SUMMARY
- With no new supply in 2025, vacancy rates are projected to remain low levels similar to 2024. However, factors such as relocations to areas outside major districts and downward moves by corporate affiliates may lead to a slight increase in vacancy rates.
- Rent growth, which had exceeded consumer price inflation since 2021, has shown signs of slowing in the second half of the year. In 2025, rental growth is expected to moderate further, reaching approximately 2–4% year-on-year.
- The office investment market is anticipated to expand slightly in 2025, driven by factors such as the maturity of REFs and the growth of corporate-sponsored REITs.