In the first half of 2026 (January–June), 204 companies relocated their headquarters from regional areas of Japan to the Tokyo Metropolitan Area, the highest first-half figure in the past decade. The findings were released by Teikoku Databank, Ltd on September 24. The number rose by 4 companies (2.0%) from 200 in the same period a year earlier. Relocations from the Tokyo Metropolitan Area to regional Japan also increased, sustaining a net inflow of 31 companies.

The survey counted companies that moved their headquarters across the boundary between the Tokyo Metropolitan Area—comprising Tokyo and the three prefectures of Kanagawa, Chiba, and Saitama—and all other prefectures. “Headquarters” here refers to offices or business establishments with substantive headquarters functions, which may differ from the registered head office location on the commercial registry.

The number of companies that moved from the Tokyo Metropolitan Area to regional Japan totaled 173, up 23 companies (15.3%) from 150 in the same period a year earlier. This is the second-highest level after the 186 companies recorded in the first half of 2021, when relocations to regional areas surged during the COVID-19 pandemic. Net inflow—where inbound moves to the Tokyo Metropolitan Area exceeded outbound moves to regional Japan—stood at 31 companies, marking the second consecutive year of net inflow for a first half. Teikoku Databank noted that the full-year net inflow figure could approach the 66 companies recorded in 2019, before the pandemic.

Osaka Prefecture Tops Both Inbound Origins and Outbound Destinations

By prefecture of origin, Osaka Prefecture was the largest source of companies relocating to the Tokyo Metropolitan Area, with 40 companies. It was followed by Ibaraki Prefecture with 20, Aichi Prefecture with 15, Fukuoka Prefecture with 14, and Shizuoka Prefecture with 12. The origins spanned 39 prefectures, up from 33 in the same period a year earlier.

On the other hand, Osaka Prefecture was also the top destination for companies moving from the Tokyo Metropolitan Area to regional Japan, with 25 companies—up 8 (47.1%) from 17 a year earlier, setting a record for any half-year period. It was followed by Ibaraki Prefecture with 15, Shizuoka Prefecture with 13, and Gunma Prefecture with 12. The data reveal a pattern of active two-way headquarters relocations between Osaka Prefecture and the Tokyo Metropolitan Area.

Services Sector Leads Both Inbound and Outbound Moves

By industry, the services sector accounted for the largest share of companies relocating to the Tokyo Metropolitan Area, with 76 companies. The breakdown included 13 management consulting firms, 12 companies in other business services—including call centers and semiconductor-related services—and 5 companies in contract software development, encompassing system and mobile app development. Knowledge-intensive services formed the core of this group. Outside the services sector, wholesale trade accounted for 33 companies and retail trade for 28.

Among companies moving to regional Japan, the services sector also led with 72 companies, up 22 from 50 in the same period a year earlier. Manufacturing followed with 31 companies, up 7 from 24 a year earlier.

By revenue scale, companies with annual revenue between ¥100 million and less than ¥1 billion (approximately $630,000 to $6.3 million) were the largest group relocating to the Tokyo Metropolitan Area, at 88 companies, up 4 from a year earlier. Those with revenue between ¥1 billion and less than ¥10 billion (approximately $6.3 million to $63.0 million) numbered 33. Together, companies with revenue between ¥100 million and less than ¥10 billion totaled 121, accounting for roughly 59% of all inbound relocations. The inflow of small and midsize companies with established business foundations into the Tokyo Metropolitan Area is notable.

In contrast, among outbound moves to regional Japan, companies with revenue between ¥100 million and less than ¥1 billion were the largest group at 78, but smaller enterprises with revenue below ¥100 million (approximately $630,000) increased by 18 from a year earlier to 73. Relocations to regional areas are increasingly driven by smaller enterprises. Teikoku Databank suggests that some outbound moves may have been motivated by efforts to contain office and operational costs amid rising prices and soaring land values.

Emphasis on Face-to-Face Sales and Talent Concentration Behind the Trend

Teikoku Databank attributes the current trend to companies placing renewed emphasis on face-to-face sales activities and encouraging employees to return to the office, which has led them to reassess the locational advantages of the Tokyo Metropolitan Area—where customers and highly skilled talent are concentrated. Some small and midsize companies are reportedly relocating their headquarters to the Tokyo Metropolitan Area in pursuit of business opportunities there.

Meanwhile, cost containment appears to be a key driver behind relocations to regional Japan. Teikoku Databank projects that the concentration of corporate functions in the Tokyo Metropolitan Area and the dispersion of functions to regional areas will continue to coexist going forward.

CategoryH1 2026H1 2025ChangeRegional → Tokyo Metro Area (inbound)204 companies200 companies+4 (+2.0%)Tokyo Metro Area → Regional (outbound)173 companies150 companies+23 (+15.3%)Net inflow31 companies50 companies-19

Note: Survey by Teikoku Databank, Ltd. Net inflow is calculated by subtracting the number of outbound relocations from inbound relocations.