# Tokyo office market expected to remain tight amidst limited supply

- **Source:** Real Estate Asia
- **Published:** 2026-08-21T01:07:53.000Z
- **Author:** Staff Reporter
- **Original:** https://realestateasia.com/commercial-office/news/tokyo-office-market-expected-remain-tight-amidst-limited-supply
- **Topics:** Commercial & Industrial, Regional Markets

## Featured rationale

Nearly fully leased 2026 projects and delayed developments signal persistent supply constraints, which may support further rental and capital-value growth despite investment-market headwinds.

## AI summary

Tokyo Grade A office vacancy was 0.8% in Q2 2026, while rents rose 16.4% year-on-year to JPY 42,109 per tsubo monthly.

## Original article

Projects scheduled for completion in 2026 are already nearly fully leased.

Tokyo's Grade A office market remained exceptionally tight in the second quarter of 2026, with strong corporate performance supporting demand even as the absence of new completions resulted in negative net absorption, according to JLL.

Net absorption fell to -5,800 tsubo in Q2, JLL said. The consultancy firm attributed the decline to the lack of new supply rather than weakening demand, noting that corporate performance remained strong. Scientific research, professional and technical services, and manufacturing were among the main sources of leasing demand.

Vacancy increased marginally to 0.8%, up 0.1 percentage point quarter-on-quarter, but remained 1.7 percentage points below its level a year earlier. JLL said availability remained very limited, partly because soaring construction costs have delayed new developments.

Rental growth accelerated. Average monthly gross rent reached JPY 42,109 per tsubo, up 4.6% quarter-on-quarter and 16.4% year-on-year. JLL said rents continued to rise in both the Otemachi/Marunouchi and Akasaka/Roppongi submarkets, with particularly strong growth in Otemachi/Marunouchi supported by its low vacancy rate.

Capital values also strengthened, rising 6.9% quarter-on-quarter and 21.1% year-on-year, according to JLL. The increase accelerated from the previous quarter and reflected strong rental momentum and stable capitalisation rates. No Grade A office transactions were completed during the quarter.

JLL expects the tight market conditions to persist. Existing buildings have very limited vacant space, while projects scheduled for completion in the second half of 2026 are already nearly fully leased. Leasing progress for new supply due to enter the market in 2027 is also described as strong.

The outlook is further constrained by construction delays affecting projects scheduled for 2029, as higher construction costs weigh on development timelines. JLL therefore expects rents and capital values to continue rising, with vacancy projected to fall further into next year.

The investment outlook carries risks, however. JLL highlighted rising government bond yields and inflationary pressure stemming from yen depreciation as potential headwinds.

Overall, JLL's assessment points to a Tokyo office market where limited supply, strong occupier demand and accelerating rents continue to support landlords and property values, despite the temporary negative net absorption figure recorded in Q2.

## Chinese translation

> Translation model: openai_codex_cli

### 东京办公市场预计将在供应有限之下继续偏紧

2026年第二季度，东京A级办公市场仍异常紧张，强劲的企业表现支撑需求，尽管没有新增竣工项目导致

计划于2026年竣工的项目已几乎全部预租。

根据JLL的数据，2026年第二季度，东京A级办公市场仍异常紧张，强劲的企业表现支撑需求，尽管没有新增竣工项目导致净吸纳量为负。

JLL表示，第二季度净吸纳量降至-5,800坪。该咨询公司将这一下降归因于缺乏新增供应，而非需求走弱，并指出企业表现仍然强劲。科学研究、专业和技术服务以及制造业是租赁需求的主要来源之一。

空置率小幅上升至0.8%，环比上升0.1个百分点，但仍比一年前水平低1.7个百分点。JLL表示，可租空间仍非常有限，部分原因是建筑成本飙升推迟了新开发项目。

租金增长加快。月均总租金达到每坪JPY 42,109，环比上涨4.6%，同比上涨16.4%。JLL表示，大手町/丸之内和赤坂/六本木子市场的租金继续上涨，其中大手町/丸之内在低空置率支撑下增长尤为强劲。

根据JLL的数据，资本价值也走强，环比上涨6.9%，同比上涨21.1%。这一增幅较上一季度加快，反映出强劲的租金动能和稳定的资本化率。本季度没有完成A级办公交易。

JLL预计紧张的市场状况将持续。现有建筑的空置空间非常有限，而计划于2026年下半年竣工的项目已几乎全部预租。计划于2027年进入市场的新供应租赁进展也被形容为强劲。

前景还进一步受到计划于2029年竣工项目施工延误的限制，因为更高的建筑成本拖累开发时间表。因此，JLL预计租金和资本价值将继续上涨，空置率预计将在明年进一步下降。

不过，投资前景存在风险。JLL指出，政府债券收益率上升以及日元贬值带来的通胀压力是潜在阻力。

总体而言，JLL的评估显示，东京办公市场中有限供应、强劲租户需求和加速上涨的租金继续支撑业主和物业价值，尽管第二季度录得暂时性的负净吸纳量。