Japan Office MarketView Q2 2025

MARKETVIEW | JAPAN OFFICE | Q2 2025

MARKETVIEW | JAPAN OFFICE | Q2 2025

Tokyo Grade A vacancy rate drops to 1.4%; Strong Grade A performance drives rent increases across all three major cities Forecast* Q-o-Q, ＋0.0% Annualized GDP Growth Q2

15pp

±0pp Q-o-Q

BOJ Tankan DI (All Enterprises) Q2

＋2.7% Q-o-Q Tokyo Grade A Rent Q2

－2.2pp Q-o-Q

Tokyo Grade A Vacancy Rate Q2

*JCER Forecast (ESP forecast)

Tokyo: Grade A vacancy rate drops to 1.4%, breaking 2% threshold for first time in four years ‒ The All-Grade vacancy rate slid by 0.5 pp q-o-q to 2.5% in Q2 2025, while the Grade A vacancy rate recorded a sharper decline of 2.2 pp q-o-q to 1.4%. Relocations to larger premises and in-house expansions were observed across a wide variety of sectors, as were new office openings. Rents rose for all grades, with Grade A rents registering a significant spike of 2.7% from the previous quarter. While an increasing number of landlords raised their asking rents, tenants also demonstrated an increased tolerance for such rent rises.

Figure 1: Grade A Average Assumed Achievable Rent

Forecast

45,000 JPY/tsubo 40,000

Osaka: Grade A vacancy rate drops, rents continue to rise

Nagoya: Grade A rents record largest single-quarter increase since Q1 2020 ‒ The All-Grade vacancy rate slid by 0.4 pp q-o-q to 3.1% in Q2 2025. The Grade A vacancy rate dropped by 0.9 pp to 1.4%, falling below the 2% threshold for the first time since Q1 2021. During the quarter, relocations to larger premises, in-house expansions, and new office openings were observed across a wide variety of sectors such as IT. Rents also increased across all grades, with those in the Grade A segment recording a rise of 1.5% q-o-q. Asking rents were raised by landlords of several buildings, particularly those attracting strong tenant interest.

Regional cities: Rents rise in all 10 cities for first time since Q1 2020 ‒ All-Grade vacancy fell q-o-q in five of the 10 cities surveyed, and increased in the remaining five. Tenant demand was robust nationwide, with vacancies absorbed by companies relocating to new premises in superior locations or higher-grade buildings, as well as by those seeking to expand their office space or establish new offices. Rents rose q-o-q in all 10 cities for the first time since Q1 2020. While the rates of increase in regional cities were generally below those in the three major metropolitan areas, rents are gradually rising.

1

CBRE RESEARCH

35,000 30,000 25,000 20,000 15,000

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026

‒ The All-Grade vacancy rate remained unchanged from the previous quarter at 2.6%, while the Grade A vacancy rate dropped by 0.4 pp q-o-q to 3.6%. Although there were vacancies remaining in the large property completed this quarter, existing vacancies were filled in several properties completed last year by companies opening new offices or relocating from company-owned premises. Rents increased across all grades for the fourth consecutive quarter, with Grade A rents continuing their strong surge seen in Q1 2025, driven by robust tenant demand.

Tokyo

Osaka

Nagoya

Source: CBRE, Q2 2025

© 2025 CBRE, INC.

MARKETVIEW | JAPAN OFFICE | Q2 2025

Tokyo Grade A vacancy rate drops to 1.4%, breaking 2% threshold for first time in four years The All-Grade vacancy rate slid by 0.5 pp q-o-q to 2.5% in Q2 2025. While new supply consisted of 41,000 tsubo, roughly equivalent to the past quarterly average, net absorption was more than 2x this level, at 83,000 tsubo. In addition to relocations to larger premises, in-house expansions, and new office openings driven by business expansions and return-to-office, companies across a broad range of industries relocated to higher-grade buildings or moved office due to the reconstruction of their original premises.

Grade A led the way in terms of falls in vacancy, with a significant decline of 2.2 pp to 1.4%, falling below the 2% threshold for the first time since Q2 2021. In addition to the quarter’s one new building entering operation at almost full occupancy, significant vacancies were filled in several relatively new properties. In the Grade B segment, the vacancy rate fell by 0.2 pp to 2.1%, as vacancies continued to be filled in centrally located buildings seen as offering superior value for money. The Grade A- vacancy rate increased by 0.4 pp q-o-q to 3.4%. The two new buildings completed during the quarter were in less-than-ideal locations and still had vacancies remaining upon completion. At the same time, vacancies emerged in several existing properties due to tenants relocating to new Grade A buildings. Vacancies of a reasonable size in high-quality properties in favorable locations are now rare and valuable, leading to fierce competition among potential tenants. Pre-leasing is proceeding well for Grade A buildings slated for completion in the coming quarters, making it extremely difficult for tenants to secure space of any significant size. Even developments not due for completion until 2028 or 2029 have already secured some tenants.

Average rents increased across all grades, led by Grade A rents, which grew by 2.7% from the previous quarter. While an increasing number of landlords are raising their asking rents in response to declining vacancy, tenants are also demonstrating an increased tolerance for such rent rises. The lack of vacancies in the city suggests that rent levels are likely to continue to trend upward, with CBRE forecasting Grade A rents to increase by a further 9.4% over the next 12 months.

Osaka Net absorption outstrips new supply to pull down Grade A vacancy; rents continue to rise The All-Grade vacancy rate remained unchanged from the previous quarter at 2.6%, with robust tenant activity observed across various business sectors and categories of floor space. The Grade A vacancy rate slipped by 0.4 pp q-o-q to 3.6%. Despite the quarter’s one new building with around 10,000 tsubo of floor space coming on stream below full occupancy, significant vacancies were filled in several properties completed last year by tenants looking to open new offices or relocate from company-owned buildings.

The Grade B vacancy rate rose by 0.1 pp to 2.1%, largely because the one new property commenced

2

CBRE RESEARCH

operations with significant vacancies remaining. However, demand remains robust, with steady absorption of vacancies in excess of 100 tsubo in existing buildings by companies opening new offices, expanding inhouse, and relocating to larger premises. This resulted in a negligible increase in the vacancy rate for the quarter. With future supply limited, tenants are securing new premises more quickly than before.

Average rents rose across all three grades for a fourth straight quarter, up by 2.2% q-o-q to JPY 25,150 for Grade A office buildings; by 1.3% q-o-q to JPY 15,050 for Grade B; and by 0.9% q-o-q to JPY 14,550 for AllGrade. Driven by robust tenant demand for properties in and around the Umeda area, this quarter’s strong growth in Grade A rents represented another significant rise from the 1.9% q-o-q increase recorded in Q1 2025. With rents on the rise in both low-rent and high-rent areas, CBRE observed vey few cases in which asking rents were lowered. Limited future supply and robust demand should ensure that rents continue to trend upward, with CBRE forecasting Grade A rents to increase by a further 5.0% over the next 12 months.

Nagoya Grade A rents record largest single-quarter increase since Q1 2020 The All-Grade vacancy rate for the quarter slid by 0.4 pp q-o-q to 3.1%. Relocations to larger premises, inhouse expansions, and new openings of secondary offices were observed across a wide variety of sectors, led by companies in IT-related fields. The Grade A vacancy rate dropped by 0.9 pp to 1.4%, falling below the 2% threshold for the first time since Q1 2021. With almost no new vacancies, several of the few existing vacancies were filled during the quarter. The Grade B vacancy rate also dropped by 0.2 pp to 3.4%. While new vacancies appeared in some buildings as the result of consolidations or downsizings, other vacancies were filled, particularly in properties seen as offering superior value for money.

New supply of approximately 30,000 tsubo of floor space, more than double the past annual average, is slated to come on stream in 2026, predominantly in the Grade A segment. However, pre-leasing in several of these buildings has been brisk, suggesting that many of these properties will have high occupancy upon completion. As most companies who have pre-leased space are relocating from self-owned premises or rebuilding their existing offices, secondary vacancies should be limited. Available floor space has therefore become very limited, leading to more cases in which multiple tenants are competing over single units.

Rents increased from the previous quarter across all grades. Grade A rents led the way with a rise of 1.5% q-o-q, the largest single-quarter increase for the grade since Q1 2020. Although asking rents were raised in several buildings, particularly those attracting significant tenant interest, many tenants have shown a willingness to pay these higher rates. However, recent rent hikes have meant that only a limited number of prospective tenants can afford the more expensive units, particularly in the Grade A segment. This could well lead to a slight slowdown in the pace of rent increases. CBRE forecasts Grade A rents to increase by 3.4% over the next 12 months.

© 2025 CBRE, INC.

MARKETVIEW | JAPAN OFFICE | Q2 2025

Regional cities (Sapporo/Sendai/Saitama/Yokohama/Kanazawa/Kyoto/Kobe/Takamatsu/Hiroshima/Fukuoka)

Figure 2: Vacancy Rate in 13 Cities

0%

10%

20%

Strong nationwide tenant demand spurs relocations to newer buildings

－2.2

Tokyo Grade A

－0.2

Tokyo Grade B

－0.4

＋0.1

±0.0 －0.9

－0.2

－0.4

－0.5

Among the five regional cities where vacancies rose, new supply was the primary cause in Sendai and Fukuoka. In Fukuoka, the four newly completed properties were those subject to floor area ratio bonuses as part of the Tenjin Big Bang and Hakata Connected development projects. The new supply of 16,000 tsubo was equivalent to 4% of existing stock, but the vacancy rate only rose by 0.5 pp q-o-q to 4.6%. Some of the new buildings came on stream at high occupancy rates, having secured demand from companies looking to upgrade their premises, those seeking to expand, and those forced to leave their previous offices. Major vacancies were also filled in other recently completed properties by companies opening new offices or moving to larger premises.

＋0.1

－0.1

＋0.2

－0.2

＋0.5

－0.4

Rents rise in all 10 cities

CBRE RESEARCH

(%)

(pp)

－0.5

Yokohama recorded the steepest decline in vacancy rate, falling by 0.5 pp q-o-q to 5.3%. Several major vacancies were taken up, and other buildings also saw space absorbed by new secondary office openings and in-house expansions. Kobe followed with a drop of 0.4 pp q-o-q to 2.0%. One new property came on stream at almost full capacity, attracting demand for relocations from suburban areas and the opening of new secondary offices. Vacancies in existing buildings were also absorbed by new offices, in-house expansions, and forced relocations. In Sapporo, the vacancy rate fell by 0.1 pp q-o-q to 3.1%. While the quarter’s one new property entered operation at less than full capacity, many other vacancies in relatively new buildings were filled by companies opening new secondary offices or relocating to superior locations or larger premises.

3

Q-o-Q 5,000

30% Q-o-Q

20,000

35,000

JPY/tsubo

50,000

＋2.7

＋0.4 Tokyo Grade A-Minus ＋1.8

All-Grade vacancy rates fell q-o-q in five of the 10 cities surveyed in Q2 2025, rising in the other five. In two of the cities where the vacancy rate rose, new supply was the primary cause, while large vacancies emerged in the remaining three. However, no decline in demand was observed, with tenant interest holding firm throughout the country.

All-Grade rents rose q-o-q in all 10 cities surveyed. This was the first time that rents increased across all cities since Q1 2020, just after the onset of the COVID-19 pandemic. While the rates of rental increase in regional cities were generally lower than those in the three major metropolitan areas, rents are gradually increasing across all markets. In Sapporo, Saitama, and Hiroshima, rents set new record highs again this quarter. The most significant rent increases were seen in Kobe and Takamatsu, were they rose by 0.7% q-o-q. In Kobe, landlords hiked rents not only for properties below-market rents, but also for some high-rent properties. Average rents rose by 0.5% in Saitama, as landlords of large units in prime locations took advantage of their properties’ rarity to raise rents in what remains a tightly supplied market, with the vacancy rate at just 0.7%. Almost no properties throughout the entire country saw rents lowered.

Figure 3: Average Assumed Achievable Rent in 13 Cities

－0.2

＋0.6 Q1 2005-Q2 2025 Q2 2025

＋0.5

Tokyo All-Grade Osaka Grade A Osaka Grade B Osaka All-Grade Nagoya Grade A Nagoya Grade B Nagoya All-Grade Yokohama* Saitama Sapporo Sendai Kanazawa Kyoto Kobe Hiroshima Takamatsu Fukuoka

＋1.3

＋1.2

＋2.2 ＋1.3

＋0.9 ＋1.5

＋0.7

＋0.9 ＋0.1

＋0.5

＋0.4 ＋0.2 ＋0.2

＋0.4 ＋0.7

＋0.3 ＋0.7

＋0.4

Q1 2005-Q2 2025 Q2 2025

* Effective Q2 2024, we have included “Kannai” area within the “Yokohama” submarket. To reflect this change, we have also recalculated the historical data for “Yokohama”.

Source: CBRE, Q2 2025 Source: CBRE, Q2 2025

© 2025 CBRE, INC.

MARKETVIEW | JAPAN OFFICE | Q2 2025

Figure 4: Market Summary

Vacancy Rate (%) Q2 2024 Q1 2025 Q2 2025

Y-o-Y Q-o-Q (pp) Q2 2024 Q1 2025 Q2 2025 (%)

4.6

3.6

1.4

－ 2.2

－ 3.2

35,350 37,450 38,450 ＋ 2.7 ＋8.8

Marunouchi/ Otemachi

1.2

0.4

0.2

－ 0.2

－ 1.0

Grade A-Minus All

4.4

3.0

3.4

＋0.4

Grade B

3.1

2.3

2.1

－ 0.2

All-Grade

All

Vacancy Rate (%)

Y-o-Y (%)

All

Tokyo Grade A

4

Assumed Achievable Rent (JPY/tsubo)

Q-o-Q (pp)

Q2 2024 Q1 2025 Q2 2025

Assumed Achievable Rent (JPY/tsubo)

Q-o-Q (pp)

Y-o-Y Q-o-Q (pp) Q2 2024 Q1 2025 Q2 2025 (%)

Y-o-Y (%)

Grade A

All

7.1

2.3

1.4

－ 0.9

－ 5.7

27,000 27,500 27,900 ＋ 1.5 ＋ 3.3

44,950 48,050 49,050 ＋ 2 .1 ＋ 9.1

Grade B

All

4.3

3.6

3.4

－ 0.2

－ 0.9

14,500 14,650 14,750 ＋0.7 ＋ 1 .7

－ 1.0

23,950 24,700

All-Grade

All

5.2

3.5

3.1

－0.4

－ 2 .1

13,970

－ 1.0

21,700 22,250 22,550 ＋ 1 .3 ＋ 3.9

Meieki

5.5

2.7

2.1

－ 0.6

－ 3.4

18,440 18,650

18,810 ＋0.9 ＋2.0

Fushimi/ Marunouchi

6.6

4.5

4.1

－0.4

－ 2.5

12,910 13,070

13,190 ＋0.9 ＋ 2.2

Nagoya

25,150 ＋ 1.8 ＋5.0

All

4.1

3.0

2.5

－ 0.5

－ 1.6

21,480 22,050

Central 5 Wards

3.3

2.4

1.7

－ 0.7

－ 1.6

22,700 23,340 23,650 ＋ 1 .3 ＋ 4.2

Sakae

3.5

3.9

3.6

－ 0.3

＋ 0.1

13,310 13,420 13,540 ＋0.9 ＋ 1 .7

Marunouchi/ Otemachi

1.5

0.5

0.3

－ 0.2

－ 1 .2

38,900 40,860 41,650 ＋ 1.9 ＋ 7.1

Nagoya-Higashi

0.8

2.0

1.7

－ 0.3

＋ 0.9

10,250 10,470 10,620 ＋ 1.4 ＋ 3.6

Kanda/ Iidabashi

2.5

1.4

1.3

－ 0.1

－ 1 .2

20,490

All*1

8.6

5.8

5.3

－ 0.5

－ 3.3

14,760

2.8

2.3

3.1

＋ 0.8

＋ 0.3

15,540 15,620 15,630 ＋ 0.1 ＋0.6

21,130

22,310 ＋ 1 .2 ＋ 3.9

14,140 14,270 ＋0.9 ＋ 2 .1

21,370 ＋ 1 . 1 ＋ 4.3

Yokohama All-Grade

14,910 14,920 ＋ 0.1 ＋ 1 . 1

Yaesu/ Nihonbashi

2.2

1.7

1.4

－ 0.3

－ 0.8

22,620

23,120 23,450 ＋ 1.4 ＋ 3.7

Around Yokohama Station

Roppongi/ Akasaka

9.2

7.5

2 .7

－ 4.8

－ 6.5

25,220

26,110 26,380 ＋ 1.0 ＋4.6

Minato-mirai

12.9

8.4

6.7

－1.7

－ 6.2

18,610

19,010 19,040 ＋0.2 ＋ 2.3

Toranomon/ Shiodome

3.4

2 .7

1.6

－1.1

－ 1 .8

24,780 25,450 25,900 ＋ 1.8 ＋4.5

Kannai

2.6

2.2

3.7

＋ 1 .5

＋1.1

11,890

11,990

Shinjuku

2.0

1.5

1.9

＋0.4

－ 0.1

22,570 23,260 23,550 ＋ 1 .2 ＋ 4.3

Saitama

All-Grade

0.7

0.6

0.7

＋ 0.1

±0.0

19,690 20,000 20,100 ＋0.5 ＋ 2 .1

Shibuya/ Ebisu

1.5

1.0

0.9

－ 0.1

－ 0.6

24,920 25,330 25,670 ＋ 1 .3 ＋3.0

Sapporo

All-Grade *2

2.5

3.2

3.1

－ 0.1

＋ 0.6

15,910 16,040

16,100 ＋0.4 ＋ 1 .2

Shinagawa/ *3 Tamachi

4.5

3.0

2.5

－ 0.5

－ 2.0

20,760 21,260 21,470 ＋ 1.0 ＋3.4

Sendai

All-Grade

4.7

3.8

4.0

＋ 0.2

－ 0.7

11,550

11,670 ＋0.2 ＋ 1.0

Osaki *3

3.4

2.6

3.2

＋ 0.6

－ 0.2

18,790 19,520 19,750 ＋ 1 .2 ＋ 5.1

Kanazawa

All-Grade

13.4

13.0

12.8

－ 0.2

－ 0.6

10,750 10,800 10,820 ＋0.2 ＋0.7

Osaka Grade A

All

6.5

4.0

3.6

－0.4

－ 2.9

23,950 24,600

25,150 ＋ 2.2 ＋5.0

Kyoto

All-Grade

3.2

1.5

2.0

＋ 0.5

－ 1 .2

15,380

15,370 15,430 ＋0.4 ＋0.3

Grade B

All

2.5

2.0

2.1

＋ 0.1

－0.4

14,650 14,850 15,050 ＋ 1 .3 ＋ 2.7

Kobe

All-Grade

2.7

2.4

2.0

－0.4

－ 0.7

12,120

12,310 12,400 ＋0.7 ＋ 2.3

All-Grade

All

3.5

2.6

2.6

±0.0

－ 0.9

14,240 14,420 14,550 ＋0.9 ＋ 2.2

Hiroshima All-Grade

4.0

5.0

4.8

－ 0.2

＋ 0.8

11,910

11,980

12,010 ＋0.3 ＋0.8

Umeda

7.4

6.4

4.6

－ 1 .8

－ 2.8

21,780 22,180 22,570 ＋ 1.8 ＋ 3.6

Takamatsu All-Grade

7.3

7.1

7.7

＋ 0.6

＋0.4

9,850

9,790

9,860 ＋0.7 ＋ 0.1

Dojima

2.3

0.9

1.0

＋ 0.1

－ 1 .3

17,600 18,000 18,220 ＋ 1 .2 ＋ 3.5

Fukuoka

3.9

4.1

4.6

＋ 0.5

＋ 0.7

16,150 16,320 16,390 ＋0.4 ＋ 1.5

Nakanoshima

1.8

1.0

1.0

±0.0

－ 0.8

19,570 19,840 20,130 ＋ 1.5 ＋ 2.9

Yodoyabashi

1.4

1.1

4.6

＋ 3.5

＋ 3.2

17,120 17,290 17,420 ＋0.8 ＋ 1.8

Honmachi

5.1

3.1

4.2

＋1.1

－ 0.9

14,310 14,350 14,490 ＋ 1.0 ＋ 1 .3

Shin-Osaka

4.4

1.1

1.0

－ 0.1

－ 3.4

14,610 14,860 14,990 ＋0.9 ＋ 2.6

CBRE RESEARCH

All-Grade

11,650

11,990 ±0.0 ＋0.8

*1 Effective Q2 2024, we have included “Kannai” area within the “Yokohama” submarket. To reflect this change, we have also recalculated the historical data for “All” of “Yokohama”. *2 The Vacancy Rate for “Sapporo” has been revised retroactively from Q2 2024 due to the addition of two buildings to the cohort.

3 * Vacancy rates for the Tokyo submarkets of “Shinagawa/Tamachi” and “Osaki” have been revised retroactively from Q1 2025 due to certain adjustments to the cohorts.

Source: CBRE, Q2 2025

© 2025 CBRE, INC.

MARKETVIEW | JAPAN OFFICE | Q2 2025

Building Grade Definition All-Grade Grade A Tokyo: Central 5 Wards* Osaka, Nagoya: Office area

Office area in Tokyo 23 Wards

NLA:

6,500 tsubo or more

4,500 tsubo or more

GFA:

10,000 tsubo or more 500** tsubo

Location

Size

Grade A-Minus

Typical floor plate:

Grade B Office area in Tokyo 23 Wards

Office area in Osaka & Nagoya

Office area in 13 cities nationwide set by CBRE

7,000 tsubo or more

2,000 tsubo or more

2,000 tsubo or more

1,000 tsubo or more

Greater than 250 tsubo

Greater than 200 tsubo

ー

(except Grade A & GradeA-Minus)

(except Grade A)

Age

Generally less than 15 years

Other

Landmark status, specifications, etc.

ー

ー

ー

ー

(except Grade A)

Buildings satisfying the 1981 anti-seismic standards *Central 5 Wards: Chiyoda Ward, Chuo Ward, Minato Ward, Shinjuku Ward, Shibuya Ward **350 tsubo for Osaka and Nagoya

Terms and Definitions Space Measurement

1 tsubo=3.3058 square meters=35.58 square feet

Surveyed Buildings

Office buildings for lease located in office markets in 13 major cities nationwide, with gross floor area of 1,000 tsubo or more, and compliant with the new earthquake resistance standards.

Tokyo

Kanazawa

Meiji Yasuda Seimei Building 2-1-1 Marunouchi, Chiyoda-ku, Tokyo

JR Kanazawa Station West 4th NK Building, 3-3-11 Hirooka, Kanazawa-shi Ishikawa

Osaka

Nagoya

Grand Front Osaka 4-20, Ofuka-cho, Kita-ku, Osaka-shi, Osaka

Chunichi Bldg. 21F, 4-1-1 Sakae, Naka-ku, Nagoya-shi, Aichi

Sapporo

Hiroshima

Nihon Seimei Sapporo Building 4-1-1 Kitasanjonishi, Chuo-ku, Sapporo-shi, Hokkaido

Shishinyo Building 3-17 Fukuromachi, Naka-ku, Hiroshima-shi, Hiroshima

Sendai

Fukuoka

Sendai Mark One 1-2-3 Chuo, Aoba-ku, Sendai-shi, Miyagi

Fukuoka Center Building 2-2-1 Hakata-Ekimae, Hakata-ku, Fukuoka-shi, Fukuoka

Surveyed Period

Quarterly vacancy rate: (1) End of March (2) End of June (3) End of September (4) End of December Quarterly assumed achievable rents: (1) End of March (2) End of June (3) End of September (4) End of December

Vacancy Rate

Vacancies are those that are ready to receive tenants at time of survey

Yokohama

Assumed achievable rent including common area maintenance fee Expressed as JPY per tsubo per month

Yokohama ST Building 1-11-15 Kitasaiwai, Nishi-ku, Yokohama-shi, Kanagawa

Assumed Achievable Rent New Supply Net Absorption Number of Grade A Buildings

Net leasable area of buildings completed during each period Difference between occupied floor space (floor space used by tenants) in a given period and that of the previous period Tokyo: 107 Osaka: 33 Nagoya: 13 (as of Q2 2025)

To learn more about CBRE Research, or to access additional research reports, please visit the Insights & Research at Insights&Research

Contacts

Yuji Iwama

Yoshitaka Igarashi

Kumiko Ninomiya

Chinatsu Hani

Senior Director

Director

Head of Research

yuji.iwama@cbre.com

yoshitaka.igarashi@cbre.com

Senior Analyst kumiko.ninomiya@cbre.com

chinatsu.hani@cbre.com

© Copyright 2025. All rights reserved. This report has been prepared in good faith, based on CBRE’s current anecdotal and evidence based views of the commercial real estate market. Although CBRE believes its views reflect market conditions on the date of this presentation, they are subject to significant uncertainties and contingencies, many of which are beyond CBRE’s control. In addition, many of CBRE’s views are opinion and/or projections based on CBRE’s subjective analyses of current market circumstances. Other firms may have different opinions, projections and analyses, and actual market conditions in the future may cause CBRE’s current views to later be incorrect. CBRE has no obligation to update its views herein if its opinions, projections, analyses or market circumstances later change.

5

Nothing in this report should be construed as an indicator of the future performance of CBRE’s securities or of the performance of any other company’s securities. You should not purchase or sell securities—of CBRE or any other company—based on the views herein. CBRE disclaims all liability for securities purchased or sold based on information herein, and by viewing this report, you waive all claims against CBRE as well as against CBRE’s affiliates, officers, directors, employees, agents, advisers and representatives arising out of the accuracy, completeness, adequacy or your use of the information herein.

CBRE RESEARCH

© 2025 CBRE, INC.