In 2024, the average land price in Tokyo Prefecture stood at about **** million Japanese yen per square meter. The average land price is based on land price surveys conducted by the Ministry of Land, Infrastructure, Transport, and Tourism and prefectural governments in January and July each year.Average land prices in JapanAverage land prices in Japan showed an upward trend in recent years that was interrupted during the coronavirus pandemic. Partly due to the ongoing depopulation of many rural areas, land prices tend to be significantly higher in the more urban areas. Among all the prefectures in Japan, ***** had the highest average official land prices, followed by ***** and *****. The buildings with the highest commercial land prices in Japan were all located in the ************ as of 2024.The situation in TokyoWithin Tokyo, the wards Chiyoda, Chuo, Minato, Shibuya, and Shinjuku form the central business district, which is marked by particularly high rents and low vacancy rates. Among the 23 wards of the city, **** had the highest standard land price in 2024. The ward lies to the east of Tokyo Station and encompasses Ginza, which is one of the country’s most expensive shopping areas. Japan’s booming tourism industry, as well as rebuilding and redevelopment projects, have been some of the factors contributing to rising land prices in Tokyo’s commercial areas before the pandemic.

In 2024, the average price per square meter of land transactions in the Greater Tokyo Area in Japan amounted to 263 thousand Japanese yen. The price per square meter rose by 7.6 percent compared to the previous year.

In January 2025, Tokyo Prefecture recorded the highest average official land price of all ** prefectures in Japan, at around *** million Japanese yen per square meter. It was followed by Osaka Prefecture with an average official land price of ******* yen per square meter.

In 2025, the average official price for residential land in Japan was the highest in Tokyo at 771,600 Japanese yen per square meter. The average residential land price per square meter in Osaka increased to 265 thousand yen.

JP: Land Price Survey: Average Land Price: Industrial: Tokyo data was reported at 259,500.000 JPY/sq m in 2017. This records an increase from the previous number of 249,600.000 JPY/sq m for 2016. JP: Land Price Survey: Average Land Price: Industrial: Tokyo data is updated yearly, averaging 226,300.000 JPY/sq m from Jun 1996 (Median) to 2017, with 22 observations. The data reached an all-time high of 360,600.000 JPY/sq m in 1996 and a record low of 204,900.000 JPY/sq m in 2005. JP: Land Price Survey: Average Land Price: Industrial: Tokyo data remains active status in CEIC and is reported by Ministry of Land, Infrastructure, Transport and Tourism. The data is categorized under Global Database’s Japan – Table JP.EB013: Land Price Survey: By Region.

Japan JP: Land Price Survey: Average Land Price: Residential: Tokyo data was reported at 354,600.000 JPY/sq m in 2018. This records an increase from the previous number of 342,600.000 JPY/sq m for 2017. Japan JP: Land Price Survey: Average Land Price: Residential: Tokyo data is updated yearly, averaging 323,300.000 JPY/sq m from Jun 1996 (Median) to 2018, with 23 observations. The data reached an all-time high of 399,200.000 JPY/sq m in 1996 and a record low of 293,400.000 JPY/sq m in 2005. Japan JP: Land Price Survey: Average Land Price: Residential: Tokyo data remains active status in CEIC and is reported by Ministry of Land, Infrastructure, Transport and Tourism. The data is categorized under Global Database’s Japan – Table JP.P004: Land Price: By Region.

Tokyo's district Chuo ward had the highest standard land price in 2024, with over *** million Japanese yen per square meter. Chuo is one of **** central business districts in Japan's capital. Approximately *** thousand people live in the district located in the Eastern part of the city. The average land price in Tokyo Prefecture increased in 2024.

Japan JP: Land Price Survey: Average Land Price: Residential: Tokyo Zone data was reported at 203,000.000 JPY/sq m in 2018. This records an increase from the previous number of 198,600.000 JPY/sq m for 2017. Japan JP: Land Price Survey: Average Land Price: Residential: Tokyo Zone data is updated yearly, averaging 199,400.000 JPY/sq m from Jun 1996 (Median) to 2018, with 23 observations. The data reached an all-time high of 288,600.000 JPY/sq m in 1996 and a record low of 185,700.000 JPY/sq m in 2013. Japan JP: Land Price Survey: Average Land Price: Residential: Tokyo Zone data remains active status in CEIC and is reported by Ministry of Land, Infrastructure, Transport and Tourism. The data is categorized under Global Database’s Japan – Table JP.P004: Land Price: By Region.

The Japanese luxury residential real estate market is expected to maintain a steady growth rate, with a CAGR of 3.00% during the forecast period of 2025-2033. This growth can be attributed to the nation's affluent population and the presence of major corporations, creating a demand for high-end housing. Tokyo, Kyoto, and Osaka are the primary metropolitan areas driving the market. Foreign investors are also contributing to the demand for luxury properties, particularly in the form of apartments and condominiums. Key trends in the market include the increasing popularity of smart homes and the growing demand for eco-friendly luxury properties. The market is segmented into apartments and condominiums, villas and landed houses, with apartments and condominiums dominating the market. Major companies in the market include Daiwa House Group, Mitsui Fudosan, Tokyo Tatemono, Sumitomo Realty & Development, and Daikyo Incorporated. Despite the projected growth, there are some restraints such as the high cost of land and the strict regulations governing the construction of new developments. Recent developments include: On January 13th, 2022, Mitsubishi Estate announced rental residences would be included on the upper floors of Torch Tower, a mixed-use building to be developed in the Tokyo Torch complex, officially named the Tokyo Station Tokiwabashi Project. These will be the first residential units for rent in the Otemachi, Marunouchi, and Yurakucho areas, according to Mitsubishi Estate. There will be approximately 50 luxury rental apartments planned, between roughly 70 to 400 square meters in exclusive use spaces. Torch Tower will be a 63-story, 4-level basement complex consisting of a hotel, offices, event spaces, and retail stores in addition to the luxury rental units. Construction is scheduled to begin in the fiscal year 2023 and be completed in the fiscal year 2027., On April 25th, 2022, Mitsui Fudosan Residential and Mitsubishi Estate Residence announced the permanent name of "Mita Garden Hills" for the, until now, tentatively named "Mita 1-Chome, Minato-ku, Tokyo Project". It is a large-scale luxury condominium project that will include 1,002 units ranging from studio to 4-bedroom condos. The site spans 2.5 hectares and will have 1,002 apartments across several 1 - 14-story buildings, with apartment sizes ranging from 29 - 370 sqm (312 - 3,891 sq. ft). Only the units over 200 sqm in size appear to have two bathrooms (or a shower in the main bedroom). A resident-only central garden of around 7,700 sqm will be landscaped with 130 varieties of new and existing plants. Approximately 500 tonnes of rainfall will be collected each year to help with the watering of the plants to conserve water usage.. Key drivers for this market are: 4., Rapid Urbanization is driving the market4.; Government Initiatives Actively promoting the Construction Activities. Potential restraints include: 4., Limited Infrastructure4.; Shortage of Skilled Labours. Notable trends are: High Concentration of UHNWI in Tokyo Driving the Sales of Luxury Homes.

The Japan office real estate market, valued at approximately ¥20 trillion (assuming a reasonable market size based on similar mature markets and given CAGR) in 2025, exhibits robust growth potential with a compound annual growth rate (CAGR) exceeding 4.00%. Key drivers include sustained economic growth, particularly in Tokyo and Kyoto, increasing demand from technology companies and financial institutions, and a limited supply of high-quality office spaces in prime locations. Emerging trends such as the adoption of flexible workspaces and a focus on sustainable building practices are reshaping the market landscape. However, challenges remain, including fluctuations in the global economy, potential interest rate hikes impacting investment, and the ongoing impact of remote work adoption on office demand. While the concentration of office space in Tokyo and Kyoto is significant, growth is expected in secondary cities driven by decentralization efforts and regional economic development initiatives. Leading players like Mitsui Fudosan, Mitsubishi Estate Co., and Sumitomo Realty & Development dominate the market, continuously adapting their strategies to meet evolving market needs. The forecast period of 2025-2033 indicates continued growth, albeit potentially at a moderated pace compared to the historical period (2019-2024). Factors such as government policies promoting urban regeneration and investments in infrastructure will likely influence the market trajectory. The segment analysis focusing on Tokyo, Kyoto, and the rest of Japan highlights the geographical disparities in growth potential and investment opportunities. The competitive landscape is characterized by established players and emerging companies, creating a dynamic environment for innovation and market share competition. Analyzing the historical data and current market conditions provides valuable insights for investors, developers, and businesses seeking opportunities within the Japanese office real estate sector. Further research into specific sub-segments and detailed financial performance data of key players would provide a more comprehensive understanding. Recent developments include: January, 2023: Buildings in the capital's Otemachi business district are becoming more green and lush, as developers resort to plants, trees, and even farms to attract office employees seeking more refreshing work surroundings. Mitsui & Co. and Mitsui Fudosan Co. are at the forefront of the movement, having created one of the largest green areas in the district. The 6,000-square-meter green zone replaces an open space next to Mitsui & Co.'s former headquarters., December 20, 2022: Tokyu Land Corporation, SolarDuck's partner, has been given the contract to realize the Tokyo Bay ESG Project by the Tokyo Metropolitan Government. This project aims to realize local energy generation and consumption in the Tokyo Bar Area via the use of cutting-edge, sustainable technology. Tokyu Land Corporation (the project owner), SolarDuck (offshore floating solar technology), and Everblue make up the partnership for the Tokyo Bay ESG Project., November 2022: Sumitomo Realty & Development of Japan will invest 500 billion yen (USD 3.58 billion) in office building projects in India, growing in what will soon become the world's most populous country. The corporation recently spent 35.1 billion yen acquiring around 12,000 square meters of property in the Bandra Kurla Complex, often known as BKC, a fast-rising commercial and residential sector of Mumbai. The location is one of BKC's major office development sites.. Notable trends are: Rise in Start-ups Driving the Market.

In 2024, the average land price in Chiba Prefecture was ***** thousand Japanese yen per square meter, up from approximately ***** thousand yen in 2023. Chiba Prefecture is part of the Tokyo Metropolitan Area, which is home to around ** percent of the population in Japan.

Japan JP: Land Price Survey: Average Land Price: Commercial: Tokyo Zone data was reported at 1,153,500.000 JPY/sq m in 2017. This records an increase from the previous number of 1,096,300.000 JPY/sq m for 2016. Japan JP: Land Price Survey: Average Land Price: Commercial: Tokyo Zone data is updated yearly, averaging 945,500.000 JPY/sq m from Jun 1996 (Median) to 2017, with 22 observations. The data reached an all-time high of 1,374,800.000 JPY/sq m in 1996 and a record low of 787,000.000 JPY/sq m in 2004. Japan JP: Land Price Survey: Average Land Price: Commercial: Tokyo Zone data remains active status in CEIC and is reported by Ministry of Land, Infrastructure, Transport and Tourism. The data is categorized under Global Database’s Japan – Table JP.EB013: Land Price Survey: By Region.

In 2023, the gross total floor area of new large-scale office buildings in Tokyo’s 23 wards amounted to approximately 1.3 million square meters. The supply volume of new office space was forecasted to decline to 610 thousand square meters in 2024. Tokyo Metropolis Tokyo Metropolis is Japan’s largest city, with a population of more than nine million inhabitants. It consists of 23 special wards and over 30 towns, cities, and villages. The five wards of Chuo, Shibuya, Shinjuku, Minato, and Chiyoda form Tokyo’s central business district. These districts boast the highest average land prices and rents for office space in the city. Tokyo is the leading office market in Japan, and a large proportion of office buildings are concentrated there. Office buildings in Tokyo The floor space of office buildings with a floor size of 100 tsubo or more in the central business districts of Tokyo reached over 14 million tsubo in 2023, equal to about 46.6 square kilometers. Most of the existing office building stock in Tokyo was completed between 1982 and 1990. During this time, Japan experienced an asset price bubble that led to a real estate development boom. Although the supply of new office space in Tokyo is projected to decline, some major office construction projects are scheduled to be completed in the coming years. Torch Tower, for example, will become Japan's tallest building, with a height of 390 meters, upon its completion in 2028.

In 2024, the average land price in Kanagawa Prefecture was about ***** thousand Japanese yen per square meter. Kanagawa Prefecture is located south of Tokyo Prefecture. Its capital Yokohama is one of the most populous cities in Japan.

Japan JP: Land Price Survey: Average Land Price: Commercial: Tokyo data was reported at 1,824,500.000 JPY/sq m in 2017. This records an increase from the previous number of 1,699,300.000 JPY/sq m for 2016. Japan JP: Land Price Survey: Average Land Price: Commercial: Tokyo data is updated yearly, averaging 1,416,250.000 JPY/sq m from Jun 1996 (Median) to 2017, with 22 observations. The data reached an all-time high of 1,824,500.000 JPY/sq m in 2017 and a record low of 1,141,900.000 JPY/sq m in 2004. Japan JP: Land Price Survey: Average Land Price: Commercial: Tokyo data remains active status in CEIC and is reported by Ministry of Land, Infrastructure, Transport and Tourism. The data is categorized under Global Database’s Japan – Table JP.EB013: Land Price Survey: By Region.

In 2024, the highest official price for commercial land in Tokyo amounted to 55.7 million Japanese yen per square meter. The highest commercial land price per square meter in Osaka reached 23.6 million yen.

Japan JP: Land Price Survey: Average Land Price: Industrial: Tokyo Zone data was reported at 101,600.000 JPY/sq m in 2017. This records an increase from the previous number of 101,300.000 JPY/sq m for 2016. Japan JP: Land Price Survey: Average Land Price: Industrial: Tokyo Zone data is updated yearly, averaging 100,400.000 JPY/sq m from Jun 1996 (Median) to 2017, with 22 observations. The data reached an all-time high of 179,700.000 JPY/sq m in 1996 and a record low of 84,000.000 JPY/sq m in 2012. Japan JP: Land Price Survey: Average Land Price: Industrial: Tokyo Zone data remains active status in CEIC and is reported by Ministry of Land, Infrastructure, Transport and Tourism. The data is categorized under Global Database’s Japan – Table JP.EB013: Land Price Survey: By Region.

In 2024, the Yamano Music Building in Tokyo's Ginza district was the building with the highest price for commercial land in Japan, with a land price of **** million Japanese yen per square meter. It was followed by the Taikakukan Building with a land price of **** million yen per square meter.

In 2024, the average land price in Saitama Prefecture was about ***** thousand Japanese yen per square meter. Saitama Prefecture is part of the Tokyo Metropolitan Area. Located north of Tokyo Prefecture, its capital Saitama City is known as a commuter town.

In 2024, the gross total floor area of new large-scale office buildings in Tokyo’s 23 wards amounted to approximately ******* square meters. The supply volume of new office space was forecasted to increase to **** million square meters in 2025. Tokyo Metropolis Tokyo Metropolis is Japan’s largest city, with a population of more than **** million inhabitants. It consists of 23 special wards and over 30 towns, cities, and villages. The five wards of Chuo, Shibuya, Shinjuku, Minato, and Chiyoda form Tokyo’s central business district. These districts boast the highest average land prices and rents for office space in the city. Tokyo is the leading office market in Japan, and a large proportion of office buildings are concentrated there. Office buildings in Tokyo The floor space of office buildings with a floor size of 100 tsubo or more in the central business districts of Tokyo reached over ** million tsubo in 2024, equal to about **** square kilometers. Most of the existing office building stock in Tokyo was completed between the 1980s and 1990s. During this time, Japan experienced an asset price bubble that led to a real estate development boom. Some major office construction projects in Tokyo are scheduled to be completed in the coming years. ***********, for example, will become Japan's tallest building, with a height of *** meters, upon its completion in 2028.