The vacancy rate in Tokyo's 23 cities dropped to 1.8% as of the end of 2019. Supply in 2020 is expected to be the second largest since our survey began, but the average supply over the next five years is expected to remain at the same level as the past average.

General Trends in Supply

• Supply of large-scale office buildings in Tokyo's 23 cities will reach the second-highest level since the start of the survey in 2020, but then is expected to decline in 2021 and 2022. The average supply over the next five years is expected to remain the same level as the past average.
• Compared with the high supply level in the past years, the supply ratio of large buildings, and the supply ratio in the seven major business areas of central Tokyo are forecast to be high in 2020, indicating changes in the composition of high supply.
• The supply of properties of 100,000m² or more in 2020 is expected to be the largest since the survey started. Further, the supply ratio in the three central cities is expected to exceed 70% annually for the next five years, indicating that the main supply trends will be offices that are larger and more centralized.

Vacancy Rate

• The vacancy rate in Tokyo's 23 cities at the end of 2019 was 1.8%, remaining in the 1% range since the end of 2018.

Note: This survey is based on information up to the end of March 2020. It will be necessary to pay attention to the degree to which COVID-19 impacts these figures.