Outlook 2023 Japan

TOKYO

RENT GROWTH

RENT (JPY/TSUBO/MO) AND RENT GROWTH (% PER ANNUM)

FORECAST

45,000

0.0%

 Rent growth is expected to remain negative with continued pressures from incoming supply. ​  We expect rent growth to remain in negative territory for the forecast period, though tracking back towards positive growth in 2026.  Increasing vacancy and price competition among non differentiated buildings are forecast to accelerate, widening the rental gap among many submarkets. ​

40,000

-1.0%

35,000

-2.0%

30,000

-3.0%

25,000

20,000

-4.0%

15,000

-5.0%

10,000

-6.0%

5,000

-7.0%

0

2020

2021

2022F 2023F 2024F 2025F 2026F

JPY/TSUBO/MO

Rent growth (%)

Source: Cushman & Wakefield