Osaka investment-grade office rents rise 9.5% in H2 2025

Rents for premium spaces reached record highs.

Osaka’s office market continued to tighten in the second half of 2025, with investment-grade and all-grade vacancies showing steady improvement and rents reaching record levels, according to a report by Savills.

Investment-grade office vacancies fell 0.4 percentage points (ppts) half-on-half (HoH) to 2.2%, reflecting strong absorption of available supply. All-grade vacancies also tightened by 0.1 ppts HoH to 3.7%, according to Savills data. The Shinsaibashi-Namba submarket recorded the largest improvement, with vacancies dropping 0.5 ppts to 1.6%, while most other submarkets tightened by 0.2 ppts. Minami-Nanba and Yodoyabashi-Honmachi were the only areas to see a slight vacancy increase of 0.2 ppts. With limited new supply expected in 2026, Savills forecasts continued vacancy compression.

Rental growth remained robust across Osaka. Investment-grade office rents rose 2.8% HoH and 9.5% year-on-year (YoY) to JPY24,900 per tsubo in 2H/2025. Premium office towers near Osaka Station, including JP TOWER OSAKA, achieved top rents of JPY50,000 per tsubo for the first time in the city’s history, driven by intense competition for limited high-grade space. Strong increases of JPY5,000 per tsubo or more were also observed in other modern, well-located offices with minimal remaining vacancies.

All-grade rents rose 2.6% HoH to JPY12,500 per tsubo, with the Umeda submarket seeing the largest growth at 3.6% HoH to JPY17,000 and Shin-Osaka close behind at 3.5% HoH. Other submarkets experienced rental growth between 1.0% and 2.7% HoH.
Savills noted that Osaka’s constrained supply of premium offices, combined with strong tenant demand, is expected to continue supporting rental growth and vacancy tightening in 2026.