Office rents in Tokyo's five central wards reached a 31-year high in July, supported by persistently strong business demand for space. Data from office brokerage Miki Shoji shows the average rent rose 1.28 percent from June to 23,287 yen per tsubo, marking the 30th consecutive monthly increase and the highest level since the monthly survey began in 2002. The last time a figure exceeded the current level was in 1995, at 23,612 yen per tsubo. Limited supply is further tightening the market, with the vacancy rate across the five central wards falling 0.04 percentage points from June to 1.95 percent in July, well below the 5 percent level generally considered market equilibrium. Vacant space decreased by about 3,400 tsubo from the previous month. Demand is now spreading to projects still under construction, with real estate consultancy CBRE reporting that as of June, more than 90 percent of space in four large office buildings scheduled for completion in the second half of 2026 had already been pre-leased.
CBRE Group Inc Class ACBRE reports strong pre-leasing of office space, indicating robust demand for its services.
Miki Shoji's data shows rising rents and falling vacancy, reflecting strong demand for its brokerage services.
