Asia Pacific Office Outlook 2024

TOKYO

DEMAND & VACANCY

N E T A B S O R P T I O N ( T S U B O ) A N D VAC A N C Y R AT E ( % )

7.0%

180,000

160,000

6.0%

140,000

5.0%

120,000

100,000

 Tenants’ flight to quality continues. More tenants demand a smaller footprint in high quality space. While reducing the total office floor space, demand for new or renovated buildings has been on the rise.  Net absorption remains positive since 2022.  However, the incoming supply continues to outpace existing supply at least until

4.0%

80,000

3.0%

60,000

40,000

2.0%

20,000

1.0%

0

0.0%

-20,000

2021

2022 2023E 2024F 2025F 2026F 2027F Net Absorption Vacancy Rate

2027, leading to a higher vacancy of around 6%.

Source: Cushman & Wakefield