Tokyo remains the largest office market on the planet, and in 2026 it is once again a landlord's market in the most sought-after districts. Vacancy in the central five wards — Chiyoda, Chūō, Minato, Shinjuku and Shibuya — has tightened well below the 5% threshold that traditionally marks the tipping point between tenant-friendly and landlord-friendly conditions, and average Grade-A asking rents have returned to growth after the post-pandemic adjustment.
Where the demand is
Three areas concentrate most of the momentum. Marunouchi and Ōtemachi, facing Tokyo Station, remain the address of choice for finance and professional services; space here rarely reaches the open market. Toranomon and Azabudai have been transformed by a decade of mega-redevelopments, adding hundreds of thousands of square metres of new Grade-A stock with English-speaking property management — a magnet for foreign firms. Shibuya is the undisputed home of tech and startups: rents per tsubo there now rival the traditional CBD.
What tenants should expect
Typical asking rents for Grade-A space in central Tokyo run from roughly ¥30,000 to ¥55,000 per tsubo per month (about ¥9,000–17,000 per m²), with trophy towers above that. Mid-grade buildings a few minutes further from the station can cost half as much — Tokyo is a market where walking three extra minutes saves real money.
New supply peaks again in 2026–2027, but pre-letting rates are high and the flight-to-quality trend means older buildings, not new ones, absorb the vacancy. If you need large contiguous space in a new tower, start the search 12–18 months ahead; for smaller setup offices and serviced space, 2–3 months is usually enough.
Browse current availability on our Tokyo office listings to see live pricing by district.