Tokyo – Q1/2024
MARKETINMINUTESOﬃce Leasing

Savills Research

Savills team
Please contact
us for further
information
JAPAN
Christian Mancini
CEO, Asia Paciﬁc(Ex Greater China)+81 3 4330 3611
cmancini@savills.co.jp

RESEARCH
Tetsuya Kaneko
Managing Director,
Head of Research &Consultancy, Japan+81 3 4330 3103
tkaneko@savills.co.jp
Bryan Kuek
Manager, Research &Consultancy, Japan+81 3 4330 3104
bkuek@savills.co.jp

Growing conﬁdence in steady recovery
Robust corporate performance, the steady return to offices, and limited newincoming supply should support sustained growth in 2024.
• Oﬃce markets witnessed further rental growth in Q1/2024,
albeit marginal, and the outlook continues to improve.
Vacancy rates have also tightened overall.
1• Average Grade A oﬃce rents in the C5W increased by 0.2%
quarter-on-quarter (QoQ) and 0.3% year-on-year (YoY) to
JPY32,656 per tsubo2 per month.
• The average Grade A oﬃce vacancy rate in the C5W tightenedby 0.2 percentage points (ppts) QoQ, while remaining ﬂat
YoY at 3.0%.
• Average large-scale Grade B oﬃce3 rents experienced amoderate increase of 1.4% QoQ and 1.7% YoY to JPY24,895
per tsubo per month.
• Vacancy rates in the Grade B market tightened by 0.2ppts
QoQ and 0.7ppts YoY to 3.4%.
• Satellite oﬃces/ﬂexible oﬃce spaces were an emerging trend
even before the pandemic, and have been further proliferated
by the continuation of hybrid work arrangements in the postpandemic environment.
1 Grade A offi ces refer to buildings with a GFA of 9,000 tsubo (30,000 sq m) and abuilding age of less than 15 years. Some buildings that do not ﬁt this deﬁ nition are
included.
2 1 tsubo = 3.306 sq m or 35.583 sq ft.
3 Large-scale Grade B offi ces refer to buildings with a GFA of 4,500 tsubo (15,000sq m) and a building age of less than 25 years. Some buildings that do not ﬁt thisdeﬁ nition are included.

savills.co.jp/insight-and-opinion/“The Tokyo office market is
expected to see further gradual
growth in 2024. Averagerents and vacancy rates have
kept demonstrating positive
performance. The large
supply from 2023 has beenabsorbed well and the small
supply in 2024 should provide
breathing room for further
absorption. However, older
and less accessible offices
continue to face challenges.”
SAVILLS RESEARCH & CONSULTANCY

1

Simon Smith
Regional Head of
Research & Consultancy,
Asia Paciﬁc+852 2842 4573
ssmith@savills.asia
Savills plc
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Oﬃce Leasing

GRAPH 1: Office Rents and Vacancy in Tokyo’s C5W*,
2014 to Q1/2024
Average Grade B Vacancy
Average Grade B Rent
16%
14%

30,00012%

25,00010%

20,0008%

15,000

6%

10,000

4%

5,000

2%

0

0%
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1

35,000VACANCY RATE

RENT (JPY / TSUBO / MONTH)

Average Grade A Vacancy
Average Grade A Rent
40,000

14

15

16

17

18

19

20

21

22

23 24

Source Savills Research & Consultancy* Chiyoda, Chuo, Minato, Shibuya, and Shinjuku

GRAPH 2: Grade A Office Rental Index by Ward,2012 to Q1/2024
ChiyodaShinjuku

Chuo
ShibuyaMinatoAverage

200
190
180
Q1/2012 = 100

170
160
150
140
130
120
110
100
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1

90

12

13

14

15

16

17

18

19

20

21

22

23 24

Source Savills Research & Consultancy

GRAPH 3: Grade A Office Vacancy by Ward,
Q3/2022 to Q1/2024
Q3/2022
Q3/2023

Q4/2022
Q4/2023

Q1/2023
Q1/2024

Q2/2023

11%
10%
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%
ChiyodaChuo

MinatoShinjuku

Shibuya

Source Savills Research & Consultancy

savills.co.jp/insight-and-opinion/

GRADE A OFFICE
Momentum has been positive throughout
2023 in the Tokyo Grade A oﬃce market,
with a steady improvement in both rental
rates and vacancy levels observed. This
trend has continued moving into 2024,
and average rents in the central ﬁve wards(C5W) experienced a slight uptick on both aquarterly and annual basis in Q1/2024, risingby 0.2% and 0.3%, respectively, to JPY32,656
per tsubo. Accordingly, the total rental
correction from the peak levels of Q2/2020
decreased moderately to 13.7% for the TokyoC5W Grade A oﬃce market. Rental changes
across the C5W were largely positive, albeit
nominal, in Q1/2024, and the Grade A oﬃce
market appears to have attained a greater
sense of stability in the post-pandemic era.
Minato recorded the largest rental growth
at 0.5% QoQ, while Chiyoda, Shinjuku
and Chuo also witnessed moderate rental
growth between 0.3% and 0.2% QoQ.
Elsewhere, rents remained ﬂat in Shibuya
over the quarter.
Meanwhile, the average vacancy rates
for Grade A oﬃces in the C5W tightened
further by 0.2ppts QoQ to 3.0%. As withrental growth, Minato witnessed the mostsigniﬁcant improvement this quarter, withvacancy rates decreasing by 1.0ppt QoQ to
5.1%, which is a sign of the healthy absorptionof the enormous supply introduced in thesecond half of 2023. Improvements werealso seen in Chiyoda and Chuo over thequarter, with vacancy tightening by 0.3ppts
and 0.2ppts QoQ, respectively. On theother hand, vacancy loosened marginally in
Shibuya and Shinjuku by 0.2ppts and 0.1ppts,
respectively, albeit remaining at low levels
for both wards. Indeed, vacancy rates in the
C5W appear to be recovering well, although
it will likely take time to return close to prepandemic levels, especially with the current
prevalence of hybrid work arrangements.
Observers anticipate a quiet year in 2024
due to the limited amount of new oﬃce
supply set for completion in the C5W, whichshould provide breathing room for further
absorption of existing oﬃce space. This is instark contrast to the large supply introduced
in 2023, and to the signiﬁcant uptick in supply
due for 2025. Improvements in the ﬁrst halfof 2024 will likely be steady, while many ﬁveyear, ﬁ xed-term lease contracts signed prior to
the pandemic will be approaching expiration
over the coming year. Indeed, some tenants
may choose not to renew or may negotiate
more favourable terms due to their changing
needs in the post-pandemic landscape, whichcomes against a background of large newoﬃce supply and stronger tenant negotiation
power, which might contribute to somepersistent vacancies.

2

Moreover, hybrid work arrangements
appear to persist as a corporate beneﬁt in
the longer-term, which may dampen somedemand for the meantime, though there
has been a noticeable increase in oﬃce
attendance over the past year. Given thelarge incoming new supply expected in 2025,
landlords who currently own large vacant
ﬂoor space are likely to exercise caution
as the oﬃce market is poised to become
progressively more competitive in the coming
year. Nevertheless, the overall market should
continue to experience positive momentum
in 2024, with prime oﬃces, particularly
modern ones with strong ESG certiﬁcations,
set to perform well, and some rental
increments should be anticipated among suchproperties.
LARGE-SCALE GRADE B OFFICES
The large-scale Grade B market continues toimprove in tandem with the Grade A market
since the second half of 2023. Average rents
increased signiﬁcantly by 1.4% QoQ and 1.7%
YoY to JPY24,895 per tsubo. Shinjuku andMinato experienced the most prominent
rental improvements, rising by 2.7% and2.6% QoQ, respectively. Shibuya andChiyoda also witnessed moderate growthof 1.5% and 0.8% QoQ, respectively. On theother hand, average rents in Chuo declined
by 0.4% QoQ. Overall, diverging trends
continue to be observed within the C5W
Grade B market. Some oﬃces in prime areas
with virtually no vacancies enjoyed rental
growth over the quarter, given the strong
demand and favourable position of landlords.
However, a handful of oﬃces in areas withpoor transport access struggled, which
subsequently led to rental discounts.
Meanwhile, average Grade B vacancy
tightened for a second consecutive
quarter, decreasing by 0.2ppts to 3.4%.
Notably, Minato, which recently struggledwith high vacancy levels, has observed
the largest improvement of 0.8ppts thisquarter, indicating a gradual yet soundrecovery. Looking at other constituent C5W
submarkets, vacancy tightened by 0.3ppts
QoQ in Chuo, and 0.2ppts QoQ in Chiyoda.
Meanwhile, Shinjuku saw no change invacancy while Shibuya’s vacancy loosened
slightly by 0.4 ppts.
According to a monthly survey conductedby Mitsubishi Real Estate Services inJanuary 2024, the proportion of respondents
considering oﬃce space expansion has
steadily risen from 38% in Q3/2022 to
58% in Q3/2023. The main drivers for thistrend include the expansion of business
operations and headcounts, as well as thedesire for improved oﬃce environments,
which has been encouraged by continuous

Oﬃce Leasingstrong growth in corporate proﬁts. However, thebifurcation between newer modern oﬃces withgood transport access, and older, inconvenientoﬃces persists. Tenants looking to relocate or
expand their oﬃce footprints increasingly prefer
new buildings with useful amenities to attract
and retain their workforce, especially with scarcer
skilled resources. Newer modern oﬃces also tend
to be better equipped to facilitate hybrid work
arrangements, with features such as private booths
for individual video conferences and meetingrooms for seamless communication between mainoﬃce and remote workers. However, older oﬃces
located in less accessible areas that lack many ofthese features look to struggle, and higher levelsof vacancy may persist among a handful of suchproperties.
GRADE A RENTS AND VACANCY RATESBY WARD
ChiyodaIn Q1/2024, Chiyoda’s rents witnessed a slight
uptick of 0.3% QoQ to JPY38,823 per tsubo, but
declined by 0.8% YoY, while average vacancy
tightened by 0.3ppts to 1.1% QoQ. Chiyoda has areputation for stability and commands the highest
rents among the C5W by a signiﬁcant margin,
owing to its concentration of leading blue-chipcompanies. Demonstrated by its consistently tightvacancy rates, Chiyoda maintains its position as
the premier business district in Tokyo.
Oﬃce movement activity was limited relative
to its C5W counterparts this quarter. The mostsigniﬁcant relocation to the ward will be Shinwa

Wise Holdings, which will reportedly lease justunder 380 tsubo in the Marunouchi Yusen
Building, relocating its headquarters. Elsewhere,
E’grand and Energy Solutions also relocated their
headquarters to Work Villa Mitoshiro and the
Hulic Ochanomizu Building, respectively, eachleasing 200 tsubo of oﬃce space.
Chuo
Average rents in Chuo increased slightly by 0.2%
QoQ, albeit falling by 0.6% YoY to JPY31,544 pertsubo, and average vacancy decreased by 0.2ppts
QoQ to 5.9%. The strong leasing performance ofmodern properties in prime areas such as Yaesu,
Nihonbashi and Ginza contributed to consistently
low vacancies. The situation in Harumi appears
to have improved, with a slight contraction invacancies observed across multiple buildings in
the area. Nevertheless, bifurcation between wellperforming oﬃces and struggling oﬃces within
Chuo Ward looks to persist for the meantime,with older properties in non-prime areas likely
considered less desirable.
The largest leasing activity announced in
Q1/2024 was Chanel’s relocation to Tokyo Square
Garden, leasing a total of 1,300 tsubo of oﬃce
space. Elsewhere, multiple companies aﬃ liatedwith Tosoh will reportedly lease 1,000 tsubo
in Kyobashi Trust Tower in mid-2024. LayerX
will also move to the Tsukiji Shochiku Building,leasing 700 tsubo, more than double its previousoﬃce space, as part of preparations for futurebusiness expansion. Additionally, Gakujo will
relocate its headquarters from Chiyoda to Ginza
Six, leasing around 530 tsubo of oﬃce space.

MinatoAverage rents in Minato increased moderately
by 0.5% QoQ, albeit declining by 0.1% YoY to
JPY30,338 per tsubo, while vacancy dropped
signiﬁcantly by 1.0ppts QoQ to 5.1%. Azabudai
Hills Mori JP Tower, Toranomon Hills Station
Tower and Tamachi Tower, which came tomarket in the latter half of 2023 saw consistentabsorption, contributing to an overall
improvement in vacancy performance within
Minato. Overall, despite a handful of moderately
large relocations out of the ward, such as Nikon,
a positive net-inﬂow of tenants to Minato has
gradually been reducing the average vacancy
rate, and the ward looks to perform well moving
forward.
Azabudai Hills Mori JP Tower has been asigniﬁcant addition to the Minato oﬃce market,
and despite some initial hiccups, has captured
sound interest from prospective tenants. Indeed,
Persol Career, RAKSUL INC., and Merck willreportedly move to the property in Q1/2024,
leasing 4,200 tsubo, 1,700 tsubo, and 1,400
tsubo, respectively. Toranomon Hills Station
Tower continues to perform well and is close to
full occupancy, with Japan Business Systems
reportedly relocating its headquarters to thebuilding, leasing approximately 2,000 tsubo
of ﬂoor area in April 2024. Meanwhile, Nihon
Chouzai and Mitsubishi Auto Leasing will
relocate their headquarters to Tamachi Tower,
leasing approximately 2,000 tsubo and 1,600
tsubo, respectively.

MAP 1: Average Rents Per Tsubo in Selected Submarkets, Q1/2024

¥30.2

¥28.1
¥31.6

¥43.4
¥35.5

¥22.3

¥33.5
¥30.8
¥27.2

¥37.6

Source Savills Research & Consultancy
Grade A Offi ce, average passing rent + CAM per tsubo per month in thousand JPY. Coloured areas for illustrative purposes only.

savills.co.jp/insight-and-opinion/3

Oﬃce Leasing

TABLE 1: Tenant Relocations, Q1/2024

ORIGIN
ChiyodaChuo

MinatoShibuya

Shinjuku

Other

7

14

14

5

1

12

DESTINATION

3

2

1

6

1

3

5

10

1

1

3
1

1

2

1

5

Chiyoda

1

9

Chuo

4

23

Minato4

Shibuya

1

2

Shinjuku

6

10

Other

Source Nikkei RE, Savills Research & Consultancy

TABLE 2: Notable Office Leasing Transactions, Q1/2024

COMPANY

Persol Career

BUSINESSSECTOR

TYPE

Recruitment

HQ Relocation& Office
Consolidation

APPROXIMATE SPACEFORMER/CURRENTLOCATION

NEW LOCATION

Multiple

Azabudai Hills Mori JP Tower

Multiple

MinatoToranomon Hills Mori Tower

Toranomon Hills Station Tower

MinatoMinatoJapan Business
Systems

Financial
Services

HQ Relocation

Technology
and Electronics

OfficeRelocation

GranTokyo North Tower

Tamachi Tower

Nihon Chouzai

ChiyodaMinatoInformation
Technology

HQ Relocation& Office
Consolidation

Daiwa Sasazuka Tower

Hachioji Facility Technology
Development Center Ishikawa

Shibuya

Hachioji

IK Building

Azabudai Hills Mori JP Tower

Software

HQ Relocation
ShinagawaMinatoOlympusRAKSUL INC.

TSUBO

SQ M

4,200

13,900

2,000

6,600

2,000

6,600

1,700

5,600

1,700

5,600

Source Nikkei RE, Savills Research & Consultancy

ShibuyaShibuya’s average rents held steady this quarter,translating to a 2.3% YoY increase, at JPY35,659
per tsubo. Meanwhile, vacancy loosened
marginally by 0.1ppts QoQ to 1.7%. The vacancy
situation in the Shibuya market has remained
tight and this positive situation should continue
moving forward. Overall, there is minimal oﬃce
supply entering the Shibuya market over the
coming year and the majority of prime buildings
are fully occupied.
Tenant movement in Shibuya has been relatively
limited this quarter, owing to the short supply ofavailable oﬃce space. For example, au Commerce& Life will lease approximately 600 tsubo across
two ﬂoors in the Sumitomo Fudosan Shinjuku
Minamiguchi Building, which is scheduled tobe completed in April 2024. This represents an
expansion compared to its current oﬃce footprint,
despite the company having plans to continue withhybrid work arrangements after relocation.

savills.co.jp/insight-and-opinion/

Shinjuku
Average rents in Shinjuku experienced a modest
increase of 0.3% QoQ and 0.9% YoY to JPY26,917
per tsubo, while vacancy loosened moderately by
0.2ppts QoQ to 1.2%. Given the limited new oﬃce
supply scheduled to arrive to the market over the
coming years, the Shinjuku oﬃce market should
continue to perform well, with limited vacancies
and sound prospects for rental growth.
The largest oﬃce movement reported in Q1/2024
in Shinjuku is an oﬃce consolidation by Infotec
Holdings and its aﬃliate companies, which will
relocate to a new headquarters in Shinjuku Park
Tower, leasing a total of 1,300 tsubo in April
2024. Anticipating an expansion in its headcount,the company chose this oﬃce building as it has
suﬃcient room for future expansion in operations.
Elsewhere, Tokio Marine Assistance will leasebetween 300 and 500 tsubo of oﬃce space in JR
Shinjuku Miraina Tower. With the only new supply
in the Shinjuku market set to be the Meiji Yasuda

4

Seimei Building in 2026, the market will likely
remain ﬁrm for the time being.
EMERGING TREND OF SATELLITE
OFFICES / FLEXIBLE SPACES
During the pandemic, many large companies in
the Tokyo 23W swiftly transitioned to remote work
arrangements. Now, while many employees havereturned to oﬃces, hybrid work arrangements
remain prevalent in Tokyo. According to asurvey by the Cabinet Oﬃce, in March 2023,
approximately 50% of the workforce in the Tokyo
23W practices remote work at least one day a week,
which is signiﬁcantly higher than the pre-pandemic
level of 18% in December 2019 (Graph 4). Indeed,hybrid work arrangements are likely to linger as acompany perk, particularly at large corporations,to attract and retain their workforces.
Meanwhile, satellite oﬃces with ﬂexible spaces
also began gaining traction even before thepandemic, driven by the rising trend of freelancers

Oﬃce Leasing

GRAPH 4: Change in Remote Work Trends in Japanand Tokyo 23W
Hybrid work
Hybrid work

Limited remote work
Limited remote work

60
50
40
30
20
10

Dec
2019

May
2020

Dec
2020

Apr/May Sep/Oct
2021
2021

Jun
2022

Japan

Tokyo 23W

Japan

Tokyo 23W

Japan

Tokyo 23W

Japan

Tokyo 23W

Tokyo 23W

Japan

Japan

Tokyo 23W

Japan

0Tokyo 23W

PERCENTAGE OF WORKFORCE (%)

Full remote work
Full remote work

Mar
2023

Source Cabinet Offi ce, Savills Research & Consultancy

GRAPH 5: Adoption Rate of Satellite Offices in Japan,
2017 to 2023

COMPANIES WITH SATELLITE OFFICES (%)

35

30

25

20

15

10

5

0
2017

2018

2019

2020

2021

2022

2023

Source Xymax, Savills Research & Consultancy

and startups, with research by Xymax demonstrating thatthe percentage of companies in Japan with satellite oﬃces
had tripled between 2017 and 2023 (Graph 5), many of whichwere likely to have had ﬂexible plans. As companies embracehybrid work arrangements, the demand for smaller andmore cost-eﬃcient oﬃce spaces that can facilitate seamless
communication has grown. Furthermore, potential security
concerns with working from home, cafes or restaurants
may have driven the demand for a conducive “third place”
for remote workers further. These satellite oﬃces have awidespread presence in major cities like Tokyo, Osaka, andNagoya, and employees can choose a location near their home,
reducing commuting time to the main oﬃce. Furthermore,
given the convenience and ﬂexibility aﬀorded to tenants, suchsatellite ﬂexible oﬃces are also receiving noticeable interest,
especially among SMEs and startups, to be used as their mainoﬃce. The pandemic has proved the feasibility of hybrid work
arrangements to employers, and some shift towards ﬂexible
oﬃce space should continue, particularly in oﬃce markets

savills.co.jp/insight-and-opinion/

like Shibuya and Shinjuku, which aligns wellto their tenant proﬁle.
According to Xymax, more than 90%of the oﬃce buildings in Tokyo 23W aresmall and medium-sized, with a majorityof these buildings constructed during
the bubble period (1987 to 1993). Many ofthese older oﬃce buildings tend to losecompetitiveness, due to the demand forstylish, modern work environments withmore sophisticated features and amenities
that boost productivity and communication.
To capitalise on the challenges faced byolder oﬃce buildings, some domestic
players, including Ichigo Group and Sun
Frontier, have been carrying out renovations
to older properties to add additional value,and leasing them out as set-up oﬃces, which
are often used as satellite ﬂexible work
spaces. For instance, Ichigo Group carriedout renovations to the Ichigo Jimbocho
Building and the Ichigo Uchikanda Building,resulting in rental increments of 75% and46%, respectively.
These types of ﬂexible oﬃce spaces can befound not only in small and medium-sizedoﬃce buildings but also in large Grade A
buildings in prime locations. For instance,
a number of well-known international
ﬂexible space operators focus on high-end
serviced oﬃces tailored to the needs oftenants seeking top-quality amenities
and prestigious locations. Regional cities
have also experienced an uptick in theestablishment of satellite ﬂexible oﬃces,
supported by government subsidies,
incentivising the relocation of companies
from metropolitan areas to regional areas.
Indeed, in 2021, approximately one-third ofsatellite ﬂexible oﬃces beneﬁtted from local
government support.
Furthermore, these set-up oﬃce spaces
oﬀer ﬂexibility and convenience for smaller
companies. Unlike traditional standard
lease contracts, these ﬂexible contracts oﬀer
shorter term options, some as short as one
month. They typically require smaller or
no deposits unlike traditional leases, which
often require a few months’ rent equivalentin advance. Additionally, termination
notices are also shorter, typically around30 days. With elevated construction costs
and prolonged lead time, companies canalso circumvent hefty renovation costs
when moving in and out as traditional leases
typically require tenants to return the space
to its original condition. As such, a ﬂexible
oﬃce spaces appear to make more economic
sense to many SMEs and startups, enablingthem to swiftly move into oﬃce spaces
with minimal initial investment and hassle.
Hence these types of oﬃces are more widely
prevalent in submarkets like Shibuya.
As hybrid work arrangements become
more commonplace, the demand for satellite

5oﬃces and ﬂexible spaces may grow intandem as companies and workers explore
alternatives to working from home. Moredevelopers and investors in oﬃce buildings
may consider incorporating ﬂexible spaces
and set-up oﬃce concepts to cater to thegrowing demand for such speciﬁcations,which may also enhance the competitivenessof existing oﬃce buildings.
OUTLOOKThe Tokyo Grade A and large-scale GradeB oﬃce market experienced sound growthin Q1/2024, supported by strong corporate
performance, one of the key determinantsof the oﬃce market’s performance. Thiscan be seen from a growing proportion ofbusinesses expanding their operations andincreasing their workforce, consequently
driving demand for larger and higher-qualityoﬃce spaces.
The overall market has responded well tothe large inﬂux of supply in 2023, evidenced
by the steadily increasing average rental
level and continuous tightening of vacancies
since the second half of 2023, which aresigns of sound demand and market stability.
In addition, the limited new supply expected
in 2024 should further drive the ongoing
improvement of the oﬃce market.
Bifurcation between modern, welllocated buildings and older, less convenientbuildings is expected to persist. Despite
the steady return to oﬃces, ﬂexible work
arrangements remain prevalent in theTokyo 23W. Hence, large companies,
especially those that are performing well,
are compelled to invest in larger andhigher-quality oﬃce spaces with excellent
accessibility to encourage employees toreturn to the oﬃce. Japan’s work ethos
generally puts emphasis on face-to-facecommunication and values in-oﬃce
collaboration. Furthermore, high-gradeoﬃces are essential for companies to attract
and retain skilled talent, which has become
scarcer in the market. Therefore, modern
and accessible buildings should experienceﬁrm demand, whereas older and inaccessible
oﬃces are likely to continue facing challenges
in this evolving workplace landscape.
Looking forward, a large inﬂux of newoﬃce supply is expected in 2025. Landlords
holding signiﬁcant amounts of vacantoﬃce space should proceed with prudence
as competition for tenants is expected
to intensify later this year. The fact thatthe large inﬂux of new supply in 2023 wasabsorbed well, coupled with the sound preleasing activities observed in 2024, signals
sound demand in the oﬃce market. Moreover,
the overall oﬃce market should perform
well going forward, further supported by
the sustained improvement in the broader
economy, and a steady return to the oﬃce.