Tokyo's core office vacancy hit 1.99% in June, its first reading below 2% since 2020, as companies move in for talent and larger spaces, Nikkei Asia reported on Friday, citing data from office brokerage firm Miki Shoji.
Data shows June's rate at 1.99% across five key wards, marking three consecutive monthly declines and the first sub-2% reading since June 2020, the news daily said.
With 5% considered a healthy supply-demand balance, the current 1% level signals a severe space shortage, the publication said.
The trend suggests office demand has fully recovered from the COVID-induced slump of early 2020, the report said.
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