VIEWPOINT
JAPAN OFFICE
Tokyo Flexible Office Market
Set for More Prominent Role in Tokyo Office Market Yoshitaka Igarashi CBRE Research | Associate Director
Sayuri Kaneko CBRE Research | Analyst
Recent years have seen flexible offices*1 emerge as a popular solution to the demands created by the introduction of a wider range of working styles such as remote working. Despite this uptick in interest, flexible offices remain under-represented in the Tokyo office market in comparison to other major cities in Asia Pacific. While flexible offices comprised 4.7% of all office stock in the ten major Asia Pacific markets as of October 2020, the figure for Tokyo was at a much lower level of 2.0% (Figure 1). Figure 1: Flexible office market scale and share of the rental office market 300
9% Total volume(K tsubo) Total Penetration(RHS)
200
6%
100
3%
0
Beijing
Shanghai Singapore Bangalore Shenzhen Delhi NCR
Seoul
0% Mumbai Hong Kong Tokyo SAR Source: CBRE, October 2020.
*1 Offices such as co-working offices or serviced offices that do not necessarily require the signing of lease contracts, and are primarily used under the auspices of facility use contracts
APRIL 2021 CBRE Research
©2021 CBRE, Inc. |
1