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東京オフィス賃料は上昇基調が強まる。REIT市場は６カ月連続で上昇－不動産クォータリー・レビュー2025年第３四半期
Tokyo Office Rents Show Accelerating Uptrend; REIT Market Rises for Six Consecutive Months – Real Estate Quarterly Review Q3 2025
NLI Research Institute | Local Language | AcademicThink | Nov. 12, 2025 | UndeterminedReal Estate
Tokyo office rents, particularly for A-class buildings, experienced a significant rise of 11.5% quarter-on-quarter in Q3 2025, signaling a strengthening upward trend in the office rental market. Concurrently, condominium rents across Tokyo’s 23 wards increased year-on-year for all dwelling types. Land prices also rose for both residential and commercial properties during this period.
The Tokyo Stock Exchange REIT Index showed a positive performance, increasing by 8.0% in Q3 2025 and marking six consecutive months of growth. This rise is supported by improvements in supply-demand dynamics and solid market fundamentals. In contrast, the overall real GDP for July–September 2025 is forecasted to have declined by 0.7% quarter-on-quarter, the first negative growth in six quarters.
In the housing market, new housing starts declined by 8.9% year-on-year, while new condominium unit releases and existing condominium transactions in the Tokyo metropolitan area increased by 28.6% and 40.6% respectively. The housing price index rose by 11.3% year-on-year. Hotel guest nights fell slightly by 1.0% year-on-year, and logistics rental vacancy rates stood at 10.4% in Tokyo and 5.0% in the Kinki region.