- Average rents* in the Tokyo 23 wards (23W) increased by 1.3% quarter-on-quarter (QoQ) and 3.3% year-on-year (YoY), reaching JPY4,698 per sq m. Most wards saw quarterly rental growth while annual rental growth was notable in all wards.
- Average rents in the central five wards (C5W) grew by 0.5% QoQ and 4.1% YoY to JPY5,751 per sq m.
- The C5W rental premium over the 23W average increased by 0.7 percentage points (ppts) QoQ to 22.4%.
- Shibuya recorded the largest rental growth of 3.3% QoQ. Chiyoda, Chuo, and Shinjuku saw rental increases of between 0.2% QoQ and 1.6% QoQ, while Minato declined by 2.4% QoQ.
- Within the C5W, the larger 45-60 sq m size band maintained its premium over the smaller units, recording a 1.3% QoQ increase. The medium 30-45 sq m size band posted a gain of 0.4% QoQ, while the smaller 15-30 sq m size band observed a slight rental increase of 0.3% QoQ.
- Average occupancy rates in the 23W rose by 0.6ppts QoQ to 96.8% in Q1/2026 and the C5W saw an increase of 0.4ppts over the quarter to 96.4%.
*These are reference figures. Please refer to the Note on page two of the report for further information.