Tokyo commercial real estate market trends

In the third quarter of 2026, Tokyo experienced significant growth across different commercial real estate sectors.

In the Grade A office market within the five central wards, rental prices rose sharply. Cushman & Wakefield reported that average contract rents reached 45,139 yen per tsubo, an 18.2 percent year-on-year increase, while vacancy rates hit a low of 0.3 percent. Savills noted similar trends, with average rents in central wards rising 17.9 percent annually to 43,467 yen per tsubo. High demand was particularly noted in the Kyobashi, Yaesu, and Nihonbashi areas.

Simultaneously, the logistics market in the Tokyo metropolitan area saw record rents and declining vacancy rates. CBRE reported that vacancy rates for large multi-tenant logistics facilities fell to 7.7 percent, marking six consecutive quarters of improvement. Real rents reached a record high of 4,660 yen per tsubo, driven largely by demand from the e-commerce sector. The Tokyo Bay area maintained a low vacancy rate of 2.4 percent.