Mitsubishi Jisho Real Estate Services Releases Tokyo Office Vacancy and Average Asking Rent Survey for End-April 2026

Mitsubishi Jisho Real Estate Services Co., Ltd. (Head office: 1-9-2 Otemachi, Chiyoda-ku, Tokyo; President and CEO: Shuichi Shimizu) has conducted a market trend survey on Tokyo office vacancy rates and average asking rents as of the end of April 2026, and has announced the results. 【Potential Vacancy Rate】 The potential vacancy rate in the five major wards was 2.19%, down 0.10 percentage points from the previous month. The potential vacancy rate in the seven major wards was 2.57%, down 0.05 percentage points from the previous month. 【Average Asking Rent】 The average asking rent in the five major wards was JPY 36,703 per tsubo, up JPY 1,298 per tsubo from the previous month. The average asking rent in the seven major wards was JPY 31,783 per tsubo, up JPY 837 per tsubo from the previous month. 【Trends in Major Areas】 Average asking rent in the Nihonbashi-Honcho, Muromachi, and Honkokucho area rose to JPY 51,599 per tsubo, up JPY 5,933 from the previous month. Vacancies in lower-priced properties continued to be absorbed, increasing the market impact of higher-priced properties. Due to multiple new listings around Kachidoki Station, the potential vacancy rate rose in the Toyosu and Harumi area. Properties in the JPY 10,000-per-tsubo range still exist in this area, making the market gap with major areas experiencing sharp rent increases especially clear. 【Office Floor Area Trends During Relocation】 Amid a market characterized by rising rents and shrinking supply, companies are seeking more flexible responses, and this is also reflected in floor area trends when relocating offices. In a survey conducted by the company at the end of last year, responses indicating office expansion fell below 50% for the first time in about three years, since Q3 2022. Meanwhile, responses indicating office downsizing reached 30% for the first time in about two and a half years, since Q1 2023. The company suggests that this reflects a move toward floor area optimization in line with current market conditions, as companies face situations where maintaining the same floor area would exceed their assumed budgets and suitable properties meeting their desired conditions are becoming harder to find. ■Survey Scope 【Buildings Covered】 The survey covered 993 buildings as of the end of April 2026, down two from the previous month. The対象 buildings are tenant office buildings registered in the company’s database, located in Chiyoda, Chuo, Minato, Shinjuku, Shibuya, Shinagawa, and Koto wards, completed as of the survey date, and with total floor area of at least 3,000 tsubo. Buildings judged to have special circumstances in the ordinary office leasing market are excluded. 【Potential Vacancy Rate】 Starting with data as of the end of April 2025, the company redefined the conventional vacancy rate, which covered all floors under recruitment and indicated medium- to long-term market supply conditions, as the potential vacancy rate. It also introduced a vacancy rate focused only on floors available for immediate occupancy as a new perspective for market analysis. The rate is calculated by dividing the recruited floor area in target buildings by the effective leasable floor area. For the potential vacancy rate, recruited floor area refers to spaces being marketed as of the end of the survey month. For the vacancy rate, recruited floor area refers only to spaces being marketed and available for immediate occupancy as of the end of the survey month. Effective leasable floor area is generally based on information disclosed by landlords and actual figures from the company’s own research. If the effective leasable floor area is unknown, the rentable ratio is set at 50% for buildings with total floor area of at least 10,000 square meters, and 60% for buildings below 10,000 square meters. 【Average Asking Rent】 Asking rents are calculated by taking a weighted average of the conditions for spaces being marketed as of the end of the relevant month. Because the treatment of common area maintenance fees differs among surveyed buildings, average asking rent includes such fees and excludes consumption tax and similar taxes. 【Notes】 This material is prepared based on the company’s current views of the real estate market. These views are opinions or forecasts based on information sources the company deems reliable and its own analysis of the current market environment. The contents may become no longer valid due to changes in market or economic conditions after the date of publication. ■About Mitsubishi Jisho Real Estate Services Co., Ltd. As a group company of Mitsubishi Estate, a comprehensive real estate business operator, Mitsubishi Jisho Real Estate Services engages in real estate brokerage, consulting, appraisal, and leasing of office buildings and residences. The company responds to diverse customer needs by leveraging its long-cultivated expertise, track record, and the Mitsubishi Estate Group network.