都心オフィス市場、回復が鮮明に 空室率低下続き、賃料に上昇圧力
東京都心のオフィス市場で、回復基調が一段と鮮明になっています。複数の不動産調査会社が25日に公表した2025年第1四半期（1～3月）の市場動向調査によりますと、企業の旺盛な移転・拡張ニーズを背景に、主要エリアである東京23区のオフィス空室率が低下を続け、賃料にも上昇圧力がかかり始めています
活況！東京23区オフィス市場 – 空室率低下と賃料上昇が加速
企業活動が活発に
ザイマックス不動産総合研究所の調査では、東京23区のオフィス空室率は前期比0.44ポイント減の2.33%となり、7四半期連続で改善しました。空室在庫の減少ペースを示す空室消化率は50.1%と前期から14.1ポイント上昇し、需要の力強さを示しています。シービーアールイー（CBRE）の調査でも、空室率は同0.5ポイント減の3.0%と2期連続で低下しました。特にグレードA（最高級）ビルの空室率は3.6%（同0.6ポイント減）と下げ幅が大きかったです。算出基準の違いから数値に差はありますが、空室が着実に埋まっている状況は共通しています。
空室率低下の背景には、活発な企業活動があります。CBREによりますと、同期の新規需要（新たに契約された面積）は、四半期ベースで過去最高となる10万5,000坪（約34万7000平方メートル）に達しました。業績回復や働き方の見直しに伴い、より新しい高機能ビルへの移転（グレードアップ）や、交通利便性の高い場所への移転、事業拡大に伴う増床といった前向きな動きが幅広い業種で見られたとのことです。ザイマックスの調査でも、空室の減少面積が新規の空室発生面積を7四半期連続で上回り、需要が供給を上回る状況が続いています。
賃料も上昇傾向
こうした需要の高まりを受け、賃料にも変化が見られます。CBREによりますと、23区の平均募集賃料は1坪あたり2万2,050円（前期比1.2%増）と6四半期連続で上昇しました。ザイマックスが調査した新規成約賃料の動向を示す指数（成約賃料DI）も、上昇した物件の割合が下落した物件を上回る状況が4四半期連続で続いており、プラス幅も拡大しました。競争力の高いビルを中心に賃料引き上げの動きが徐々に市場全体に広がりつつあります。
コロナ禍による一時的な落ち込みを経て、都心のオフィス需要は着実に回復しており、市場は活気を取り戻しつつあります。企業のオフィス戦略の変化が、今後の市場動向を左右しそうです。
Downtown Office Market Shows Clear Recovery: Vacancy Rates Continue to Fall, Upward Pressure on Rents
The recovery trend in Tokyo’s central office market is becoming increasingly clear. According to market trend surveys for the first quarter of 2025 (January-March), released by multiple real estate research firms on the 25th, office vacancy rates in the core area of Tokyo’s 23 wards continue to decline, driven by strong corporate relocation and expansion needs. Furthermore, upward pressure on rents is beginning to emerge.
Zaimax Real Estate Institute’s research indicates that the office vacancy rate in Tokyo’s 23 wards improved for the seventh consecutive quarter, falling by 0.44 points from the previous quarter to 2.33%. The absorption rate, which measures the pace at which vacant stock decreases, rose significantly by 14.1 points from the previous quarter to 50.1%, demonstrating strong demand. Similarly, CBRE’s survey showed the vacancy rate fell for the second consecutive quarter, decreasing by 0.5 points to 3.0%. Notably, the vacancy rate for Grade A (highest quality) buildings saw a substantial drop to 3.6% (down 0.6 points). While specific figures may differ due to varying calculation standards, the consistent situation is that vacancies are steadily being filled.
Behind the falling vacancy rates lies active corporate movement. According to CBRE, new demand (newly contracted office space) during this quarter reached a record high on a quarterly basis, totaling 105,000 tsubo (approximately 347,000 square meters or 3.7 million square feet). It is reported that positive moves, such as relocating to newer, high-spec buildings (upgrades), moving to locations with better transportation access, and expanding floor space due to business growth, were observed across a wide range of industries. These moves are often linked to business recovery and reviews of working styles. Zaimax’s research also confirms this trend, showing that the area of absorbed vacant space has exceeded the area of newly generated vacant space for seven consecutive quarters, indicating a continued situation where demand surpasses supply.
Reflecting this heightened demand, changes are also visible in rental rates. According to CBRE, the average asking rent in the 23 wards rose for the sixth consecutive quarter to ¥22,050 per tsubo (an increase of 1.2% from the previous quarter). Zaimax’s index tracking trends in newly contracted rents (Contract Rent DI) also showed that the proportion of properties with increased rents exceeded those with decreased rents for the fourth consecutive quarter, and the positive margin has expanded. The trend of rent hikes, primarily centered on highly competitive buildings, is gradually spreading throughout the market.
After experiencing a temporary downturn due to the COVID-19 pandemic, central Tokyo’s office demand is steadily recovering, and the market is regaining vitality. It appears that changes in corporate office strategies will likely influence future market trends.
