This study clarified the spatial characteristics of the Tokyo office market through an analysis of office vacancy rates from 2000 to 2021, using data on rental office vacancy rates in the 23 wards of Tokyo on a 500m mesh basis, which the authors themselves developed.
The results indicated that each mesh is classified based on the vacancy rate of itself and surrounding meshes, which shapes the spatial patterns. And these patterns temporarily changed significantly during economic downturns, such as the financial crisis and the COVID-19 pandemic. The results also showed that the regions with high vacancy rates have a significant relationship with the concentration of specific industries and the characteristics of office buildings. These results may help investors and practitioners to understand the office market by region in more detail.
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