Japan office rents rise 3.0% in September 2026
Japanese office rents rose 3.0% in the year to September 2026 while agency and management fees rose 2.4%, on the Bank of Japan services price index.
The facts
- Office space rental prices rose +3.0% in the year to September 2026, up from 2.8% in August, on the Bank of Japan services producer price index.
- The real estate services group rose 2.2%, to an index level of 111.3 with 2020 as the base year.
- Real estate agency and management services rose 2.4%, unchanged from August.
- Other space rental rose 1.5%, after 1.3% in August.
- Leasing and rental, which covers equipment and fit-out, rose 11.7%.
- All items rose 3.7% to an index of 115.5, so property services are priced below the service economy average. The September figures are preliminary.
What it means for your money
- Office rents are rising faster than the fees charged on them, 3.0% against 2.4%. Both still raise a buyer's running costs.
- A landlord re-pricing a Japanese office lease has 3.0% of headline room, and the 2.4% rise in agency and management charges takes part of it before it reaches the owner.
- Equipment and fit-out leasing at 11.7% is the fastest-rising line in the set, which hits a refurbishment budget harder than it hits the rent roll.
- Glopra data puts the Japanese average at USD 5,397 per square metre with a 2.48% gross rental yield, so cost lines moving 2.4% to 11.7% a year weigh heavily against a return that thin.
What to watch
- The final figures, since September is published as preliminary.
- Whether office rental inflation stays above the 2.2% posted by the wider real estate services group.
- The leasing and rental line, 11.0% in August and 11.7% in September.
Sources: Bank of Japan https://www.boj.or.jp/en/statistics/pi/cspi_release/sppi2609.pdf