Osaka office market set to tighten amidst supply crunch

New supply is expected to be a mere 10,000 tsubo in 2026.

Osaka’s office market is expected to see a notable slowdown in new supply in 2026, following a surge in completions over the past two years, according to a Savills report.

In 2025, Osaka is forecast to receive slightly over 30,000 tsubo of net rentable area (NRA), down from a record-high 90,000 tsubo in 2024. Demand for office space remains strong, particularly for newer buildings with premium amenities, and vacancy rates are expected to continue declining.

The Yodoyabashi-Honmachi submarket accounted for the bulk of new supply in 2025. Major completions such as YODOYABASHI Station One and YODOYABASHI GATE TOWER added more than 25,000 tsubo of NRA, securing strong pre-leasing momentum with tenant commitments ranging from 65% to 90%.

Looking ahead, Savills expects new supply will remain concentrated in Yodoyabashi-Honmachi but overall additions in 2026 will tighten significantly to around 10,000 tsubo. Key upcoming completions include the SYNASIA Honmachi Building and the Honmachi 4-chome Project, together offering roughly 7,000 tsubo of office space.

With virtually no large-scale developments scheduled for 2027 and persistent delays or suspensions due to rising construction costs, Savills expects the Osaka office market to tighten further, benefiting landlords and supporting rental growth for premium spaces.