office

"Flight-to-quality drives leasing demand"

"New office supply delivered in 2025 across major regional markets was well absorbed, reflected by tightening vacancies. While several regional markets are expected to receive a notable influx of new supply in 2026, strong pre-leasing activity and firm tenant demand should facilitate its absorption."

"Supply constraints are expected to sustain upward pressure on average rents across Tokyo's office market."

"Quarterly Rents Hit New High"

"Amid tight vacancies, landlords have continued to raise rents, pushing average office rents across the C5W above their previous 2020 peak."

"Leasing Demand Rebounding"

"Vacancy tightening to pre-pandemic lows is expected to push Tokyo's average office rents above their pre-pandemic peak in 2026."

"Regional markets continue to maintain positive momentum in 2H/2025. Well-located new buildings with modern amenities remain highly sought after, recording steady rental growth despite having limited vacancies. Meanwhile, labour shortages, rising land and construction costs continue to weigh on development activity, causing delays or cancellations that could further tighten the strong-demand market."