# Limited new supply to keep Tokyo office market tight through 2027: analyst

- **Source:** Real Estate Asia
- **Published:** 2026-07-23T01:00:00.000Z
- **Author:** Staff Reporter
- **Original:** https://realestateasia.com/commercial-office/news/limited-new-supply-keep-tokyo-office-market-tight-through-2027-analyst
- **Topics:** Commercial & Industrial, Government & Policy, Regional Markets

## Featured rationale

Constrained premium availability and strong pre-leasing signal sustained landlord-favourable conditions, potentially driving further rent growth and encouraging occupiers to expand in place or use satellites.

## AI summary

Tokyo office completions in 2027 are forecast at just under half of 2026 levels as Grade A and large Grade B demand remains strong.

## Original article

Savills sees continued rental growth and landlord-favourable conditions in the market.

Tokyo's office market is expected to remain resilient through 2027 as limited new supply and strong tenant demand continue to support rental growth, according to Savills.

The consultancy said both Grade A and large-scale Grade B office markets recorded robust rental growth in Q2 2026, while vacancy levels are expected to remain tight as major office developments scheduled for completion this year continue to achieve strong pre-leasing rates.

Savills noted that constrained availability of large, high-quality office space has prompted some occupiers to expand within existing buildings or establish satellite offices instead of relocating, reflecting the limited supply of premium office space.

Looking ahead, new office completions in 2027 are forecast to fall to just under half of 2026 levels. Savills expects the reduced pipeline to keep market conditions tight, supporting further rental growth and sustaining landlord-favourable leasing conditions across Tokyo's core office districts.

## Chinese translation

> Translation model: grok

### 分析师：新增供应有限，东京写字楼市场至2027年将持续偏紧

第一太平戴维斯表示，由于新增供应有限、租户需求强劲，东京写字楼市场预计至2027年将保持韧性，并继续支撑租金增长。

第一太平戴维斯认为，市场租金将继续上涨，并维持对业主有利的局面。

第一太平戴维斯表示，由于新增供应有限、租户需求强劲，东京写字楼市场预计至2027年将保持韧性，并继续支撑租金增长。

该顾问机构称，甲级（Grade A）及大型乙级（Grade B）写字楼市场在2026年第二季度均录得稳健租金增长；同时，由于定于今年完工的主要写字楼项目继续取得强劲预租率，空置水平预计将维持偏紧。

第一太平戴维斯指出，优质大型写字楼供应受限，促使部分租户选择在现有大厦内扩租，或设立卫星办公室，而非整栋搬迁，反映出优质写字楼供应短缺。

展望未来，2027年新建写字楼竣工量预计将降至2026年水平的一半以下。第一太平戴维斯预期，供应管道收窄将使市场继续偏紧，进一步支撑租金增长，并在东京核心写字楼区域维持对业主有利的租赁条件。