According to a JLL report, rents in Tokyo’s Grade A office market averaged JPY 33,860 per tsubo, per month, at end-1Q24, rising 0.9% q-o-q and falling 1.3% y-o-y.
The report said rents rose for the first time in 15 quarters in Akasaka/Roppongi and fell for the 16th consecutive quarter in Otemachi/Marunouchi as vacancies were filled.
Here’s more from JLL:
Capital values in 1Q24 rose 2.1% q-o-q for the first time in four quarters and was down 1.4% y-o-y. This reflected positive rent growth, while cap rates remained stable. Notable Grade A office transactions that closed in the quarter included the strata titled Toranomon Hills Business Tower, acquired by United Urban Investment Corporation for JPY 2.3 billion.
