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Tokyo Office Market Update as of June 2026

As of the end of June 2026, Mitsubishi Estate Real Estate Services has released its detailed market analysis regarding office vacancy rates and average rental prices in Tokyo.

Key Findings

• - Vacancy Rates: The potential vacancy rate in the major five wards has risen to 2.00%, showing a slight increase of 0.02 points from the previous month, while the seven major wards stand at 2.33%, decreasing by 0.05 points.
• - Average Rent: The average asking rent in the primary five wards is now ¥37,898/square meter, reflecting an increase of ¥570/square meter. In the seven major wards, the average asking rent has reached ¥33,075/square meter, showing a rise of ¥858/square meter compared to the last month.

Area-Specific Trends

The Suzuki Ward, which encompasses areas such as Yaesu, Kyobashi, and Nihonbashi, has seen a significant surge in average rents, exceeding ¥40,000/square meter for the first time since monitoring began in 2009. This increase is largely attributed to the introduction of high-end office floors.

The Toyosu and Harumi areas have experienced an uptick in large-scale leases, specifically units ranging from 500 to over 1,000 square meters, resulting in a notable improvement in the potential vacancy rate, which stands at 5.15%, down by 1.10 points from the previous month.

Transition to Larger Spaces

An analysis of office transitions within the seven central wards from January 2023 to June 2026 shows an increase in the proportion of spaces leased over 700 square meters. Notably, in 2026, offices over 1,000 square meters constituted about 30% of all transitions. Many instances of successful absorption of large secondary vacated spaces highlight the robust demand for office space in the market.

When analyzing the sectors that primarily occupy these larger spaces, there has been a shift since 2026, where academic research and professional services (accounting for 25%) now lead the way, followed closely by the manufacturing industry (at 20.8%).

Conclusion

This dynamic environment indicates a significant evolution in Tokyo’s office rental landscape, with an increasing preference for larger office spaces and a rising average rent reflecting sustained demand. Furthermore, the continued decline in potential vacancy rates in specific areas demonstrates the overall recovering nature of the market.

For further details and a comprehensive report, please visit the detailed report here.

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About Mitsubishi Estate Real Estate Services

Mitsubishi Estate Real Estate Services, based in Tokyo, specializes in real estate brokerage, consulting, and leasing services. As a group company of Mitsubishi Estate, it leverages extensive experience and a robust network to meet diverse client needs. Founded in December 1972, the company continues to play a pivotal role in the Japanese real estate market.

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