Tokyo flex space regains growth momentum in 2025

In the second half of 2025, the new supply of flexible office space in Tokyo’s five central wards increased by 12,900 sqm. According to the latest edition of JLL Research’s semi-annual report, Tokyo Flexible Office Market Dynamics 2H25, this brought the full-year total supply to 34,800 sqm, marking a strong finish to the year.

By the end of 2025, the total flex space stock in Tokyo increased 7.8% year-on-year (y-o-y), an acceleration from almost no growth in 2024.

Flex operators are reporting robust demand from both startups and blue-chip companies, driven by the growth of hybrid work styles and increased digitalisation in central Tokyo. Occupancy rates are steadily improving, while operators are expanding their networks by opening new locations, expanding existing centres and closing underperforming sites.

Operators are increasingly choosing prime locations for their network as the flight-to-quality trend is driving demand for workspace in central Tokyo. For example, International Workplace Group (IWG), the world’s largest flexible workspace operator, opened its third high-end Signature centre in the Nissay Marunouchi Building, opposite Tokyo Station. It also expanded its first Signature centre in Roppongi Hills, anticipating demand for luxury workspaces with state-of-the-art features and amenities. Similarly, Singapore-based operator JustCo launched its flagship premium brand, The Collective, on the 9th floor of Gran Tokyo South Tower (within the same building as its JustCo centre), focusing on providing the highest quality services.

New openings have also launched in recently completed Grade A office buildings, such as Mita Machi Terrace (completed in October 2025), where domestic developer Chuo Nittochi Tatemono opened its 6th SENQ location, occupying two floors. Mitsui Fudosan’s Workstyling brand has also added new sites in Iidabashi Gran Bloom and Shibuya Sakura Stage.

Figure 1: Total stock of flex space in Tokyo CBD (total NLA, sqm, Q4 2025)

Source: JLL

Operators who paused expansion in recent years have re-entered the market, indicating growing confidence in the sector.

Looking ahead, we expect momentum in central Tokyo’s flex space market to continue, with operators already announcing several upcoming locations. These include a new Signature centre in Shinjuku Island (set to open in April 2026), JustCo’s new coworking facility in Minami-Aoyama and The Executive Centre’s new site in TOFROM YAESU TOWER, a recently completed grade A office building, next to Tokyo Station.

In Q4 2025, the average monthly membership rate per seat for flex space in Tokyo’s five central wards rose by approximately 10% y-o-y. This increase was driven by both rising occupancy at existing locations and the continued introduction of premium flex space offerings.