AN ANALYSIS OF OCCUPANCY AND VACANCY LENGTHS OF TENANTS IN OFFICE BUILDINGS IN TOKYO FIVE WARDS

In this article, we analyze the occupancy length and vacancy length of tenants located in 52 rental office buildings in main five wards of Tokyo by using survival analysis. Since the rental office market tends to change periodically, we model the phenomenon of the periodic change of 2-dimentional time-series data of tenant and vacancy rate by the ellipse approximation method. Average occupancy length is about 13 years. Attributes contributing to the increase of the occupancy length are building age and image of the rental room and etc. Average vacancy length is about 88 days. Attributes contributing to the decrease of vacancy length are good rental room image, high land price per floor-space ratio and the market condition such that its state is recovery or boom state, and etc.