Tokyo Office Rents Rise for 29th Straight Month, Up 10% YoY
- June central-Tokyo average rent ¥22,993/tsubo, +¥148 MoM, 29th straight monthly gain
- +10.14% YoY (+¥2,116), still double-digit
- By ward: Shibuya ¥25,765 priciest, Chiyoda ¥24,504 next; Shinjuku ¥20,166 cheapest
- New-build average ¥36,272/tsubo (+¥7,580 YoY), gap over existing stock widening
- Vacancy fell below 2% the same month — supply and demand both lifting rents
From the same Miki Shoji report: central-Tokyo average office rent reached ¥22,993/tsubo in June, up ¥148 MoM and +10.14% YoY — a 29th consecutive monthly gain. As vacancy tightens, rents follow. Shibuya (¥25,765) is priciest, Shinjuku (¥20,166) cheapest, a ~¥5,600 spread. Cash flow keeps appreciating for landlords, but whether double-digit growth persists hinges on new supply versus corporate expansion.
[Conclusion] Office investing comes down to two numbers: how much is empty and how much rent it earns. With vacancy under 2%, the flip side is rent: central Tokyo hit ¥22,993/tsubo in June, a 29th straight monthly rise, still +10.14% YoY.
Rents have climbed every month since late 2023 — from ¥20,877 a year ago to ¥22,993, over ¥2,000/tsubo more annually, feeding directly into asset valuations and explaining sustained foreign appetite for Tokyo commercial property as an inflation hedge.
Shibuya (¥25,765) stays priciest — IT and tech pay up for talent density — with Chiyoda (¥24,504) and Minato (¥23,340) close behind, while Shinjuku (¥20,166) and Chuo (¥21,057) are the value plays. New-build rents at ¥36,272 (+¥7,580) are pulling away from existing stock, a signal to watch as large redevelopments complete.