The rental value in the Akasaka and Roppongi areas, where Apple is moving to, is 46 percent of the peak, according to Jones Lang. That has attracted new tenants, pushing the vacancy rate in the area to 2.7 percent as of September from 9.3 percent a year earlier, it showed.
Office rents for Tokyo’s central five wards have been declining since the global financial crisis in 2008, according to Miki Shoji Co., an office brokerage company. They fell to a record low of 16,572 yen ($185) per tsubo in December, the broker said.
A tsubo, the standard measure of property in Japan, is 3.3 square meters, or 35.5 square feet.
“Rents of large office buildings in central Tokyo peaked in the second quarter of 2008 and have fallen 40 percent from the peak,” Kayoko Hirao, the head of Japan research at DTZ Research in Tokyo, said in a phone interview today.