Japan: Tokyo monthly office rent 2024| ��ƽ��

Average monthly office rent in Tokyo's main business districts from January 2020 to December 2024 (in 1,000 Japanese yen per tsubo)

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Release date

January 2025

More information

Region

Japan

Survey time period

January 2020 to December 2024

Special properties

1 tsubo equals about 3.3 square meters or 35.6 square feet

Supplementary notes

Business districts here include Chiyoda, Chuo, Minato, Shinjuku, and Shibuya.

Office buildings for rent with a standard floor area of 100 tsubo or more.

Excluding common area maintenance (CAM) charges and consumption tax.

Average rents are based on the terms of new offers for standard floors.

Figures prior to December 2023 come from previous reporting.

Release date is the date of data access.

100 Japanese yen equal 0.64 U.S. dollars or 0.62 euros as of January 2025.

Values have been rounded.

Citation formats

The average monthly office rent per tsubo in Tokyo's central business districts amounted to around **** thousand Japanese yen in December 2024. In July 2020, the average rent reached a peak of ** thousand yen.

Low office vacancy rates in Japan’s metropolitan areas prior to the pandemic

In the years before the coronavirus pandemic, increasing rents for office space reflected a general downward trend in vacancy rates for office space in Tokyo's central business districts; Chiyoda, Chuo, Minato, Shinjuku, and Shibuya. Similarly, office vacancy rates in Osaka and other major cities in Japan were also declining steadily. Increasing commercial land prices in the metropolitan areas of Tokyo, Osaka, and Nagoya accompanied this development.

Real estate investment in office property

With an increasing demand for office space and rising rents, the office market played a growing role in commercial real estate investment. Office property has been among the leading types of property in the portfolios of Japanese real estate investments trusts (J-REITs) and accounted for around one-quarter of securitized properties in Japan.