--- title: "Tokyo Class A Office Market" description: "The deepest, most stable Grade A market in APAC." canonical: https://classa.info/cities/tokyo pageType: city lastUpdated: 2026-04-15T00:00:00.000Z license: "CC BY 4.0 with attribution to Class A Atlas (https://classa.info)." --- > Tokyo Class A office rents around ¥50,000/tsubo/mo · ≈ $113 PSF/yr USD, with 4.6% vacancy and 4 months of typical rent-free on a 5-year term. ## TL;DR - Central five-ward vacancy below 5% — APAC's tightest major market. - Lease lengths typically 5-7 years, with 2-year notice. - Reinstatement obligations are large — budget JPY 30-60k/sqm. - ESG (CASBEE / WELL / LEED) is now standard for new trophy assets. - Foreign occupiers make up a small but growing share of trophy demand. # Tokyo Class A Office Market *The deepest, most stable Grade A market in APAC.* ## TL;DR - Central five-ward vacancy below 5% — APAC's tightest major market. - Lease lengths typically 5-7 years, with 2-year notice. - [Reinstatement](/glossary/reinstatement) obligations are large — budget JPY 30-60k/sqm. - ESG (CASBEE / WELL / [leed](/topics/esg-leed-tenants)">LEED) is now standard for new trophy assets. - Foreign occupiers make up a small but growing share of trophy demand. ## Overview Tokyo's Grade A office market is structurally tight. Vacancy in the central five wards remains below 5%. Mori Building and Mitsubishi Estate continue to deliver large-scale mixed-use trophy projects (Azabudai Hills, Tokyo Torch) that absorb anchor demand from global financial and tech tenants. ## Market snapshot | Class A rent | 50000 JPY/sqft/yr (112.97466220013939 USD)| | Vacancy | 4.6%| | Typical lease length | 5 years| | Typical rent-free | 4 months| Composite Q1 2026 Tokyo central five-ward Grade A reports. ## Lease norms Tokyo leases are typically 5-7 years with a 2-year tenant notice. Standard leases are 'fixed-term' (teiki shakuya) or 'ordinary' (futsu shakuya) — fixed-term is increasingly common for Grade A. Rent is base + common-area maintenance billed separately. Restoration to original (genjo kaifuku) is contractual and significant. Personal seal (jitsuin) requirements apply. ## Transit & access JR Yamanote loop plus 13 metro lines connect every Class A address. Shinkansen termini at Tokyo, Shinagawa, and Ueno support inter-city corporate networks. ## Tax Effective corporate tax rate 30.6% (national + local). Tokyo Metropolitan corporate inhabitant tax adds a meaningful local component. ## Talent The largest single-language white-collar talent pool in the world. Average all-in compensation for senior knowledge workers indexes 84 vs. New York's 100, though English-fluent bilingual talent commands a premium. ## Notable Class A buildings - **Mori JP Tower (Azabudai Hills)** [](https://www.google.com/maps/search/?api=1&query=Mori%20JP%20Tower%20(Azabudai%20Hills)%2C%201-2-3%20Azabudai%2C%20Minato%20City%2C%20Azabudai%2C%20Tokyo%2C%20Japan&query_place_id=ChIJXTuRy96LGGARJlUOkx1lgvU) · Azabudai - **Tokyo Torch (Tokiwabashi Tower)** [](https://www.google.com/maps/search/?api=1&query=Tokyo%20Torch%20(Tokiwabashi%20Tower)%2C%202-7-2%20Otemachi%2C%20Chiyoda%20City%2C%20Marunouchi%2C%20Tokyo%2C%20Japan&query_place_id=ChIJH5HmTJqLGGARFIcMvl5hb_Q) · Marunouchi - **Toranomon Hills Station Tower** [](https://www.google.com/maps/search/?api=1&query=Toranomon%20Hills%20Station%20Tower%2C%202-6-2%20Toranomon%2C%20Minato%20City%2C%20Toranomon%2C%20Tokyo%2C%20Japan&query_place_id=ChIJrTcYh9eLGGARL1d4lAbeIco) · Toranomon - **Marunouchi Building** [](https://www.google.com/maps/search/?api=1&query=Marunouchi%20Building%2C%202-4-1%20Marunouchi%2C%20Chiyoda%20City%2C%20Marunouchi%2C%20Tokyo%2C%20Japan&query_place_id=ChIJI0jDkvmLGGAR0bCkdXpX7SE) · Marunouchi ## Class A submarkets in Tokyo - [**Marunouchi & Otemachi**](/cities/tokyo/marunouchi-otemachi) — Mitsubishi Estate's century-old corporate spine. (trophy) - [**Azabudai & Roppongi**](/cities/tokyo/azabudai-roppongi) — Mori Building's mixed-use trophy district. (trophy) - [**Shibuya**](/cities/tokyo/shibuya) — Tokyo's tech and creative-class capital. (prime) - [**Shinjuku**](/cities/tokyo/shinjuku) — Western HQ cluster around the world's busiest station. (prime) - [**Shinagawa**](/cities/tokyo/shinagawa) — Shinkansen-linked HQ corridor south of central Tokyo. (prime) - [**Toranomon**](/cities/tokyo/toranomon) — Resurgent trophy submarket between Marunouchi and Roppongi. (trophy) ## Tokyo deep-dives - [Rents and incentives](/cities/tokyo/topics/rents-and-incentives) — What does Class A rent cost and what concessions are typical? - [Sublease market](/cities/tokyo/topics/sublease-market) — How deep is [sublease](/topics/sublease-strategy)">sublease availability and how does it price? - [ESG and LEED stock](/cities/tokyo/topics/esg-and-leed) — How much certified stock exists and what premium does it command? - [Transit and commute](/cities/tokyo/topics/transit-and-commute) — Which submarkets have the strongest transit access? - [Talent and salaries](/cities/tokyo/topics/talent-and-salaries) — What does the white-collar talent pool look like and how is it priced? - [Fit-out costs](/cities/tokyo/topics/fit-out-costs) — What does a Class A [fit-out](/topics/fit-out-capex)">fit-out cost per square foot? - [Flex vs lease](/cities/tokyo/topics/flex-vs-lease) — When does premium coworking beat a traditional lease? - [Taxes and incentives](/cities/tokyo/topics/taxes-and-incentives) — What corporate, occupancy, and property taxes apply? - [Neighborhoods overview](/cities/tokyo/topics/neighborhoods-overview) — Which Class A submarkets exist and how do they compare? - [Notable buildings](/cities/tokyo/topics/notable-buildings) — Which trophy assets define the market? - [Class A vs Class B](/cities/tokyo/topics/class-a-vs-class-b) — What is the spread between Class A and Class B and why? - [Leasing conventions](/cities/tokyo/topics/leasing-conventions) — What lease structures, terms, and concessions are normal? - [Expansion checklist](/cities/tokyo/topics/expansion-checklist) — What is the operational checklist for opening here? - [Relocation guide](/cities/tokyo/topics/relocation-guide) — How do you move into this market from another city? - [Frequently asked questions](/cities/tokyo/topics/faq) — Quick answers to the questions occupiers ask most. - [Operating expenses](/cities/tokyo/topics/operating-expenses) — What service charges, OpEx, and pass-throughs apply on top of rent? - [Growth and availability](/cities/tokyo/topics/growth-and-availability) — How tight is current availability and what does the pipeline look like? - [Sustainability pathways](/cities/tokyo/topics/sustainability-pathways) — How do tenants land net-zero or science-based-target leases here? - [Hybrid work policy](/cities/tokyo/topics/hybrid-work-policy) — How are hybrid policies shaping office demand here? - [Security and redundancy](/cities/tokyo/topics/security-and-redundancy) — What security, power, and connectivity redundancy are standard? - [Lab and R&D space](/cities/tokyo/topics/lab-and-r-and-d) — What does R&D-grade or wet-lab space look like in this market? - [Brand experience](/cities/tokyo/topics/brand-experience) — How do trophy buildings function as brand experiences and showpieces? - [Fund strategy and flag](/cities/tokyo/topics/fund-strategy-and-flag) — Which submarkets carry the strongest investor flag for funds? - [Exit and renewal](/cities/tokyo/topics/exit-and-renewal) — How do you handle a Class A renewal or exit cleanly here? - [Market cycle position](/cities/tokyo/topics/market-cycle-position) — Where is this Class A market in its cycle right now? ## Tokyo — frequently compared - [**Tokyo vs Bangalore**](/compare/bangalore-vs-tokyo) — APAC HQ shortlist: Bangalore vs Tokyo. - [**Tokyo vs Hong Kong**](/compare/hong-kong-vs-tokyo) — APAC HQ shortlist: Hong Kong vs Tokyo. - [**Tokyo vs Melbourne**](/compare/melbourne-vs-tokyo) — APAC HQ shortlist: Melbourne vs Tokyo. - [**Tokyo vs Mumbai**](/compare/mumbai-vs-tokyo) — APAC HQ shortlist: Mumbai vs Tokyo. - [**Tokyo vs Seoul**](/compare/seoul-vs-tokyo) — APAC HQ shortlist: Seoul vs Tokyo. - [**Tokyo vs Shanghai**](/compare/shanghai-vs-tokyo) — APAC HQ shortlist: Shanghai vs Tokyo. ## Frequently asked questions ****Are foreign tenants able to lease trophy Tokyo space?**** : Yes, but landlord onboarding is rigorous. Expect to provide multi-year audited financials, parent guarantees if signing as a Japanese subsidiary, and to engage a local agent. ****What is genjo kaifuku?**** : The contractual obligation to restore the leased premises to original condition at lease-end. For Grade A space this commonly costs JPY 30-60k per square meter. Budget it as a known cost from day one. ****What is the difference between fixed-term and ordinary leases?**** : Fixed-term (teiki shakuya) leases end on the date in the contract — no renewal right. Ordinary (futsu shakuya) leases give the tenant strong renewal rights regardless of landlord preference. Trophy buildings increasingly favor fixed-term. ## Editorial provenance Reviewed by [**Kenji Watanabe**](/about/authors/kenji-watanabe) — APAC contributing editor. Last updated 2026-04-15. See our [methodology](/about/methodology) and [editorial standards](/about/editorial-standards). ### Primary sources for this page - [CBRE Marketview reports](https://www.cbre.com/insights) — CBRE - [JLL Office Insight](https://www.jll.com/en/trends-and-insights) — JLL - [Cushman & Wakefield Marketbeat](https://www.cushmanwakefield.com/en/insights) — Cushman & Wakefield - [Savills World Research](https://www.savills.com/research_articles/) — Savills - [Colliers Global Office Outlook](https://www.colliers.com/en/research) — Colliers [Full sources index](/about/sources) · [Submit a correction](/about/corrections) ## Related topics - [**Class A Lease Negotiation**](/topics/class-a-lease-negotiation) — How to negotiate a Class A office lease — the playbook from LOI to signed deal. - [**Hybrid Workplace Strategy**](/topics/hybrid-workplace-strategy) — How to size, structure, and lease a Class A office for a hybrid workforce. - [**ESG / LEED for Tenants**](/topics/esg-leed-tenants) — How tenants evaluate, negotiate, and report on ESG performance in a Class A office lease. - [**Cross-border Expansion**](/topics/cross-border-expansion) — How to run a coordinated Class A office search across multiple geographies. - [**Fit-out Capex**](/topics/fit-out-capex) — How to budget, sequence, and govern Class A office fit-out capex. - [**Lease vs Flex**](/topics/lease-vs-flex) — When premium flex (coworking, managed office) beats a conventional Class A lease — and vice versa. --- Citation: Source: Class A Atlas (https://classa.info/cities/tokyo), updated 2026-04-15T00:00:00.000Z.