Declining Vacancy Rates and Rising Asking Rents in Tokyo's Five Major Business Districts
First written in FY2016-Q3. 16 of 36 entries say "Advanced", first in FY2017-Q3. Latest entry: 2026-10-05.
2 other companies' latest entry also says "Advanced".
- 2026-10-05AdvancedEarnings
「As of July 2026, the average vacancy rate was 1.95%, down 1.21 percentage points year on year, while average rent was ¥23,287 per tsubo, up 11.4%, continuing to perform well.」
In Tokyo's five central business districts, vacancy rates declined and rents increased. - FY2026-H1AdvancedAnnual report
「As of April 2026, the average vacancy rate was 2.2%, down 1.5 percentage points year on year, while average rent was ¥22,454 per tsubo, up 8.2%, continuing to perform well.」
The vacancy rate in Tokyo's five business wards fell to 2.2%, while average rent rose 8.2% year on year. New supply is also expected to decline in 2026, and strong conditions are expected to continue. - FY2025AdvancedAnnual report
「In the office leasing market in Tokyo's central five business wards, average rent in October 2025 was ¥21,261 per tsubo (up 5.4% year on year), while the average vacancy rate was 2.6% (down 1.9 percentage points year on year).」
Against a backdrop of strong office demand, average rent rose and the average vacancy rate fell to 2.6%. - FY2025-H1AdvancedAnnual report
「In the office leasing market in Tokyo's central five business wards, strong office demand has continued. As of April 2025, the average vacancy rate was 3.7% (down 1.7 percentage points year on year) and average rent was ¥20,755 per tsubo (up 4.7%), with both vacancy rates and rents performing strongly.」
The vacancy rate fell 1.7 percentage points year on year to 3.7%, while average rent rose 4.7% year on year to ¥20,755 per tsubo. - FY2024-Q2Vacancy rate improves, rents remain flatAnnual report
「Vacancy absorption, led by newly built and relatively new buildings, progressed, and the average vacancy rate in April 2024 was 5.4% (down 0.7 percentage points year on year), indicating a gradual recovery. The average rent in April 2024 was ¥19,825 per tsubo (down 0.4% year on year), remaining broadly flat.」
The vacancy rate declined year on year and the office market recovered gradually, while average rents fell slightly and remained broadly flat. - FY2024-Q1Vacancy rate falls, rent declines slowAnnual report
「The average vacancy rate was 5.8% as of January 2024, down 0.4 percentage points year on year. In addition to the progress in absorbing vacancies in the new buildings supplied in large volumes in 2023, new supply in 2024 is expected to be limited, and the vacancy rate is expected to decline moderately toward year-end. Average rents as of January 2024 were ¥19,730 per tsubo, down 1.5% year on year, while the pace of rent declines slowed as demand recovered with the return-to-office trend.」
The vacancy rate fell year on year as vacancy absorption progressed. Although average rents continued to decline, the pace of decline slowed as employees returned to the office. - FY2023Vacancy rate bottoms out while rents continue to fallAnnual report
「In the office building leasing market in Tokyo’s central five business districts, the average vacancy rate was 6.1% as of October 2023, down 0.3 percentage points year on year. Although the return-to-office trend was helping to absorb vacancies in the new buildings supplied in large volumes in 2023, average rents fell 1.9% year on year to ¥19,741 per tsubo, with the moderate downward trend continuing.」
The vacancy rate fell year on year and vacancy absorption progressed, while average rents continued to decline and close attention to supply and demand trends remained necessary in light of the large volume of supply scheduled for 2025. - FY2023-Q3WorsenedAnnual report
「In the office building leasing market in Tokyo’s central five business districts, the average vacancy rate was 6.5% as of July 2023, up 0.1 percentage points year on year, while average rents fell 2.2% year on year to ¥19,819 per tsubo. Large volumes of supply were scheduled for 2023 and 2025, the vacancy rate was beginning to rise again, and rents continued to decline moderately.」
The vacancy rate rose to 6.5%, while average rents fell 2.2% year on year. Concerns about a deterioration in supply and demand increased against a backdrop of large volumes of supply in 2023 and 2025. - FY2023-Q2Vacancy rate bottoms out, rents continue to fallAnnual report
「In the office building leasing market in Tokyo’s central five business districts, the average vacancy rate was 6.1% as of April 2023, down 0.3 percentage points year on year, while average rents fell 2.1% year on year to ¥19,896 per tsubo. The vacancy rate appeared to have bottomed, but rents continued to trend lower.」
The vacancy rate fell year on year, showing signs of a bottom, while average rents fell 2.1% year on year, and a large volume of new large-scale office supply was also scheduled. - FY2023-Q1Vacancy rate flat, rents fallingAnnual report
「In the office building leasing market in Tokyo’s central five business districts, the average vacancy rate was 6.3% as of January 2023, unchanged from a year earlier, while average rents fell 2.4% year on year to ¥20,026 per tsubo. Office demand was recovering, but a large volume of new office building supply was scheduled for 2023, requiring continued close monitoring of supply and demand trends.」
The vacancy rate was 6.3%, unchanged from a year earlier, while average rents fell 2.4% year on year. Although office demand was recovering, the deterioration in supply and demand due to the large volume of new supply remained a concern requiring close attention. - FY2022Downturn continues, but the pace slowsAnnual report
「In the office building leasing market in Tokyo’s central five business districts, the average vacancy rate was 6.44% as of October 2022, down 0.03 percentage points year on year, while average rents fell 3.3% year on year to ¥20,114 per tsubo, indicating that the downward trend was moderating.」
The vacancy rate edged down year on year, while average rents continued to fall, with the pace of market deterioration described as moderating. - FY2022-Q3Downturn slowsAnnual report
「In the office building leasing market in Tokyo’s central five business districts, the average vacancy rate was 6.4% as of July 2022, up 0.1 percentage points year on year, while average rents fell to ¥20,262 per tsubo, down ¥783 year on year. Although the market remained on a downward trend, the pace of decline slowed.」
The downward trend continued, with a 6.4% vacancy rate and average rents of ¥20,262 per tsubo, but the pace of market deterioration slowed, according to the explanation. Close attention to the large volume of new office supply scheduled for 2023 remained necessary. - FY2022-Q2Downturn continues, with some signs of a bottomAnnual report
「In the office building leasing market in Tokyo’s central five business districts, the average vacancy rate was 6.4% as of April 2022, up 0.7 percentage points year on year, while average rents fell to ¥20,328 per tsubo, down ¥1,087 year on year. Although the market remained in a downturn, some signs of a bottom were also apparent.」
The vacancy rate rose to 6.4% and average rents fell to ¥20,328 per tsubo, indicating that the downturn continued while some signs of a bottom emerged. - FY2022-Q1Downturn continues, with some signs of a bottomAnnual report
「In the office building leasing market in Tokyo’s central five business districts, the average vacancy rate was 6.3% as of January 2022, up 1.4 percentage points year on year, while average rents fell to ¥20,508 per tsubo, down ¥1,338 year on year. Although the central Tokyo office leasing market remained in a downturn, some signs of a bottom were also apparent.」
The vacancy rate rose to 6.3% and average rents fell to ¥20,508 per tsubo, with the downturn continuing, while some signs of a bottom were also reported. - FY2021-Q3WorsenedAnnual report
「In the office building leasing market in Tokyo’s central five business districts, slower office expansion and downsizing associated with the partial adoption of telework pushed the average vacancy rate to 6.28% as of July 2021, up 3.51 percentage points year on year. Average rents fell to ¥21,045 per tsubo, down ¥1,969 year on year, and the central Tokyo office leasing market entered a downturn, requiring continued monitoring of supply and demand, according to a private-sector research firm.」
The average vacancy rate rose to 6.28%, while average rents fell to ¥21,045 per tsubo. The office leasing market was clearly entering a downturn. - FY2021-Q2WorsenedAnnual report
「In the office building leasing market in Tokyo’s central five business districts, office downsizing and slower expansion against a backdrop of the partial adoption of telework pushed the average vacancy rate to 5.65% as of April 2021, up 4.09 percentage points year on year. Average rents fell to ¥21,415 per tsubo, down ¥1,405 year on year, continuing their downward trend since August of the previous year, and future supply and demand trends require continued monitoring.」
The average vacancy rate rose to 5.65%, while average rents fell to ¥21,415 per tsubo. Weak office demand driven by the spread of telework continued. - FY2021-Q1WorsenedAnnual report
「In the office building leasing market in Tokyo’s central five business districts, office downsizing and slower expansion, driven by worsening corporate performance due to COVID-19 and the partial adoption of telework, pushed the average vacancy rate to 4.82% as of January 2021, up 3.29 percentage points year on year. Average rents fell to ¥21,846 per tsubo, down ¥602 year on year, continuing their downward trend since August of the previous year, and future supply and demand trends require close monitoring.」
The average vacancy rate rose to 4.82%, while average rents fell to ¥21,846 per tsubo. Against a backdrop of telework and worsening corporate performance, market conditions deteriorated from the previous environment of low vacancy rates and rising rents. - FY2020WorsenedAnnual report
「In the office building leasing market in Tokyo’s central five business districts, the vacancy rate began rising in March 2020 and reached 3.93% as of October 2020, up 2.30 percentage points year on year. Although average rents were ¥424 higher than a year earlier, they fell for the third consecutive month from August 2020 to ¥22,434 per tsubo.」
The vacancy rate rose to 3.93%, while average rents also fell for the third consecutive month, indicating a deterioration from the previous environment of low vacancy rates and rising rents. - FY2020-Q3WorsenedAnnual report
「In the office building leasing market in Tokyo’s central five business districts, the vacancy rate began rising in March 2020 and reached 2.77% as of July 2020, up 1.06 percentage points year on year. Meanwhile, average rents rose for the 79th consecutive month to ¥23,014 per tsubo, up ¥1,349 year on year. Against a backdrop of concerns about the economic outlook, new construction and expansion associated with business growth are expected to slow for the time being, and future supply and demand trends warrant close attention, according to a private-sector research firm.」
The vacancy rate rose to 2.77%, and companies’ new construction and expansion activity was expected to slow. Meanwhile, average rents continued to rise for the 79th consecutive month. - FY2020-Q2Low vacancy rates and continued rent increases, but slower relocationsAnnual report
「In the office building leasing market in Tokyo’s central five business districts, the average vacancy rate remained low at 1.56% as of April 2020, down 0.14 percentage points year on year, while average rents rose for the 76th consecutive month to ¥22,820 per tsubo, up ¥1,541 year on year. As of April 2020, the impact of COVID-19 had not yet become apparent, but relocations were slowing, warranting close attention to future supply and demand trends.」
Market strength continued, with a 1.56% vacancy rate, rents of ¥22,820 per tsubo and 76 consecutive months of rent increases, while office relocations began to slow and future supply and demand required close monitoring. - FY2020-Q1AdvancedAnnual report
「The office building leasing market in Tokyo’s central five business districts remained strong. As of January 2020, the average vacancy rate was 1.53%, a record low, down 0.29 percentage points year on year, while average rents rose to ¥22,448 per tsubo, up ¥1,438 year on year, marking 73 consecutive months of increases, according to a private-sector research firm.」
The average vacancy rate fell to 1.53%, a new record low. Average rents also rose to ¥22,448 per tsubo, marking 73 consecutive months of increases. - FY2019-Q3AdvancedAnnual report
「The office building leasing market in Tokyo’s central five business districts remained strong. As of July 2019, the average vacancy rate was 1.71%, remaining low and down 0.87% year on year, while average rents rose to ¥21,665, up ¥1,463 year on year, marking 67 consecutive months of increases.」
The average vacancy rate was 1.71% and average rents were ¥21,665, with rents rising for the 67th consecutive month. - FY2019-Q2AdvancedAnnual report
「The office building leasing market in Tokyo’s central five business districts remained strong. As of April 2019, the average vacancy rate was 1.7%, down 1.0% year on year and a monthly record low since January 2002, while average rents rose to ¥21,279, up ¥1,383 year on year, marking 64 consecutive months of increases.」
The average vacancy rate fell to 1.7%, a monthly record low since January 2002, while average rents were ¥21,279 and had risen for 64 consecutive months. - FY2019-Q1AdvancedAnnual report
「The office building leasing market in Tokyo’s central five business districts remained strong. As of January 2019, the average vacancy rate was 1.8%, down 1.3% year on year, while average rents were ¥21,010, up ¥1,672 year on year. The leasing market is expected to remain firm, supported by companies’ need to expand office space and growing demand for coworking spaces.」
The average vacancy rate fell to 1.8%, while average rents rose to ¥21,010. Demand for office expansion and coworking spaces became additional factors supporting the market. - FY2018AdvancedAnnual report
「As of October 2018, the average vacancy rate was 2.2%, a record low since January 2002, while average asking rents continued to rise for the 58th consecutive month.」
The vacancy rate fell to 2.2%, a record low since January 2002. Asking rents also rose for the 58th consecutive month. - FY2018-Q3AdvancedAnnual report
「In the office building leasing market in Tokyo’s five business districts, companies’ appetite for office expansion accompanying business growth and demand for relocations to support talent development and work-style reforms remained strong, and the market continued to perform well. In July 2018, the average vacancy rate was 2.6%, down 0.6 percentage points year on year, while average asking rents rose for the 55th consecutive month to ¥20,202, up ¥1,286 year on year.」
The average vacancy rate fell to 2.6%, while average asking rents rose to ¥20,202 per tsubo. Rents rose for the 55th consecutive month. - FY2018-Q2AdvancedAnnual report
「In the office building leasing market in Tokyo’s five business districts, the vacancy rate was 2.65% as of April 2018, down 0.74 percentage points year on year, while average asking rents per tsubo rose for the 52nd consecutive month to ¥19,896, up ¥1,122 year on year.」
The vacancy rate fell to 2.65%, while average asking rents rose to ¥19,896 per tsubo. Although concerns remain about the large volume of new large-scale office supply, rents are expected to continue rising against a backdrop of expanding employment and demand for additional office space among companies. - FY2018-Q1AdvancedAnnual report
「As of January 2018, the vacancy rate had fallen 0.6 percentage points from 3.7% a year earlier to 3.1%, while average asking rents per tsubo rose to ¥19,338, up 4.1% year on year, marking 49 consecutive months of increases.」
The vacancy rate fell to 3.1%, while average asking rents rose to ¥19,338 per tsubo. An outlook for a deterioration in the vacancy rate due to the large volume of new large-scale office supply was also indicated. - FY2017AdvancedAnnual report
「As of October 2017, the vacancy rate had fallen from 3.6% a year earlier to 3.0%, while average asking rents per tsubo rose to ¥19,000, up 3.2% year on year.」
The vacancy rate in the central five business districts fell to 3.0%, while average asking rents rose to ¥19,000 per tsubo. - FY2017-Q3AdvancedAnnual report
「The office building leasing market in the central five business districts remained strong, supported by demand for office expansion as companies expanded their operations and demand for relocations to central and newly built offices to secure highly skilled personnel. In July 2017, the vacancy rate was 3.2%, down 0.7% year on year, while average asking rents rose 3.5% year on year to ¥18,916 per tsubo.」
The vacancy rate in the central five business districts fell to 3.2%, while average asking rents rose to ¥18,916 per tsubo. Market indicators improved from the previous quarter’s 3.39% vacancy rate and ¥18,774 per tsubo average rent. - FY2017-Q2RestatedAnnual report
「In the office leasing market, strong corporate performance supported high demand for office expansion and relocations, and the vacancy rate in Tokyo’s five business districts was 3.39%, down 0.84% year on year, while average rents were ¥18,774 per tsubo, up 3.95%. With a large volume of new large-scale office supply expected from 2018 onward, average rents have been rising moderately.」
While low vacancy rates and rising average rents continued in Tokyo’s five business districts, the outlook indicated that rent increases would moderate as a result of the large volume of new large-scale office supply from 2018 onward. - FY2017-Q1RestatedAnnual report
「In the office building leasing market in Tokyo’s five business districts, demand for office expansion and relocations remained high against a backdrop of improved corporate performance, while the vacancy rate remained below 4% and rents continued to rise moderately. In January 2017, the vacancy rate was 3.74%, down 0.27 percentage points year on year, and average rents were ¥18,582 per tsubo, up ¥792 year on year, or 4.5%, according to a private-sector research firm.」
The market environment of low vacancy rates and rising rents continued, with a 3.74% vacancy rate and average rents of ¥18,582 per tsubo. - FY2016RestatedAnnual report
「In the office building leasing market in Tokyo’s five business districts, demand from companies for relocations and additional space remained strong, and the vacancy rate remained at a low level in the mid-3% range. Average asking rents continued to rise moderately, reaching the ¥18,400-per-tsubo range as of October 2016, up 4.7% year on year.」
The market environment continues to be characterized by lower vacancy rates, which remain low, and rising asking rents in Tokyo’s five business districts. - FY2016-Q3First statedAnnual report
「The vacancy rate in July 2016 was 3.9%, a low level below 4% for the first time in 7 years and 11 months. Average asking rents were ¥18,271 per tsubo, up 4.6% year on year, marking 31 consecutive months of increases.」
The office leasing market improved in Tokyo’s five business districts, with a 3.9% vacancy rate and average asking rents of ¥18,271 per tsubo, up 4.6% year on year.