Asia Pacific Office Outlook 2024

TOKYO

RENT GROWTH

R E N T ( J P Y/ T S U B O/ M O ) A N D R E N T G R OWT H ( % P E R A N N U M )

 Tenants maintain pricing power. Most landlords prioritise minimising vacancy by offering rental discounts in response to rising vacancy concerns.  Following tenant relocations to incoming properties, we expect delayed downward negative impact in relation to the Grade A office inventory of 2.8 million tsubo, is likely to be limited.  Japan’s transition to the first inflationary environment since 1990 would require some upward price adjustment, leading to near flat rental movements over the next three years. rental pressures to fill vacancies in existing buildings. However, the

35,200

1.0%

35,000

0.0%

34,800

-1.0%

34,600

-2.0%

34,400

34,200

-3.0%

34,000

-4.0%

33,800

-5.0%

33,600

33,400

-6.0%

2021

2022 2023E 2024F 2025F 2026F 2027F JPY/TSUBO/MO Rent Growth (%)

Source: Cushman & Wakefield