Key facts
- Commercial land prices in Tokyo have reached a 33-year high.
- Office vacancy rates in Tokyo wards are below the 5% break-even level.
- Demand for office space is strong as remote workers return to company buildings.
- Surging tourism is also contributing to upward price trends.
Commercial land prices in Tokyo have surged to their highest point in over three decades, fueled by a combination of factors including the return of remote workers to offices and a significant increase in tourism. The Japanese capital's office market is experiencing strong demand, with vacancy rates in Tokyo wards falling below the 5% threshold that typically signifies a balance between supply and demand. This upward trend in property values reflects a broader recovery in the city's commercial real estate sector.