Major office moves support rental growth across Tokyo's central five wards

Corporate relocations reinforce demand for Tokyo Grade A offices.

A steady pipeline of major corporate relocations continued to support Tokyo's Grade A office market in Q2 2026, with all five central wards posting rental growth alongside tight vacancy levels, according to a Savills report.

Chiyoda recorded Grade A rents of JPY48,730 per tsubo, up 2.1% QoQ and 16.0% YoY, while vacancy remained at a low 0.1%. Yamada Consulting Group and Yamada & Partners Tax are set to relocate their headquarters to Torch Tower in 2028, taking approximately 3,000 tsubo across one and a half floors.

The report revealed that Chuo's rents climbed 1.4% QoQ and 23.4% YoY to JPY42,278 per tsubo as vacancy fell 2.7 ppts from a year earlier to 1.9%. Planned relocations by TerraSky, Nihon M&A Center Holdings and Da-Dan are expected to add further leasing demand.

In Minato, rents rose 2.7% QoQ and 20.4% YoY to JPY39,479 per tsubo, with vacancy tightening to 0.5%. Major occupiers including JTB, Assign and Hitachi Consulting have secured significant office space in the ward.

According to Savills data, Shibuya recorded rental growth of 3.2% QoQ to JPY43,000 per tsubo while maintaining a vacancy rate of just 0.1%, supported by GMO Internet Group's relocation.

Shinjuku led all wards with quarterly rental growth of 3.4%, bringing average rents to JPY35,750 per tsubo. Savills noted that Nikkiso and Chugai Pharmaceutical are among the companies expected to move into the new Meiji Yasuda Shinjuku Building following its completion.