Mitsubishi Estate Real Estate released its Tokyo office market trends as of the end of September 2026. The potential vacancy rate in the 7 major wards was 2.14%, while the average asking rent was ¥33,993 per tsubo, both higher than the previous month.
Mitsubishi Estate Real Estate Services released the results of a survey on Tokyo’s office leasing market as of the end of September 2026, covering trends in potential vacancy rates and average asking rents in major areas. The potential vacancy rate was 1.77% in the 5 major wards and 2.14% in the 7 major wards, down 0.02 pt and 0.09 pt month on month, respectively.
The average asking rent in the 7 major wards was ¥33,993 per tsubo, up ¥955 per tsubo month on month. In the 5 major wards, the average asking rent was ¥39,042 per tsubo, up ¥899 per tsubo.
In the Yaesu, Kyobashi and Nihombashi areas, newly completed large-scale properties were nearly fully occupied, limiting their impact on the potential vacancy rate and average asking rent. Meanwhile, the end of leasing activity around Osaki Station caused the potential vacancy rate to fall 1.25 pt month on month and the average asking rent to decline by ¥1,657 per tsubo.
In a survey on office relocation plans, the percentage considering relocation fell from 23.3% in 2025 Q3 to 13.3% in 2026 Q2, while the percentage currently relocating or having relocated within the past year rose to 15.0%. Many respondents said transport convenience remains the most important consideration.
The detailed report is available on a dedicated page of the official website. The buildings covered are mainly large buildings in Chiyoda, Chuo, Minato, Shinjuku, Shibuya, Shinagawa and Koto wards.