# Tokyo commercial real estate market trends

> Developing situation record from CLSTR: https://clstr.news/situations/tokyo-commercial-real-estate-market-trends
> Updated: 2026-11-02T02:56:00.000Z. Sources: 4. Developments: 2.

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.

## Timeline

### 2026-11-02: Tokyo logistics market sees record rents and falling vacancy rates

CBRE reports that Tokyo metropolitan large-scale logistics vacancy rates fell to 7.7 percent, while real rents hit a record high of 4,660 yen per tsubo.

3 sources. https://clstr.news/cluster/tokyo-logistics-market-sees-record-rents-and-falling-vacancy-rates

### 2026-10-25: Tokyo Grade A office rents rise amid high demand

Tokyo's Grade A office rents in the five central wards rose significantly in Q3 2026, driven by high demand for premium spaces and low vacancy rates.

3 sources. https://clstr.news/cluster/tokyo-grade-a-office-rents-rise-amid-high-demand

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Cite as: Tokyo commercial real estate market trends. CLSTR, https://clstr.news/situations/tokyo-commercial-real-estate-market-trends