Central Sapporo Office Rents Hit Record Highs

The asking rent for office space in central Sapporo has risen by around 30% in the last five years and shows no signs of slowing.

Since the end of 2022, prices have stayed above JPY11,000 per tsubo (3.3sqm), the highest rates the city has ever seen.

This has corresponded to a decrease in vacancies as existing buildings have been refurbished to meet the rising demand.

The office vacancy rate was below 2.5% at the end of April, compared to around 10% a decade ago.

Despite the historic price increases, rent in central Sapporo remains well below many other major cities outside of Hokkaido, including Nagoya, Fukuoka and Tokyo, which has the highest rents in the country.

Source
Hokkaido Shimbun – 25 May 2023

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