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- The Grade A and large-scale Grade B office markets recorded another quarter of strong performance, with rents continuing to rise and overall vacancy remaining low.
- Average Grade A office rents in the C5W grew by 3.9% quarter-on-quarter (QoQ) and 17.9% year-on-year (YoY) to JPY43,467 per tsubo per month.
- The average Grade A office vacancy rate in the C5W tightened by 0.1 percentage points (ppts) QoQ and remained flat on an annual basis at 0.5%.
- Average large-scale Grade B office rents grew by 3.1% QoQ and 15.9% YoY to JPY32,399 per tsubo per month.
- Vacancy rates in the large-scale Grade B office market decreased by 0.1ppts QoQ and 0.7ppts YoY to 0.8%.
- The bayfront areas and large-scale Grade B office market should continue to benefit as prime Grade A office space remains scarce.
Office market strength persists
Firm demand and limited relocation options continue to reinforce rental momentum across the C5W office market.
Savills Research & Consultancy