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Tokyo Office Market Trends Report

As of the end of May 2026, Mitsubishi Estate Real Estate Services released its latest analysis on the Tokyo office market, revealing noteworthy trends in vacancy rates and average asking rents across key districts. The research confirms that the potential vacancy rate in the major seven districts stands at 2.38%, a decrease of 0.19 percentage points from the previous month, highlighting the ongoing demand for office space throughout the city.

Key Findings

• - Potential Vacancy Rates: The potential vacancy rate in the five major districts is recorded at 1.98%, reflecting a decline of 0.21 percentage points month-over-month. In contrast, the major seven districts show a potential vacancy rate of 2.38%, indicating a slight contraction in available office spaces.

• - Average Asking Rents: The average asking rent in the five major districts is reported at 37,328 yen per tsubo (approximately 3.3 square meters), which is an increase of 625 yen per tsubo from the previous month. Meanwhile, the average rent in the major seven districts sits at 32,217 yen per tsubo, up by 434 yen per tsubo, indicating a growing trend in rental prices as demand remains strong.

District-Specific Trends

In the Yaesu, Kyobashi, and Nihonbashi areas, the depletion of medium-priced vacancy inventory has resulted in the commencement of new high-price offerings, thereby pushing the average asking rent to an impressive 74,167 yen per tsubo—a significant increase of 4,186 yen. Additionally, the Toyosu and Harumi districts are witnessing a surge in higher-priced office rentals, thanks to the introduction of upgraded value-added office setups catering to the modern business environment.

2025 Lease Volumes and New Listings

The data reveals that in 2025, the lease volume in the major seven districts reached nearly double that of the newly listed properties, showcasing a trend of excess demand and landlord advantage in the market. Particularly, Minato Ward has seen numerous large-scale completions; however, many floors were leased before the official openings, limiting the impact on new listings. Compared to Chiyoda and Chuo Wards, the relative affordability of rents in Minato has made it a favored relocation destination.

Conversely, while Chiyoda Ward has seen a higher volume of new listings than leases, this scenario is likely influenced by elevated asking rents. This situation may indicate a transitional phase, wherein firms are either vacating due to high costs or are willing to pay premiums for desirable locations, contributing to minor discrepancies in vacancy data.

Detailed Report Access

For a more comprehensive understanding of the Tokyo office market dynamics as of May 2026, please refer to the full report available at: Mitsubishi Estate Real Estate Services

Data Collection Methodology

This analysis is based on data collected from 993 buildings completed to date in core districts such as Chiyoda, Chuo, Minato, Shinjuku, Shibuya, Shinagawa, and Koto that meet specific criteria. The definitions of potential vacancy rates and average asking rents were carefully constructed to provide a more accurate depiction of the current market conditions, making it easier for stakeholders to make informed decisions.

About Mitsubishi Estate Real Estate Services

Mitsubishi Estate Real Estate Services, a subsidiary of Mitsubishi Estate, specializes in the sale, leasing, and consulting of real estate. Leveraging decades of expertise, the company provides tailored solutions to meet diverse client needs while fostering a robust real estate market in Tokyo.

For more information, visit our rental office portal: Mitsubishi Estate Rental Offices