On the 25th, CBRE Co., Ltd. released its Q2 2025 survey results on office building market trends across 13 major cities in Japan.
In Tokyo’s 23 wards, the overall vacancy rate for all office grades dropped to 2.5% (down 0.5 percentage points from the previous quarter). New supply totaled 41,000 tsubo, consistent with the historical average, while new demand reached 83,000 tsubo. This demand was driven by business expansion, return-to-office trends, in-building floor expansions, and branch office openings. Relocations for upgrades and rebuilding were observed across a wide range of industries.
The Grade A office vacancy rate saw a significant decline to 1.4% (down 2.2 points year-on-year), falling below 2% for the first time since Q2 2021. The average rent per tsubo for all grades rose to ¥22,310 (up 1.2% year-on-year), with Grade A offices leading the increase at ¥38,450 per tsubo (up 2.7% year-on-year).
In Osaka, the all-grade vacancy rate remained stable at 2.6%, while rents rose to ¥14,550 (up 0.9% year-on-year). Grade A rents climbed to ¥25,150 (up 2.2%), marking the fourth consecutive quarter of rent increases across all grades.
In Nagoya, the all-grade vacancy rate dropped to 3.1% (down 0.4 points year-on-year), with Grade A offices at 1.4% (down 0.9 points), also falling below 2% for the first time since Q1 2021. The average rent for all grades rose to ¥14,270 (up 0.9% year-on-year), continuing the upward trend from the previous fiscal year.
Among regional cities, the all-grade vacancy rate decreased in 5 out of 10 cities compared to the previous quarter, while the other 5 saw increases. However, rents rose in all 10 cities, reflecting a nationwide upward trend.
Reprinted from: Real Estate Distribution Research Institute Co., Ltd.
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