• Hybrid work continues to proliferate and demand for flex space is robust
• Large-scale new openings continue to expand in the second half of the year
• Monthly rate rises 10% y-o-y
In 2H25, the new supply of flexible office in Tokyo 5-ku’ s was up 12,900 sqm with full year volumes at 34,800 sqm. As of the end of 2025, total stock of Tokyo flex office increased 7.8% y-o-y. Large-scale new openings in the second half of 2025 included Regusoperated Signature, SENQ (Nittochi Tatemono), Workstyling (Mitsui Fudosan) and Human First Office (Nomura Fudosan).
The occupancy rates of existing locations are stable at high levels, supported by demand from a wide range of users such as startups to large corporations. Various uses are observed including swing space (or the temporary use during office renovations and relocations, etc.), satellite offices, project spaces, and corporate headquarters. With rising construction and fit-out costs, demand remains strong for workspaces that have low initial costs.
The monthly rate per seat for flexible office in Tokyo's five central wards rose 10% y-o-y in 4Q25. In addition to rising occupancy levels, monthly rate have been increasing since 2024 due to expansion by existing companies and launch of new locations and series by flex operators.
Outlook
Companies are supporting flexible work arrangements for their employees while also encouraging a return to the office to improve productivity. Demand for flexible offices or so-called 'third places' that fulfill these needs will likely increase. Although office vacancy is limited, multiple large-scale new openings are scheduled for the first half of 2026, and flex space is expected to continue expanding steadily going forward.
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