【Latest Report Announced】Office Rent Index Q1 2026
Sanko Estate and NLI Research Institute announced the Q1 2026 Office Rent Index. Rents for Class A, B, and C buildings in central Tokyo generally maintained an upward trend, with Class A showing 10 consecutive quarters of positive growth. Although some vacancy rates increased, overall levels remained low, indicating robust office demand.
📋 Article Processing Timeline
- 📰 Published: April 30, 2026 at 22:00
- 🔍 Collected: April 30, 2026 at 13:31
- 🤖 AI Analyzed: April 30, 2026 at 14:29 (57 min after Collected)
Sanko Estate Co., Ltd. (Headquarters: Chuo-ku, Tokyo; President and Representative Director: Shojiro Fukushima) today, April 30, released the Q1 2026 edition of the "Office Rent Index," an office market indicator based on contract rents, developed jointly with NLI Research Institute (Headquarters: Chiyoda-ku, Tokyo; President and Representative Director: Tsuneaki Teshima).
## Q1 2026 Overview
* Central Tokyo Class A Building Rents: 10 consecutive quarters of increase quarter-on-quarter, and 8 consecutive quarters of increase year-on-year.
* Central Tokyo Class B Building Rents: Upward trend continues, bottoming out in Q1 2023.
* Central Tokyo Class C Building Rents: Gradually rising and approaching pre-COVID-19 peak levels.
*This release and public data can also be viewed here:
https://www.sanko-e.co.jp/data/rent-index/
## Central Tokyo Class A Building Rents and Vacancy Rates
In Q1 2026, Class A building rents (based on contract rents) increased by 2,128 yen/tsubo quarter-on-quarter to 37,620 yen/tsubo (excluding common service fees), with the 38,000 yen/tsubo range becoming visible for the first time since Q3 2020. The upward trend continues with 10 consecutive quarters of quarter-on-quarter increases and 8 consecutive quarters of year-on-year increases.
The vacancy rate increased by 0.3 points quarter-on-quarter to 0.9%. New supply of Class A buildings in 2026 is expected to be approximately 166,000 tsubo, with a concentration of supply in Q1. Although most buildings completed with high occupancy, remaining vacancies in new buildings are the main reason for the increase in the vacancy rate. While office demand remains active, concerns are growing about the rising energy prices, such as crude oil, due to the de facto closure of the Strait of Hormuz, which could be a downward factor for the economy. Although a decline in corporate profits leads to a contraction in office demand, there is a time lag before it is reflected in various market data, so it is necessary to monitor trends carefully, taking this into account.
## Central Tokyo Class B Building Rents and Vacancy Rates
In Q1 2026, Class B building rents increased by 185 yen/tsubo quarter-on-quarter to 22,895 yen/tsubo (excluding common service fees). The year-on-year change has been positive for 10 consecutive quarters. Rents have continued their upward trend since bottoming out in Q1 2023.
The vacancy rate decreased by 0.1 points quarter-on-quarter to 1.4%, marking the 10th consecutive quarter of decline. Vacant floors are being absorbed, mainly in surrounding areas. The sense of scarcity in central Tokyo is further intensifying, and the occurrence of secondary vacancies from tenants relocating to new buildings continues to be lower than expected. Tenants considering relocation have limited options, and some are postponing their relocation plans.
## Central Tokyo Class C Building Rents and Vacancy Rates
In Q1 2026, Class C building rents increased by 138 yen/tsubo quarter-on-quarter to 19,992 yen/tsubo (excluding common service fees). This marks the 6th consecutive quarter of increase quarter-on-quarter, indicating a moderate upward trend. Rents are approaching the pre-COVID-19 peak levels of Q1 2020.
The vacancy rate decreased by 0.4 points quarter-on-quarter to 1.8%, falling to the 1% range for the first time since Q3 2020. This marks the 8th consecutive quarter of quarter-on-quarter decline, with the downward trend continuing. Vacant floors are being absorbed, mainly in new and relatively new buildings in central Tokyo. Although the sense of scarcity is also intensifying for Class C buildings, the recent low for the vacancy rate was 0.6% recorded in Q1 2020 before COVID-19, suggesting there is still room for further decline.
## Central Tokyo Class A, B, and C Building Rents Year-on-Year Change
Compared to Q1 2025, year-on-year changes were +23.3% for Class A buildings, +14.2% for Class B buildings, and +5.6% for Class C buildings. Class A buildings saw an increase for 8 consecutive quarters, while Class B and C buildings saw increases for 10 consecutive quarters.
## About Sanko Estate Co., Ltd.
Sanko Estate Co., Ltd. (established May 17, 1977) comprehensively supports corporate office strategies. From selecting and brokering rental office buildings to verifying and proposing optimal workplaces, and providing management functions indispensable for project execution, we broadly meet all office-related needs.
Sanko Estate HP: https://www.sanko-e.co.jp/
*This release is for informational purposes and has been prepared with due care for accuracy, but its content is not guaranteed. Please use it at your company's responsibility and discretion.
## Q1 2026 Overview
* Central Tokyo Class A Building Rents: 10 consecutive quarters of increase quarter-on-quarter, and 8 consecutive quarters of increase year-on-year.
* Central Tokyo Class B Building Rents: Upward trend continues, bottoming out in Q1 2023.
* Central Tokyo Class C Building Rents: Gradually rising and approaching pre-COVID-19 peak levels.
*This release and public data can also be viewed here:
https://www.sanko-e.co.jp/data/rent-index/
## Central Tokyo Class A Building Rents and Vacancy Rates
In Q1 2026, Class A building rents (based on contract rents) increased by 2,128 yen/tsubo quarter-on-quarter to 37,620 yen/tsubo (excluding common service fees), with the 38,000 yen/tsubo range becoming visible for the first time since Q3 2020. The upward trend continues with 10 consecutive quarters of quarter-on-quarter increases and 8 consecutive quarters of year-on-year increases.
The vacancy rate increased by 0.3 points quarter-on-quarter to 0.9%. New supply of Class A buildings in 2026 is expected to be approximately 166,000 tsubo, with a concentration of supply in Q1. Although most buildings completed with high occupancy, remaining vacancies in new buildings are the main reason for the increase in the vacancy rate. While office demand remains active, concerns are growing about the rising energy prices, such as crude oil, due to the de facto closure of the Strait of Hormuz, which could be a downward factor for the economy. Although a decline in corporate profits leads to a contraction in office demand, there is a time lag before it is reflected in various market data, so it is necessary to monitor trends carefully, taking this into account.
## Central Tokyo Class B Building Rents and Vacancy Rates
In Q1 2026, Class B building rents increased by 185 yen/tsubo quarter-on-quarter to 22,895 yen/tsubo (excluding common service fees). The year-on-year change has been positive for 10 consecutive quarters. Rents have continued their upward trend since bottoming out in Q1 2023.
The vacancy rate decreased by 0.1 points quarter-on-quarter to 1.4%, marking the 10th consecutive quarter of decline. Vacant floors are being absorbed, mainly in surrounding areas. The sense of scarcity in central Tokyo is further intensifying, and the occurrence of secondary vacancies from tenants relocating to new buildings continues to be lower than expected. Tenants considering relocation have limited options, and some are postponing their relocation plans.
## Central Tokyo Class C Building Rents and Vacancy Rates
In Q1 2026, Class C building rents increased by 138 yen/tsubo quarter-on-quarter to 19,992 yen/tsubo (excluding common service fees). This marks the 6th consecutive quarter of increase quarter-on-quarter, indicating a moderate upward trend. Rents are approaching the pre-COVID-19 peak levels of Q1 2020.
The vacancy rate decreased by 0.4 points quarter-on-quarter to 1.8%, falling to the 1% range for the first time since Q3 2020. This marks the 8th consecutive quarter of quarter-on-quarter decline, with the downward trend continuing. Vacant floors are being absorbed, mainly in new and relatively new buildings in central Tokyo. Although the sense of scarcity is also intensifying for Class C buildings, the recent low for the vacancy rate was 0.6% recorded in Q1 2020 before COVID-19, suggesting there is still room for further decline.
## Central Tokyo Class A, B, and C Building Rents Year-on-Year Change
Compared to Q1 2025, year-on-year changes were +23.3% for Class A buildings, +14.2% for Class B buildings, and +5.6% for Class C buildings. Class A buildings saw an increase for 8 consecutive quarters, while Class B and C buildings saw increases for 10 consecutive quarters.
## About Sanko Estate Co., Ltd.
Sanko Estate Co., Ltd. (established May 17, 1977) comprehensively supports corporate office strategies. From selecting and brokering rental office buildings to verifying and proposing optimal workplaces, and providing management functions indispensable for project execution, we broadly meet all office-related needs.
Sanko Estate HP: https://www.sanko-e.co.jp/
*This release is for informational purposes and has been prepared with due care for accuracy, but its content is not guaranteed. Please use it at your company's responsibility and discretion.