ASIA PACIFIC OUTLOOK 2025

TOKYO

DEMAND & VACANCY

Tokyo’s office worker attendance level has already recovered to near the pre COVID baseline. Net absorption has remained positive since 2022. The weak yen is expected to support corporate earnings ahead, allowing greater capacity for tenants to accommodate projected rent increases. More tenants are demanding a smaller footprint in a high quality space. Growing demand for new, renovated, and flexible office has been outpacing the limited supply in popular locations.

250,000

6.00%

FORECAST

5.00%

200,000

4.00%

150,000

3.00%

100,000

2.00%

50,000

1.00%

0.00%

0

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

NET ABSORPTION (TSUBO) AND VACANCY RATE (%)

Net Absorption

Vacancy Rate

Cushman & Wakefield

ASIA PACIFIC OUTLOOK 2025

Source: Cushman & Wakefield