• Average rents* in the Tokyo 23 wards (23W) increased by 2.8% quarter-on-quarter (QoQ) and 5.3% year-on-year (YoY), reaching JPY4,829 per sq m. The majority of wards witnessed quarterly rental growth while annual rental growth was notable across all wards.
• Average rents in the central five wards (C5W) rose by 1.4% QoQ and 5.2% YoY to JPY5,831 per sq m.
• The C5W rental premium over the 23W average fell by 0.8 percentage points (ppts) to 21.6% QoQ.
• Chiyoda recorded the largest rental growth of 3.4% QoQ. Chuo, Shinjuku, and Shibuya experienced rental increases of between 0.4% QoQ and 2.4% QoQ, while Minato declined by 0.8% QoQ.
• Within the C5W, the smaller 15-30 sq m size band recorded the strongest rental growth at 2.2% QoQ. The medium 30-45 sq m size band posted a gain of 0.8% QoQ, while the larger 45-60 sq m size band recorded a correction of 0.9% QoQ.
• Average occupancy rates in the 23W decreased by 0.6ppts QoQ to 96.2% and the C5W saw a similar decrease of 0.8ppts over the quarter to 95.6%.

*These are reference figures. Please refer to the Note on page two of the report for further information.