What is the average Class A rent in Tokyo?

Around 50000 JPY/sqft/yr ($113 USD) across the broader Class A index. Trophy submarkets like Marunouchi & Otemachi command 20–40% above that.

How many months of rent-free are normal in Tokyo?

4 months on a 5-year deal is the standard benchmark. Lease-up product or tenants with strong covenant strength can push higher.

Are rents rising or falling in Tokyo?

The Tokyo Class A market is currently rising. Vacancy is 4.6%, which sets the negotiating context.

Headline Class A rent in Tokyo is around 50000 JPY/sqft/yr ($113 USD), with 4 months of typical rent-free on a 5-year term.

Headline Class A rent: 50000 JPY/sqft/yr ($113 USD).
Trophy submarket rents (Marunouchi & Otemachi) push to roughly ¥55,000/tsubo/mo · ≈ $124 PSF/yr USD.
Typical concessions on a 5-year deal: 4 months free rent.
Vacancy stands at 4.6% — market trend is rising.
Use effective rent (face minus PV of concessions), not headline, to compare deals.

Tokyo Class A office rents and incentives

Headline Class A rent in Tokyo is around 50000 JPY/sqft/yr ($113 USD), with 4 months of typical rent-free on a 5-year term.

TL;DR

Headline Class A rent: 50000 JPY/sqft/yr ($113 USD).
Trophy submarket rents (Marunouchi & Otemachi) push to roughly ¥55,000/tsubo">tsubo/mo · ≈ $124 PSF/yr USD.
Typical concessions on a 5-year deal: 4 months free rent.
Vacancy stands at 4.6% — market trend is rising.
Use effective rent (face minus PV of concessions), not headline, to compare deals.

Headline rent vs. effective rent

Asking rents in Tokyo are quoted in JPY per sqft per year. Across the broad Class A index the figure is 50000, but the trophy tier in Marunouchi & Otemachi reaches roughly ¥55,000/tsubo/mo · ≈ $124 PSF/yr USD. Always discount headline rent by the present value of free rent and tenant improvement allowance to land on effective rent — the only number that compares cleanly across deals.

Rent-free and TI

Standard Tokyo concessions on a 5-year Class A lease run to 4 months of base-rent abatement. Trophy lease-ups can push rent-free 25–40% above that benchmark. Local cost-of-occupancy is also shaped by tax — Effective corporate tax rate 30.6% (national + local). Tokyo Metropolitan corporate inhabitant tax adds a meaningful local component.

Where rents land by submarket

Marunouchi & Otemachi sits at the top end (~¥55,000/tsubo/mo · ≈ $124 PSF/yr USD). Shibuya clears around ¥45,000/tsubo/mo · ≈ $102 PSF/yr USD as the prime tier. The full submarket map is on the Tokyo city page.

Key facts

city	Tokyo
country	Japan
region	APAC
classARentLocal	50000 JPY/sqft/yr
classARentUsd	$113/sqft/yr
vacancy	4.6%
typicalLeaseYears	5
typicalRentFreeMonths	4
submarkets	6
primeYieldPct	3%
trophyRent	¥55,000/tsubo/mo · ≈ $124 PSF/yr USD
primeRent	¥45,000/tsubo/mo · ≈ $102 PSF/yr USD

Frequently asked questions

What is the average Class A rent in Tokyo?: Around 50000 JPY/sqft/yr ($113 USD) across the broader Class A index. Trophy submarkets like Marunouchi & Otemachi command 20–40% above that.
How many months of rent-free are normal in Tokyo?: 4 months on a 5-year deal is the standard benchmark. Lease-up product or tenants with strong covenant strength can push higher.
Are rents rising or falling in Tokyo?: The Tokyo Class A market is currently rising. Vacancy is 4.6%, which sets the negotiating context.

Editorial provenance

Reviewed by Kenji Watanabe — APAC contributing editor. Last updated 2026-04-15. See our methodology and editorial standards.

Primary sources for this page

CBRE Marketview reports — CBRE
JLL Office Insight — JLL
Cushman & Wakefield Marketbeat — Cushman & Wakefield
Savills World Research — Savills
Colliers Global Office Outlook — Colliers

Full sources index · Submit a correction