Given the high network complexity and required signalling overhead associated with achieving synchronization in D2D networks, it is necessary to study asynchronous D2D communications. In this paper, we consider a scenario whereby asynchronous D2D communication underlays an OFDMA macro-cell in the uplink. Motivated by the superior performance of new waveforms with increased spectral localization in the presence of frequency and time misalignments, we examine the system level implications of a setup in which D2D pairs are capable of using either OFDM or FBMC/OQAM. We first demonstrate that inter-D2D interference, resulting from misaligned communications , plays a significant role in clustered D2D topologies. We then demonstrate that the resource allocation procedure can be simplified when D2D pairs use FBMC/OQAM, since the high spectral localization of FBMC/OQAM results in negligible inter-D2D interference. Specifically, we identify that FBMC/OQAM is best suited to scenarios consisting of small, densely populated D2D clusters located near the encompassing cell's edge.