Asia Pacific Office Outlook 2024

TOKYO

NEW SUPPLY

N EW S U P P LY ( T S U B O )

250,000

 With supply falling to 60% below the 10-year average in 2024, Tokyo C5W’s supply in 2025 is then scheduled to double from the 10-year historical average.  Key projects include Takanawa Gateway City (91,000 tsubo), Tokyo Station Yaesu 1-chome East B District Redevelopment (42,400 tsubo), and Shibaura 1-chome Project Tower S (41,600 tsubo).  Rising construction costs continue to add pressure to development margins. The office construction cost index has increased by 14.6%, or 4Y CAGR 3.4%, since July 2019.

200,000

150,000

100,000

50,000

0

2021

2022

2023E 2024F 2025F 2026F 2027F

Source: Cushman & Wakefield