Tokyo Commercial Land Prices Surge to 33-Year Peak as Office Demand Rebounds

Low office vacancy rates and a surge in tourism sustain the upward trend

Office vacancy rates in Tokyo wards are well below the 5% break-even level for balanced supply and demand. (Photo by Shun Kato)

YUKA FURUBAYASHI

September 16, 2026 02:33 JST

TOKYO — Commercial land prices in the Japanese capital have climbed to their highest level in over three decades, driven by robust demand for office space as employees return to corporate buildings following the remote work era. The tightening market reflects a combination of factors, including a significant influx of international tourists and the gradual normalization of in-office work culture across major Japanese firms.

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