- Both Grade A and large-scale Grade B office average rents continued to improve, while vacancy remained tight.
- Average Grade A office rents in the C5W rose by 2.5% quarter-on-quarter (QoQ) and 17.1% year-on-year (YoY) to JPY41,847 per tsubo per month.
- The average Grade A office vacancy rate in the C5W saw a slight uptick of 0.1 percentage points (ppts) QoQ but decreased by 0.9 ppts YoY to 0.6%.
- Average large-scale Grade B office rents grew by 2.0% QoQ and 17.7% YoY to JPY31,435 per tsubo per month.
- Vacancy rates in the large-scale Grade B office market inched up by 0.1ppts QoQ but decreased by 0.5ppts YoY to 0.9%.
- New supply in early 2026 has been well absorbed, which should keep market conditions tight and support continued rental growth.
Office market maintains positive momentum
Supply constraints are expected to sustain upward pressure on average rents across Tokyo's office market.
Savills Research & Consultancy