<End of June 2026> Tokyo Office Market Trends: Vacancy Rate and Average Asking Rent for 7 Major Wards: "Potential Vacancy Rate 2.33% (vs. previous month: -0.05pt), Average Asking Rent ¥33,075/tsubo (vs. previous month: +¥858/tsubo)"

Mitsubishi Estate Real Estate Services Co., Ltd. (Headquarters: 1-9-2 Otemachi, Chiyoda-ku, Tokyo; President and CEO: Shuichi Shimizu) conducted a market trend survey of Tokyo office vacancy rates and average asking rents as of the end of June 2026, and the results have now been compiled and are announced.

[Potential Vacancy Rate] The potential vacancy rate for the 5 major wards is 2.00%, an increase of 0.02pt from the previous month.

The potential vacancy rate for the 7 major wards is 2.33%, a decrease of 0.05pt from the previous month.

[Average Asking Rent] The average asking rent for the 5 major wards is ¥37,898/tsubo, an increase of ¥570/tsubo from the previous month.

The average asking rent for the 7 major wards is ¥33,075/tsubo, an increase of ¥858/tsubo from the previous month.

[Trends in Major Areas] The average asking rent in Chuo Ward exceeded ¥40,000/tsubo for the first time since the survey began in 2009, influenced by the commencement of leasing for high-floor spaces in areas such as Yaesu, Kyobashi, Nihonbashi, and Ginza.

In the Toyosu and Harumi areas, a series of lease agreements for large spaces ranging from 500 to over 1,000 tsubo led to a significant improvement in the potential vacancy rate to 5.15% (a decrease of 1.10pt from the previous month).

[Trends in Relocation Area Size and Major Relocation Industries] An analysis of the area sizes for office relocations (January 2023 - June 2026) in the 7 central wards revealed an upward trend in the proportion of spaces over 700 tsubo. Notably, in 2026, large-scale relocations of 1,000 tsubo or more accounted for approximately 30% of the total. Furthermore, many cases showed smooth absorption of vacancies in large secondary vacant spaces, indicating robust office demand.

Looking at relocations of 1,000 tsubo or more by industry, while "Manufacturing" and "Wholesale and Retail Trade" previously accounted for a high proportion, in 2026, "Scientific Research, Professional and Technical Services" (25.0%) was the largest category, followed by "Manufacturing" (20.8%).

<Detailed report here>

https://office.mecyes.co.jp/market/detail/173?utm_source=birurelease&utm_medium=pr&utm_campaign=202607

Survey Scope

[Buildings Surveyed] - 994 buildings (an increase of 1 building from the previous month) as of the end of June 2026.

- The surveyed buildings include those registered in our database, completed as of the survey date in Chiyoda Ward, Chuo Ward, Minato Ward, Shinjuku Ward, Shibuya Ward, Shinagawa Ward, and Koto Ward, with a total floor area of 3,000 tsubo or more. * However, buildings deemed to have special circumstances in the ordinary office rental market have been excluded from the scope.

[Potential Vacancy Rate]

- From the data as of the end of April 2025, the conventional "vacancy rate," which indicates the medium-to-long-term market supply situation for all floors being offered, has been redefined as "potential vacancy rate." As a new perspective for market analysis, the "vacancy rate," focusing only on floors available for immediate occupancy, has been introduced.

- The leasing area in the surveyed buildings is divided by the effective rentable area.

- The leasing area for the potential vacancy rate targets only spaces being offered as of the last day of the survey month.

- The leasing area for the vacancy rate targets only spaces available for immediate occupancy as of the last day of the survey month.

- The effective rentable area is based on information disclosed by the landlord in principle and actual figures from our survey.

* However, if the effective rentable area is unknown, a rentable ratio (effective rentable area / total floor area) is set at 50% for buildings with a total floor area of 10,000 m2 or more, and 60% for those under 10,000 m2 for calculation. (Prior to March 2023, if the effective rentable area was unknown, calculations were performed using the rentable ratio derived from actual figures for buildings of similar scale.)

[Average Asking Rent]

- The calculation of the asking rent is a weighted average of the conditions of the spaces being offered as of the last day of the relevant month.

- Due to differences in the adoption of common area fee systems among surveyed buildings, the average asking rent includes common area fees (excluding consumption tax, etc.).

[Notes]

- This document is prepared based on our current views on the real estate market. Our views are opinions or forecasts based on information sources we deem reliable and our own analysis of the current market environment, and the content described herein may become invalid due to market or economic conditions after the date of description.

About Mitsubishi Estate Real Estate Services Co., Ltd.

As a group company of Mitsubishi Estate, which operates as a comprehensive real estate company, we engage in real estate brokerage, consulting, appraisal, and building/residential leasing businesses. Leveraging our long-cultivated expertise, track record, and the network of the Mitsubishi Estate Group, we respond to your diverse needs.

Company Name: Mitsubishi Estate Real Estate Services Co., Ltd.

Head Office Location: Otemachi Financial City Grand Cube 11F, 1-9-2 Otemachi, Chiyoda-ku, Tokyo

President and CEO: Shuichi Shimizu

Business Activities: Real estate brokerage, consulting, leasing, appraisal, etc.

Established: December 20, 1972

Rental Office Search Site: https://office.mecyes.co.jp/?utm_source=birurelease&utm_medium=pr&utm_campaign=202607