• Average rents* in the Tokyo 23 wards (23W) increased by 1.6% quarter-on-quarter (QoQ) and 6.0% year-on-year (YoY), reaching JPY4,909 per sq m.
• Average rents in the central five wards (C5W) rose slightly by 0.5% QoQ and 4.5% YoY to JPY5,859 per sq m.
• The C5W rental premium over the 23W average fell by 0.8 percentage points (ppts) to 20.8% QoQ.
• Shinjuku posted the strongest rental growth of 1.7% QoQ, while Minato rebounded from last quarter rising by 1.4% QoQ. Chuo saw rents increase by 0.3% QoQ. Meanwhile, Chiyoda and Shibuya rents declined by 0.1% QoQ and 0.8% QoQ, respectively.
• Within the C5W, the premium gap between the larger and smaller size bands continues to narrow, with the smaller 15-30 sq m size band recording the strongest rental growth at 1.6% QoQ. The medium 30-45 sq m size band posted a gain of 0.1% QoQ, while the larger 45-60 sq m size band decreased slightly by 0.6% QoQ.
• Average occupancy rates in the 23W remained flat over the quarter at 96.2% while the C5W decreased by 0.4ppts over the quarter to 95.2%.

*These are reference figures. Please refer to the Note on page two of the report for further information.