ASIA PACIFIC OUTLOOK 2025

TOKYO

NEW SUPPLY

New supply is forecast to hit a cyclical peak in 2025, tracking at around 50% above the 10-year historical average of 188,467 tsubo. However, the supply wave is then expected to subside over the next three years , until the next historical peak expected in 2029. Over the next twelve months, key deliveries include The Link Pillar North/ South (85,810/53,393 tsubo) in Shinagawa, Meiji Yasuda Seimei

300,000

FORECAST

250,000

200,000

150,000

Shinjuku Building (20,627 tsubo), and the Blue Front Shibaura Tower S (83,167 tsubo).

100,000

NEW SUPPLY (TSUBO) 50,000

Rising construction costs continue to add pressure to development margins. The office construction cost index has increased by 26.7%, or CAGR 4.8%, since September 2019.

0

2022 2023 2024F 2025F 2026F 2027F 2028F 2029F

Cushman & Wakefield

ASIA PACIFIC OUTLOOK 2025

Source: Cushman & Wakefield