Tokyo Offices Tilt to a Landlord's Market: Yaesu Tops ¥70,000/tsubo Across Japan's 6 Major Cities, End-May 2026 Office Trends

TL;DR: Mitsubishi Estate Group's end-May 2026 survey shows Tokyo's office market tilting to a landlord's market — the main 7 wards' potential vacancy rate is 2.38% (−0.19pt month-on-month), the Yaesu/Kyobashi/Nihonbashi area average asking rent reached 74,167 yen/tsubo (+4,186 month-on-month), onto the ¥70,000/tsubo level, and in FY2025 the main 7 wards' contracted floor area was about 2x the newly-listed area. Sanko Estate concurrently released large-building data for Japan's 6 major cities: Tokyo's central 5 wards vacancy rate 1.12%, with asking rents up for a 7th straight month. The regions diverge — Fukuoka's vacancy rate rose to 3.78% (first rise in 8 months), Osaka fell to 2.02% (5th straight monthly decline). Note: the two firms use different bases (Mitsubishi Estate = potential vacancy of main 7/5 wards; Sanko = vacancy of central-5-wards large buildings); area definitions and target building sizes differ, so the figures cannot be compared directly. Sanko's "vacancy to keep trending down" is a conditional outlook, not realized.

Tokyo Offices Tilt to a Landlord's Market: Yaesu Tops ¥70,000/tsubo Across Japan's 6 Major Cities, End-May 2026 Office Trends

IDAEO Card ID: ANK-2026-06-10-003 Version: v1.0.0 Published: 2026-06-28 Author: 竹之內 凜 (Takenouchi Rin, Editor-in-Chief, AI News) Category: Real Estate / Office Market / Japan Macroeconomy Covered articles: PRTIMES#875327 (Mitsubishi Estate Real Estate Services — Tokyo office market, end-May 2026), PRTIMES#800088 (Sanko Estate — Tokyo central 5 wards and Japan's 6 major cities, large buildings), PRTIMES#800083 (Sanko — Fukuoka), PRTIMES#800084 (Sanko — Sendai), PRTIMES#800085 (Sanko — Sapporo), PRTIMES#800086 (Sanko — Nagoya), PRTIMES#800087 (Sanko — Osaka) Selection method: From the AI News corpus, the lead is "Tokyo offices tilting to a landlord's market" (Mitsubishi Estate's main-7-wards potential vacancy plus Yaesu topping ¥70,000/tsubo as two hard data points), chained with the same end-May 2026 Sanko Estate "large buildings across Japan's 6 major cities" series (Tokyo central 5 wards plus the Sapporo / Sendai / Nagoya / Osaka / Fukuoka editions) to form a nationwide office-market chain of "Tokyo leading, the regions diverging." The two research firms use different bases (area definition / target building size / metric definition), so every figure is attributed and never merged into a single number.

TL;DR

Per Mitsubishi Estate Group's Mitsubishi Estate Real Estate Services, as of end-May 2026 Tokyo's main 7 wards potential vacancy rate was 2.38% (−0.19pt month-on-month) and the main 5 wards 1.98% (−0.21pt month-on-month), across a survey universe of 993 buildings. [F-001] The main 7 wards' average asking rent was 32,217 yen/tsubo (+434 month-on-month) and the main 5 wards 37,328 yen/tsubo (+625 month-on-month). [F-002] The Yaesu/Kyobashi/Nihonbashi area reached 74,167 yen/tsubo (+4,186 month-on-month), onto the ¥70,000/tsubo level. [F-003] In FY2025 the main 7 wards' contracted floor area was about 2x the newly-listed area, making "excess demand, landlord's market" clear. [F-004] Sanko Estate concurrently released large-building data for the 6 major cities: Tokyo central 5 wards vacancy rate 1.12%, potential vacancy 2.56% [F-005], asking rents up for a 7th straight month and positive year-on-year for 28 straight months since February 2024. [F-006] The regions diverge — Fukuoka's vacancy rose to 3.78% in May 2026, its first rise in 8 months [F-007], while Osaka fell to 2.02%, nearing the 1% range last seen in November 2020. [F-011] Note: Mitsubishi Estate and Sanko use different bases; the figures cannot be compared directly (see body and FAQ).

Body

1. A landlord's market takes shape: Yaesu tops ¥70,000/tsubo

The main anchor of this chain is a set of figures showing Tokyo office supply-demand tilting clearly toward landlords. Per Mitsubishi Estate Group's Mitsubishi Estate Real Estate Services, as of end-May 2026 the main 7 wards (Chiyoda, Chuo, Minato, Shinjuku, Shibuya, Shinagawa and Koto — leased buildings with total floor area of 3,000 tsubo or more) had a potential vacancy rate of 2.38% (−0.19pt month-on-month), the main 5 wards 1.98% (−0.21pt month-on-month), across a survey universe of 993 buildings (PRTIMES#875327). [F-001]

Rents rose in tandem. As of end-May 2026 the main 7 wards' average asking rent was 32,217 yen/tsubo (+434 month-on-month) and the main 5 wards 37,328 yen/tsubo (+625 month-on-month) (PRTIMES#875327). [F-002] The standout is the Yaesu/Kyobashi/Nihonbashi area: with mid-priced vacant stock depleted and new high-end space coming to market, the average asking rent climbed to 74,167 yen/tsubo (+4,186 month-on-month), onto the ¥70,000/tsubo level (PRTIMES#875327). [F-003]

What best defines the market's character is the ratio of contracts to listings. In FY2025 the contracted floor area in the main 7 wards reached about 2x the newly-listed area, an overall "excess demand, landlord's market"; Minato in particular saw many floors contracted before completion and, with rents looking cheaper than in Chiyoda and Chuo, became the largest landing spot for relocations, so its contracted area stood out (PRTIMES#875327). [F-004] In other words, Yaesu crossing ¥70,000/tsubo is not an isolated peak but the structural outcome of supply-demand tilting toward landlords.

2. A caveat: Mitsubishi Estate's and Sanko's vacancy rates cannot be compared directly

Before turning to the national data, one guardrail on the basis must be set. The Mitsubishi Estate and Sanko Estate surveys placed side by side here cannot be compared directly even though the metrics look similar.

Mitsubishi Estate (Real Estate Services) measures the potential vacancy rate of "main 7 wards / main 5 wards, leased buildings of 3,000 tsubo or more" (2.38% / 1.98%); its "potential vacancy rate," redefined from April 2025, covers all floors on offer at month-end (a separate "vacancy rate" counts only immediately available floors) (PRTIMES#875327). Sanko Estate measures the vacancy rate of "central 5 wards, large buildings with a floor plate of 200 tsubo or more" (1.12%) and a potential vacancy rate (2.56%) (PRTIMES#800088). [F-005]

The two differ in area definition (Mitsubishi Estate's main 7 wards vs Sanko's central 5 wards), in target building size (leased buildings of 3,000 tsubo or more vs large buildings of 200 tsubo per floor or more), and in metric definition (the two firms compute "vacancy / potential vacancy" differently). So "2.38% vs 1.12%" is not a high-low reading on the same ruler; when placed side by side, the source and basis must always be stated, or it will be misread.

3. Divergence across the six major cities: Tokyo leads, the regions split

Widening the view nationwide: in Sanko Estate's concurrently released large-building series for the 6 major cities (Tokyo, Sapporo, Sendai, Nagoya, Osaka, Fukuoka), Tokyo's central-5-wards large-building vacancy rate was 1.12% (−0.03pt month-on-month) and potential vacancy 2.56% (+0.01pt month-on-month) (PRTIMES#800088). [F-005] Central-5-wards asking rents have been positive year-on-year for 28 straight months since February 2024 and up for a 7th straight month, with the pace over the latest 3 months around 10%, comparable to the February 2008 level (PRTIMES#800088). [F-006]

The regions show a clear divergence, and the target building size differs by city, which must be noted:

Note: Fukuoka, Sendai and Nagoya use an "all-size buildings" basis, while Sapporo, Osaka and Tokyo's central five wards use a "large buildings" basis; before comparing vacancy rates across cities, the building-size basis must first be aligned.

4. "Vacancy to keep trending down" is an outlook, not realized

Sanko Estate's view on the central-5-wards large buildings is that, because new supply from 2026 onward stays at a low level, vacancy and potential vacancy will "keep trending down" (PRTIMES#800088). [F-005] To be honest about it, this is a conditional outlook (guidance) premised on "low new supply," not a realized figure. Its basis (asking rents positive year-on-year for 28 straight months since February 2024, up for a 7th straight month) is already-realized fact, but "keep trending down going forward" is a view about the future that later monthly data must verify.

Risk factors

FAQ

Q: What is the state of Tokyo's office market as of end-May 2026?

Tokyo offices have clearly tilted to a landlord's market: the main 7 wards' potential vacancy rate fell to 2.38%, the Yaesu/Kyobashi/Nihonbashi area average asking rent reached 74,167 yen/tsubo (onto the ¥70,000/tsubo level), and in FY2025 the main 7 wards' contracted floor area was about 2x the newly-listed area.

Per Mitsubishi Estate Real Estate Services' end-May 2026 survey, the main 7 wards' potential vacancy rate was 2.38% (−0.19pt month-on-month), the main 5 wards 1.98%, and the main 7 wards' average asking rent 32,217 yen/tsubo. The Yaesu/Kyobashi/Nihonbashi area hit 74,167 yen/tsubo, onto the ¥70,000/tsubo level. In FY2025 the main 7 wards' contracted floor area was about 2x the newly-listed area — "excess demand, landlord's market" (PRTIMES#875327).

Q: Why call it a "landlord's market"?

The core is the contract-to-listing ratio: in FY2025 the main 7 wards' contracted floor area reached about 2x the newly-listed area, so demand to lease far outstripped the space available, tilting the balance to landlords.

Per Mitsubishi Estate, in FY2025 the main 7 wards' contracted floor area was about 2x the newly-listed area, an overall "excess demand, landlord's market." Minato saw many floors contracted before completion and, with rents cheaper than in Chiyoda and Chuo, became the largest landing spot for relocations, so its contracted area stood out. Rents rose in tandem in May 2026: the Yaesu/Kyobashi/Nihonbashi area hit 74,167 yen/tsubo, onto the ¥70,000/tsubo level (PRTIMES#875327).

Q: Can Mitsubishi Estate's 2.38% and Sanko's 1.12% be compared directly?

No. The bases differ: Mitsubishi Estate's 2.38% is the potential vacancy of "main 7/5 wards, leased buildings of 3,000 tsubo or more," while Sanko's 1.12% is the vacancy of "central 5 wards, large buildings of 200 tsubo per floor or more" — different areas, sizes and metrics, not the same ruler.

Mitsubishi Estate (Real Estate Services) measures the potential vacancy of main 7/5 wards, leased buildings of 3,000 tsubo or more (all floors on offer at month-end). Sanko Estate measures the vacancy of central 5 wards, large buildings with a floor plate of 200 tsubo or more. The two differ in area range (7 wards vs 5 wards), building-size threshold (3,000 tsubo total vs 200 tsubo per floor) and computation, so "2.38% vs 1.12%" is not a high-low on the same ruler; the source and basis must always be stated when juxtaposing (PRTIMES#875327, #800088).

Q: How do the 6 major cities differ?

As of end-May 2026, Tokyo leads and the regions split: Fukuoka's vacancy rose to 3.78% (first rise in 8 months), while Osaka fell to 2.02%, with the 1% range in sight. The target building size differs by city (all-size vs large buildings), so align the size basis before comparing vacancy rates.

Per Sanko Estate's 6-major-cities series, as of end-May 2026 Tokyo's central-5-wards large-building vacancy was 1.12%; Fukuoka (all-size) 3.78%, its first rise in 8 months; Sendai (all-size) 5.10%, down for a 2nd straight month; Sapporo (large) 3.53%, broadly flat; Nagoya (all-size) 3.00%, with the 2% range in sight; Osaka (large) 2.02%, down for a 5th straight month. As of end-May 2026 Fukuoka's asking rent of 16,227 yen/tsubo set a fresh post-2000 high and Osaka's 20,683 yen/tsubo was up for an 8th straight month. The size bases differ, so align them before comparing across cities (PRTIMES#800083, #800084, #800085, #800086, #800087).

Q: Will office rents keep rising? What does Sanko's "keep trending down" mean?

Sanko's "vacancy to keep trending down" for central-5-wards large buildings from 2026 onward is a conditional outlook (not realized), premised on new supply staying low. The realized fact is that central-5-wards asking rents have been positive year-on-year for 28 straight months since February 2024 and up for a 7th straight month.

Sanko Estate expects that, because new supply from 2026 onward stays low, vacancy and potential vacancy of central-5-wards large buildings will keep trending down — a view premised on supply, to be flagged as not realized. The basis is already-realized rent trends: positive year-on-year for 28 straight months since February 2024, up for a 7th straight month, with the latest 3 months' pace around 10% (comparable to February 2008). Outlook and realized fact must be read separately (PRTIMES#800088).

F-Units

F-001: Mitsubishi Estate Real Estate Services survey: as of end-May 2026, Tokyo's main 7 wards potential vacancy rate 2.38% (−0.19pt month-on-month), main 5 wards 1.98% (−0.21pt month-on-month), survey universe 993 buildings - source: PRTIMES #875327 - source_url: https://prtimes.jp/main/html/rd/p/000000182.000102049.html - basis: official_statement - confidence: high - period: as of end-May 2026 - caveat: In-house survey PR release by Mitsubishi Estate Group's Mitsubishi Estate Real Estate Services, not government official statistics. "Potential vacancy rate," redefined from April 2025, covers all floors on offer at month-end. Scope is the main 7 wards (Chiyoda, Chuo, Minato, Shinjuku, Shibuya, Shinagawa, Koto), leased buildings of 3,000 tsubo or more

F-002: Mitsubishi Estate, end-May 2026: Tokyo main 7 wards average asking rent 32,217 yen/tsubo (+434 month-on-month), main 5 wards 37,328 yen/tsubo (+625 month-on-month) - source: PRTIMES #875327 - source_url: https://prtimes.jp/main/html/rd/p/000000182.000102049.html - basis: official_statement - confidence: high - period: as of end-May 2026 - caveat: Mitsubishi Estate Real Estate Services survey PR release; the average asking rent includes common-area charges (excluding consumption tax etc.) and is a weighted average

F-003: Mitsubishi Estate: Yaesu/Kyobashi/Nihonbashi area average asking rent 74,167 yen/tsubo (+4,186 month-on-month), onto the ¥70,000/tsubo level - source: PRTIMES #875327 - source_url: https://prtimes.jp/main/html/rd/p/000000182.000102049.html - basis: official_statement - confidence: high - period: as of end-May 2026 - caveat: Mitsubishi Estate Real Estate Services survey PR release; depletion of mid-priced vacant stock and new high-end listings lifted the average; whether it sticks needs watching

F-004: Mitsubishi Estate: in FY2025 the main 7 wards' contracted floor area reached about 2x the newly-listed area, an "excess demand, landlord's market" - source: PRTIMES #875327 - source_url: https://prtimes.jp/main/html/rd/p/000000182.000102049.html - basis: official_statement - confidence: high - period: FY2025 - caveat: Mitsubishi Estate Real Estate Services survey PR analysis; Minato saw many pre-completion contracts and relatively cheap rents, becoming the largest landing spot for relocations, so its contracted area stood out

F-005: Sanko Estate survey: as of end-May 2026, Tokyo central-5-wards large buildings (floor plate 200 tsubo or more) vacancy rate 1.12% (−0.03pt month-on-month), potential vacancy rate 2.56% (+0.01pt month-on-month) - source: PRTIMES #800088 - source_url: https://prtimes.jp/main/html/rd/p/000000659.000118399.html - basis: official_statement - confidence: high - period: as of end-May 2026 - caveat: Sanko Estate in-house survey PR release, not government official statistics. Scope is the central 5 wards (Chiyoda, Chuo, Minato, Shinjuku, Shibuya), large buildings with a floor plate of 200 tsubo or more; the area and size bases differ from Mitsubishi Estate (main 7/5 wards, 3,000 tsubo or more), so figures cannot be compared directly

F-006: Sanko Estate: Tokyo central-5-wards large-building asking rents up for a 7th straight month, positive year-on-year for 28 straight months since February 2024, with the latest 3 months' pace around 10% (comparable to February 2008) - source: PRTIMES #800088 - source_url: https://prtimes.jp/main/html/rd/p/000000659.000118399.html - basis: official_statement - confidence: high - period: as of end-May 2026 - caveat: Sanko Estate survey PR release; the "28 straight months positive year-on-year" is counted from February 2024

F-007: Sanko Estate: as of end-May 2026, Fukuoka all-size buildings vacancy rate 3.78% (+0.23pt month-on-month, first rise in 8 months), potential vacancy 5.61%, asking rent 16,227 yen/tsubo (+111 month-on-month, up for a 5th straight month, a fresh post-2000 high) - source: PRTIMES #800083 - source_url: https://prtimes.jp/main/html/rd/p/000000664.000118399.html - basis: official_statement - confidence: high - period: as of end-May 2026 - caveat: Sanko Estate survey PR release; Fukuoka uses an all-size-buildings basis, different from the large-buildings basis; the Tenjin area fell −0.5pt month-on-month

F-008: Sanko Estate: as of end-May 2026, Sendai all-size buildings vacancy rate 5.10% (−0.23pt month-on-month, down for a 2nd straight month), potential vacancy 6.78%, asking rent 12,148 yen/tsubo (+56 month-on-month, up for a 2nd straight month) - source: PRTIMES #800084 - source_url: https://prtimes.jp/main/html/rd/p/000000663.000118399.html - basis: official_statement - confidence: high - period: as of end-May 2026 - caveat: Sanko Estate survey PR release; Sendai uses an all-size-buildings basis

F-009: Sanko Estate: as of end-May 2026, Sapporo large buildings vacancy rate 3.53% (−0.01pt month-on-month, broadly flat), potential vacancy 5.14%, asking rent 13,163 yen/tsubo (−90 month-on-month, down for a 3rd straight month but only slightly) - source: PRTIMES #800085 - source_url: https://prtimes.jp/main/html/rd/p/000000662.000118399.html - basis: official_statement - confidence: high - period: as of end-May 2026 - caveat: Sanko Estate survey PR release; Sapporo uses a large-buildings basis; rent is the only one of the 6 major cities to fall consecutively, though only slightly

F-010: Sanko Estate: as of end-May 2026, Nagoya all-size buildings vacancy rate 3.00% (−0.08pt month-on-month, nearing the 2% range for the first time since June 2020), potential vacancy 4.76%, asking rent 13,076 yen/tsubo (+102 month-on-month) - source: PRTIMES #800086 - source_url: https://prtimes.jp/main/html/rd/p/000000661.000118399.html - basis: official_statement - confidence: high - period: as of end-May 2026 - caveat: Sanko Estate survey PR release; Nagoya uses an all-size-buildings basis

F-011: Sanko Estate: as of end-May 2026, Osaka large buildings vacancy rate 2.02% (−0.15pt month-on-month, down for a 5th straight month, nearing the 1% range for the first time since November 2020), potential vacancy 3.69%, asking rent 20,683 yen/tsubo (+256 month-on-month, up for an 8th straight month, a fresh post-2000 high) - source: PRTIMES #800087 - source_url: https://prtimes.jp/main/html/rd/p/000000660.000118399.html - basis: official_statement - confidence: high - period: as of end-May 2026 - caveat: Sanko Estate survey PR release; Osaka uses a large-buildings basis; the Kita ward fell to the 1% range for the first time since May 2021

J-Units

J-001: Tokyo's office market clearly tilted to a landlord's market as of end-May 2026 — Mitsubishi Estate's main 7 wards saw FY2025 contracted floor area at about 2x the newly-listed area, the Yaesu/Kyobashi/Nihonbashi area reached the ¥70,000/tsubo level, and central-5-wards asking rents stayed positive year-on-year for 28 straight months; the three pieces of evidence jointly point to excess demand and landlord pricing power - confidence: high - basis_f_units: F-003, F-004, F-006

J-002: Mitsubishi Estate's and Sanko's vacancy rates cannot be compared directly — Mitsubishi Estate is the potential vacancy of main 7/5 wards, leased buildings of 3,000 tsubo or more (2.38%), while Sanko is the vacancy of central 5 wards, large buildings of 200 tsubo per floor or more (1.12%); area definition, target building size and metric definition all differ, so juxtaposing without attribution misreads figures on different rulers as a high-low - confidence: high - basis_f_units: F-001, F-005

J-003: The 6 major cities diverge — Fukuoka's vacancy rose to 3.78% (first rise in 8 months) while Osaka fell to 2.02% with the 1% range in sight, reflecting differences in each city's new supply and demand; but Fukuoka uses an all-size basis and Osaka a large-buildings basis, so the building-size basis must be aligned before comparing vacancy rates across cities - confidence: medium - basis_f_units: F-007, F-011

P-Units

P-001: Whether Sanko's outlook of "vacancy to keep trending down" for central-5-wards large buildings is realized — this view is premised on new supply from 2026 onward staying low, making it guidance rather than realized; later monthly data must verify it - status: open

P-002: Whether Yaesu/Kyobashi/Nihonbashi's ¥70,000/tsubo level sticks — this breakthrough partly reflects high-end new listings lifting the average, so whether it is temporary or forms a new high-rent plateau needs watching in later months - status: open

P-003: Whether the regional gap across the 6 major cities (Fukuoka rising vs Osaka falling) converges — differences in each city's new supply and demand create the divergence; track the later trend, and mind the all-size vs large-buildings basis difference when comparing - status: open

同事件・三視角 / Three Perspectives on the Same Event / 同一イベント・三つの視点

Internal Citation Chain

Published ANK-Doc cited by this article: - ANK-2026-06-23-001 (Japan's housing hits record highs as the BOJ raises rates: Tokyo 23-ward new-condo average tops ¥168.84 million) → This article shares the "2026 Japan real estate × cost-push" axis with it: that card records record-high housing (condo / detached) prices, while this one records the office (office-building) market tilting to a landlord's market and Yaesu topping ¥70,000/tsubo — housing and offices share the same supply-demand backdrop of soaring materials, labor and land costs plus low new supply, but the property type and research firm differ, so this is a parallel comparison, not a single figure.

Sources

1. [PRTIMES #875327] PR TIMES (Mitsubishi Estate Real Estate Services Co., Ltd.), "Tokyo Office Market Trends, End-May 2026 — Vacancy Rate and Average Asking Rent", 2026-06-10. https://prtimes.jp/main/html/rd/p/000000182.000102049.html 2. [PRTIMES #800088] PR TIMES (Sanko Estate Co., Ltd.), "Latest Office Market Report — Vacancy and Potential Vacancy Broadly Flat Month-on-Month", 2026-06-08. https://prtimes.jp/main/html/rd/p/000000659.000118399.html 3. [PRTIMES #800083] PR TIMES (Sanko Estate Co., Ltd.), "[Fukuoka] Latest Office Market Report — Vacancy Rises for the First Time in 8 Months", 2026-06-08. https://prtimes.jp/main/html/rd/p/000000664.000118399.html 4. [PRTIMES #800084] PR TIMES (Sanko Estate Co., Ltd.), "[Sendai] Latest Office Market Report — Vacancy Falls for a 2nd Straight Month", 2026-06-08. https://prtimes.jp/main/html/rd/p/000000663.000118399.html 5. [PRTIMES #800085] PR TIMES (Sanko Estate Co., Ltd.), "[Sapporo] Latest Office Market Report — Vacancy Broadly Flat Month-on-Month", 2026-06-08. https://prtimes.jp/main/html/rd/p/000000662.000118399.html 6. [PRTIMES #800086] PR TIMES (Sanko Estate Co., Ltd.), "[Nagoya] Latest Office Market Report — Vacancy Edges Down Month-on-Month", 2026-06-08. https://prtimes.jp/main/html/rd/p/000000661.000118399.html 7. [PRTIMES #800087] PR TIMES (Sanko Estate Co., Ltd.), "[Osaka] Latest Office Market Report — Vacancy Falls for a 5th Straight Month", 2026-06-08. https://prtimes.jp/main/html/rd/p/000000660.000118399.html 8. [ANK-2026-06-23-001] Takenouchi Rin, "Japan's Housing Hits Record Highs as the BOJ Raises Rates: Tokyo 23-Ward New-Condo Average Tops ¥168.84 Million", 2026-06-23. https://ainews.washinmura.jp/ainews/en/ank/ANK-2026-06-23-001

📊 引用級事實單元（F-Units）

Mitsubishi Estate Real Estate Services survey: as of end-May 2026, Tokyo's main 7 wards potential vacancy rate 2.38% (−0.19pt month-on-month), main 5 wards 1.98% (−0.21pt month-on-month), survey universe 993 buildings
F-001 · Confidence: high · Basis: official_statement PRTIMES #875327 as of end-May 2026
Mitsubishi Estate, end-May 2026: Tokyo main 7 wards average asking rent 32,217 yen/tsubo (+434 month-on-month), main 5 wards 37,328 yen/tsubo (+625 month-on-month)
F-002 · Confidence: high · Basis: official_statement PRTIMES #875327 as of end-May 2026
Mitsubishi Estate: Yaesu/Kyobashi/Nihonbashi area average asking rent 74,167 yen/tsubo (+4,186 month-on-month), onto the ¥70,000/tsubo level
F-003 · Confidence: high · Basis: official_statement PRTIMES #875327 as of end-May 2026
Mitsubishi Estate: in FY2025 the main 7 wards' contracted floor area reached about 2x the newly-listed area, an "excess demand, landlord's market"
F-004 · Confidence: high · Basis: official_statement PRTIMES #875327 FY2025
Sanko Estate survey: as of end-May 2026, Tokyo central-5-wards large buildings (floor plate 200 tsubo or more) vacancy rate 1.12% (−0.03pt month-on-month), potential vacancy rate 2.56% (+0.01pt month-on-month)
F-005 · Confidence: high · Basis: official_statement PRTIMES #800088 as of end-May 2026
Sanko Estate: Tokyo central-5-wards large-building asking rents up for a 7th straight month, positive year-on-year for 28 straight months since February 2024, with the latest 3 months' pace around 10% (comparable to February 2008)
F-006 · Confidence: high · Basis: official_statement PRTIMES #800088 as of end-May 2026
Sanko Estate: as of end-May 2026, Fukuoka all-size buildings vacancy rate 3.78% (+0.23pt month-on-month, first rise in 8 months), potential vacancy 5.61%, asking rent 16,227 yen/tsubo (+111 month-on-month, up for a 5th straight month, a fresh post-2000 high)
F-007 · Confidence: high · Basis: official_statement PRTIMES #800083 as of end-May 2026
Sanko Estate: as of end-May 2026, Sendai all-size buildings vacancy rate 5.10% (−0.23pt month-on-month, down for a 2nd straight month), potential vacancy 6.78%, asking rent 12,148 yen/tsubo (+56 month-on-month, up for a 2nd straight month)
F-008 · Confidence: high · Basis: official_statement PRTIMES #800084 as of end-May 2026
Sanko Estate: as of end-May 2026, Sapporo large buildings vacancy rate 3.53% (−0.01pt month-on-month, broadly flat), potential vacancy 5.14%, asking rent 13,163 yen/tsubo (−90 month-on-month, down for a 3rd straight month but only slightly)
F-009 · Confidence: high · Basis: official_statement PRTIMES #800085 as of end-May 2026
Sanko Estate: as of end-May 2026, Nagoya all-size buildings vacancy rate 3.00% (−0.08pt month-on-month, nearing the 2% range for the first time since June 2020), potential vacancy 4.76%, asking rent 13,076 yen/tsubo (+102 month-on-month)
F-010 · Confidence: high · Basis: official_statement PRTIMES #800086 as of end-May 2026
Sanko Estate: as of end-May 2026, Osaka large buildings vacancy rate 2.02% (−0.15pt month-on-month, down for a 5th straight month, nearing the 1% range for the first time since November 2020), potential vacancy 3.69%, asking rent 20,683 yen/tsubo (+256 month-on-month, up for an 8th straight month, a fresh post-2000 high)
F-011 · Confidence: high · Basis: official_statement PRTIMES #800087 as of end-May 2026

❓ FAQ

What is the state of Tokyo's office market as of end-May 2026?

Tokyo offices have clearly tilted to a landlord's market: the main 7 wards' potential vacancy rate fell to 2.38%, the Yaesu/Kyobashi/Nihonbashi area average asking rent reached 74,167 yen/tsubo (onto the ¥70,000/tsubo level), and in FY2025 the main 7 wards' contracted floor area was about 2x the newly-listed area. Per Mitsubishi Estate Real Estate Services' end-May 2026 survey, the main 7 wards' potential vacancy rate was 2.38% (−0.19pt month-on-month), the main 5 wards 1.98%, and the main 7 wards' average asking rent 32,217 yen/tsubo. The Yaesu/Kyobashi/Nihonbashi area hit 74,167 yen/tsubo, onto the ¥70,000/tsubo level. In FY2025 the main 7 wards' contracted floor area was about 2x the newly-listed area — "excess demand, landlord's market" (PRTIMES#875327).

Why call it a "landlord's market"?

The core is the contract-to-listing ratio: in FY2025 the main 7 wards' contracted floor area reached about 2x the newly-listed area, so demand to lease far outstripped the space available, tilting the balance to landlords. Per Mitsubishi Estate, in FY2025 the main 7 wards' contracted floor area was about 2x the newly-listed area, an overall "excess demand, landlord's market." Minato saw many floors contracted before completion and, with rents cheaper than in Chiyoda and Chuo, became the largest landing spot for relocations, so its contracted area stood out. Rents rose in tandem in May 2026: the Yaesu/Kyobashi/Nihonbashi area hit 74,167 yen/tsubo, onto the ¥70,000/tsubo level (PRTIMES#875327).

Can Mitsubishi Estate's 2.38% and Sanko's 1.12% be compared directly?

No. The bases differ: Mitsubishi Estate's 2.38% is the potential vacancy of "main 7/5 wards, leased buildings of 3,000 tsubo or more," while Sanko's 1.12% is the vacancy of "central 5 wards, large buildings of 200 tsubo per floor or more" — different areas, sizes and metrics, not the same ruler. Mitsubishi Estate (Real Estate Services) measures the potential vacancy of main 7/5 wards, leased buildings of 3,000 tsubo or more (all floors on offer at month-end). Sanko Estate measures the vacancy of central 5 wards, large buildings with a floor plate of 200 tsubo or more. The two differ in area range (7 wards vs 5 wards), building-size threshold (3,000 tsubo total vs 200 tsubo per floor) and computation, so "2.38% vs 1.12%" is not a high-low on the same ruler; the source and basis must always be stated when juxtaposing (PRTIMES#875327, #800088).

How do the 6 major cities differ?

As of end-May 2026, Tokyo leads and the regions split: Fukuoka's vacancy rose to 3.78% (first rise in 8 months), while Osaka fell to 2.02%, with the 1% range in sight. The target building size differs by city (all-size vs large buildings), so align the size basis before comparing vacancy rates. Per Sanko Estate's 6-major-cities series, as of end-May 2026 Tokyo's central-5-wards large-building vacancy was 1.12%; Fukuoka (all-size) 3.78%, its first rise in 8 months; Sendai (all-size) 5.10%, down for a 2nd straight month; Sapporo (large) 3.53%, broadly flat; Nagoya (all-size) 3.00%, with the 2% range in sight; Osaka (large) 2.02%, down for a 5th straight month. As of end-May 2026 Fukuoka's asking rent of 16,227 yen/tsubo set a fresh post-2000 high and Osaka's 20,683 yen/tsubo was up for an 8th straight month. The size bases differ, so align them before comparing across cities (PRTIMES#800083, #800084, #800085, #800086, #800087).

Will office rents keep rising? What does Sanko's "keep trending down" mean?

Sanko's "vacancy to keep trending down" for central-5-wards large buildings from 2026 onward is a conditional outlook (not realized), premised on new supply staying low. The realized fact is that central-5-wards asking rents have been positive year-on-year for 28 straight months since February 2024 and up for a 7th straight month. Sanko Estate expects that, because new supply from 2026 onward stays low, vacancy and potential vacancy of central-5-wards large buildings will keep trending down — a view premised on supply, to be flagged as not realized. The basis is already-realized rent trends: positive year-on-year for 28 straight months since February 2024, up for a 7th straight month, with the latest 3 months' pace around 10% (comparable to February 2008). Outlook and realized fact must be read separately (PRTIMES#800088). ---

🧠 編輯判斷（J-Units）

Tokyo's office market clearly tilted to a landlord's market as of end-May 2026 — Mitsubishi Estate's main 7 wards saw FY2025 contracted floor area at about 2x the newly-listed area, the Yaesu/Kyobashi/Nihonbashi area reached the ¥70,000/tsubo level, and central-5-wards asking rents stayed positive year-on-year for 28 straight months; the three pieces of evidence jointly point to excess demand and landlord pricing power
Confidence: high · Based on: F-003, F-004, F-006
Mitsubishi Estate's and Sanko's vacancy rates cannot be compared directly — Mitsubishi Estate is the potential vacancy of main 7/5 wards, leased buildings of 3,000 tsubo or more (2.38%), while Sanko is the vacancy of central 5 wards, large buildings of 200 tsubo per floor or more (1.12%); area definition, target building size and metric definition all differ, so juxtaposing without attribution misreads figures on different rulers as a high-low
Confidence: high · Based on: F-001, F-005
The 6 major cities diverge — Fukuoka's vacancy rose to 3.78% (first rise in 8 months) while Osaka fell to 2.02% with the 1% range in sight, reflecting differences in each city's new supply and demand; but Fukuoka uses an all-size basis and Osaka a large-buildings basis, so the building-size basis must be aligned before comparing vacancy rates across cities
Confidence: medium · Based on: F-007, F-011

🔮 待驗證假設（P-Units）

Whether Sanko's outlook of "vacancy to keep trending down" for central-5-wards large buildings is realized — this view is premised on new supply from 2026 onward staying low, making it guidance rather than realized; later monthly data must verify it
Status: open
Whether Yaesu/Kyobashi/Nihonbashi's ¥70,000/tsubo level sticks — this breakthrough partly reflects high-end new listings lifting the average, so whether it is temporary or forms a new high-rent plateau needs watching in later months
Status: open
Whether the regional gap across the 6 major cities (Fukuoka rising vs Osaka falling) converges — differences in each city's new supply and demand create the divergence; track the later trend, and mind the all-size vs large-buildings basis difference when comparing
Status: open

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