Tokyo Grade A office rents jump 17.9% annually in Q3
Limited availability and sustained occupier demand signal a tight central Tokyo office market that may maintain upward rental pressure for high-quality space across the five central wards.
Average Tokyo C5W Grade A office rents rose 3.9% quarter-on-quarter and 17.9% year-on-year to JPY43,467 per tsubo in Q3 2026.
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Chuo recorded the strongest rental growth both quarterly and annually.
Tokyo's Grade A office market continued to record robust rental growth in the third quarter of 2026, with limited availability and sustained demand pushing rents higher across all five central wards, according to Savills.
Average Grade A office rents in the C5W rose 3.9% quarter-on-quarter and 17.9% year-on-year to JPY43,467 per tsubo in Q3 2026, Savills reported. Chuo recorded the strongest rental growth both quarterly and annually, reflecting continued demand and the absorption of available space.
Vacancy across the C5W edged down by 0.1 percentage points quarter-on-quarter after increasing slightly in the previous quarter, while remaining unchanged year-on-year.
Savills said office availability remained particularly limited in Chiyoda, Minato, Shibuya and Shinjuku, underscoring the tight conditions facing occupiers seeking high-quality space in central Tokyo.
In Chuo, meanwhile, the market continued to absorb vacant space in recently completed developments, although overall vacancy remained low.
The consultancy's latest findings point to continued upward pressure on Grade A rents as occupiers compete for limited modern office space across Tokyo's central business districts.