Xymax Real Estate Institute

Office Market Report
Tokyo | Q3 2021
October 27, 2021

Summary

In Q3 (July–September) 2021, the office market of the 23 wards of Tokyo (“Tokyo 23 Wards”) continued tosee supply of offices outweighing demand, with vacancy rates rising and rent levels dropping.

The vacancy rate was 3.41%, up 0.45 pp from the previous quarter. The availability rate, which includes
space for which a cancellation notice has been given and vacant space currently available (accepting
tenant applications), was 5.91%, up 0.16 pp from the previous quarter. The increase and decrease invacant space showed that the increase in vacant space outweighed the decrease for the sixth consecutive
quarter, as vacant space increased by 190,000 tsubo (1 tsubo = approx. 3.3 sqm) and decreased by
144,000 tsubo. The vacancy turnover ratio, which is the ratio of vacant spaces leased to tenants,
dropped 7.4 pp quarter on quarter to 27.1%.

The new contract rent index, which is the level of new lease rent, was 86, down 3 points from theprevious quarter. The contract rent diffusion index, which is the percentage of buildings with a rise in
new rent minus that of buildings with a drop in new rent, rose 5 points from the previous quarter to -31, a
negative figure for the fourth consecutive quarter.



The paying rent index, which includes both new and existing rents, dropped 1 point to 103.

The average number of free rent months among all new lease contracts was 1.7 months. The ratio of
free rent offered was 65.3%.

Office Market Report | Tokyo | Q3 2021
The contents of this report are as of the time of writing. Xymax Real Estate Institute does not guarantee their accuracy or completeness.
This report may not be reproduced, cited, transmitted, distributed, or reprinted without prior permission of Xymax Real Estate Institute.
Copyright © 2021 Xymax Corporation. All rights reserved.

1

Xymax Real Estate Institute

Vacancy

Figure 1: Vacancy Rate (by Area)

Figure 1 shows the vacancy rates of Tokyo 23

Tokyo 23 Wards
Tokyo 5 Central Wards
Tokyo 18 Peripheral Wards

10%

Wards, the 5 Central Wards (Chuo, Chiyoda, Minato,

8%

Shibuya and Shinjuku Wards) and the 18 Peripheral

6%
4%

Wards since 2011. The rate in Q3 2021 was +0.45 pp

2%from Q2 at 3.41% in the 23 Wards, +0.48 pp at

0%3.41% in the 5 Central Wards, and +0.36 pp at 3.40%
in the 18 Peripheral Wards. The rate rose in all three
Q3 2020

Q4 2020

Q1 2021

Q2 2021

Q3 2021

Tokyo 23 Wards

1.34%

1.87%

2.30%

2.96%

3.41%

Tokyo 5 Central Wards

1.17%

1.74%

2.24%

2.93%

3.41%

Tokyo 18 Peripheral Wards

1.90%

2.26%

2.46%

3.04%

3.40%

areas for the sixth consecutive quarter. The rise in
the vacancy rate was especially large in the 5 Central
Wards, reducing the gap in the rate with the 18
Peripheral Wards. The difference between areas isdiminishing compared to before the COVID-19

Figure 2: Vacancy Rate (by Building Size)
All Buildings

Large Buildings

Small & Medium Buildings

pandemic. A likely cause for the rate rise iscompanies with multiple offices consolidating their

12%
10%

offices into a single office, reducing their total office8%

space than before the relocation.

6%
4%

Figure 2 shows the vacancy rate of all sizes of2%0%

buildings, large buildings (gross floor area (GFA):
5,000 tsubo or more) and small & medium buildings
Q3 2020

Q4 2020

Q1 2021

Q2 2021

Q3 2021

All Buildings

1.34%

1.87%

2.30%

2.96%

3.41%

Large Buildings

0.93%

1.39%

1.78%

2.67%

3.37%

Small & Medium Buildings

1.81%

2.40%

2.87%

3.29%

3.45%

(GFA: 300–4,999 tsubo) in Tokyo 23 Wards since2011. In Q3 2021, the vacancy rate rose by 0.70 pp
to 3.37% among large buildings and by 0.16 pp to3.45% among small & medium buildings.

Figure 3: Availability Rate (23 Wards, All Sizes)
Vacancy Rate

Availability Rate

Figure 3 shows the trend of the availability rate

12%

and the vacancy rate. The availability rate is the sum

10%of currently vacant space, space for which a8%cancellation notice has been given and space that is

6%
4%

accepting tenant applications (before the previous

2%

tenant has left) as the numerator, and rentable space0%

as denominator. The rate in Q3 2021 rose 0.16 pp
from Q2 to 5.91%, a smaller rise than the 0.45-pp
Q3 2020

Q4 2020

Q1 2021

Q2 2021

Q3 2021

Vacancy Rate

1.34%

1.87%

2.30%

2.96%

3.41%

Availability Rate

3.42%

4.42%

5.31%

5.75%

5.91%

rise in the vacancy rate. The narrowing gap between
the availability rate and the vacancy rate vs Q2
suggests a drop in lease cancellations or a mild risein cases where the next tenant is found before theprevious tenant vacated the building.

Office Market Report | Tokyo | Q3 2021
The contents of this report are as of the time of writing. Xymax Real Estate Institute does not guarantee their accuracy or completeness.
This report may not be reproduced, cited, transmitted, distributed, or reprinted without prior permission of Xymax Real Estate Institute.
Copyright © 2021 Xymax Corporation. All rights reserved.

2

Xymax Real Estate Institute

Figure 4 is the increase and decrease in vacantFigure 4: Increase and Decrease in Vacant Space

Increase(tsubo)(23 Wards, All Building Sizes)

space. In Q3 2021, the increase in vacant space was

Decrease

190,000 tsubo, while the decrease was 144,000

Vacancy Rate (right scale)

400000

9%
8%
7%
6%
5%
4%
3%
2%
1%
0%

35000030000025000020000015000010000050000
0tsubo. The increase exceeded the decrease for thesixth consecutive quarter. In Q3, both the increase
and decrease in vacant space were smaller than in
Q2, since there was less office space completed in
Q3 compared to Q2. However, as both the increase
and decrease in vacant space have nearly doubled

Q3 2020

Q4 2020

Q1 2021

Q2 2021

Q3 2021

Increase

102,000

136,000

164,000

258,000

190,000

Decrease

65,00077,000116,000

179,000

144,000

Vacancy (right scale)

1.34%

1.87%

2.30%

2.96%

3.41%

on a year-on-year basis and the number ofcompany relocation decisions has been increasing
since Q4 2020, according to a report released by
Xymax Real Estate Institute in October,*1 companies

Figure 5: Vacancy Turnover Ratio
Vacancy Turnover Ratio

now have more choices of relocation destinations

70%
60%
50%
40%
30%
20%
10%
0%

Vacancy Turnover

may have become more active in relocating, as they

4-quarter moving averagedue to the increase in vacant space.
Q3 2021
27.1%*1 Dissecting the Recent Rise in Vacancy Rates, released on
October 1, 2021 (in Japanese only)
https://soken.xymax.co.jp/2021/10/01/2110rise_in_vacancy_rates/

Figure 5 shows the vacancy turnover ratio, theQ4 2020

Q1 2021

Q1 2021

Q2 2021

Q3 2021

32.4%

26.8%

30.9%

34.5%

27.1%

ratio of vacant spaces leased to tenants during thequarter to the total vacant office stock (vacant officestock at start of quarter + vacant space added
during the quarter). The ratio in Q3 2021 dropped

Figure 6: New Contract Rent Index

7.4 pp from Q2 to 27.1%. We will monitor future

130 (Q1 2020=100)
Q2 2008117
120

Q2 2020
104

110
100
90

New Contract Rent

Q2 201267

80

developments carefully.

Q3 202186

70
60

Figure 6 is the new contract rent index, the rent
level for new lease contracts. The index for Q3 2021
was 86, -3 points from Q2 and -16 points from Q3

New Contract Rent Index

Q3 2020

Q4 2020

Q1 2021

Q2 2021

Q3 2021

102

92

90

89

86

Note:The new contract rent index has been revised retrospectively starting Q1 2021.

2020. The trend of new contract rent, which hadrisen since Q2 2012, turned downward after peakingin Q2 2020. The continued weakness in new contract
rent reflects the sense of alarm held by many lessors
at the prospect of a further increase in vacancies.

Office Market Report | Tokyo | Q3 2021
The contents of this report are as of the time of writing. Xymax Real Estate Institute does not guarantee their accuracy or completeness.
This report may not be reproduced, cited, transmitted, distributed, or reprinted without prior permission of Xymax Real Estate Institute.
Copyright © 2021 Xymax Corporation. All rights reserved.

3

Xymax Real Estate Institute

Figure 7: New Contract Rent Index (by Size)130(Q1 2020=100)

Figure 7 is the new contract rent index by size ofbuilding. The index for large companies with a GFA

120
110

of 5,000 tsubo or more was -6 points from Q2 at 83,

100

while that for small & medium buildings with a GFA

9080

of 300–4,999 tsubo was +1 point at 91.

70
60

Small & Medium (GFA less than 5,000 tsubo)

Large (GFA 5,000 tsubo or more)

Q3 2020

Q4 2020

Q1 2021

Q2 2021

Q3 2021Large Buildings

104

93

89

89

83

Small & Medium Buildings

97

91

93

90

91

Note:The new contract rent index has been revised retrospectively starting Q1 2021.

Figure 8: Contract Rent DI

Figure 8 is the contract rent diffusion index (DI)Rent increased (percentage of buildings) (left scale)(the percentage of buildings with a rent rise minus

Rent decreased (percentage of buildings) (left scale)Contract Rent DI (right scale)

100%
80%
60%
40%
20%
0%
-20%
-40%
-60%
-80%
-100%

Contract Rent DI (four-quarter moving average) (right scale)

100
80
60
40
20
0
-20
-40
-60
-80
-100

Q3 200751

Q3 2021-31

Q2 2009-75

that of buildings with a rent decline), which indicatesthe direction of changes in new contract rent. The DI
in Q3 2021 was -31, a negative figure for the fourthconsecutive quarter. A negative DI means there weremore buildings with lower new rent than those withhigher new rent compared to six months ago.

Contract Rent DI

Q3 2020

Q4 2020

Q1 2021

Q2 2021

Q3 2021

13

-22

-29

-36

-31

However, since the index has risen 5 points from Q2,
we will monitor future developments carefully.

Paying Rent
Figure 9 shows the paying rent index, which

Figure 9: Paying Rent Index

includes both new lease rents and existing lease rents.

120 (Q1 2020=100)
Q1 2009
110
104

Q3 2021
103

The index changes more slowly than new contract100

rent. Although the index in Q3 2021 dropped 1 point90

from Q2 to 103, paying rent was roughly flat from Q2,

80

60

Paying Rent Index

as not a lot of negotiations for existing rent cuts took

Q3 201376

70

place.

Q3 2020

Q4 2020

Q1 2021

Q2 2021

Q3 2021

104

104

105

104

103

Office Market Report | Tokyo | Q3 2021
The contents of this report are as of the time of writing. Xymax Real Estate Institute does not guarantee their accuracy or completeness.
This report may not be reproduced, cited, transmitted, distributed, or reprinted without prior permission of Xymax Real Estate Institute.
Copyright © 2021 Xymax Corporation. All rights reserved.

4

Xymax Real Estate InstituteFree Rent

Figure 10: Free Rent

Figure 10 shows the percentage of new lease

1 day or more (%)

Free Rent Granted(left scale)

contracts with free rent to all new lease contracts

2 months or more (%)

6 months or more (%)
New lease contracts with free rent (month)

Average Free Rent
(right scale)All new lease contracts (month)

100%

7
6
5
4
3
2
1
0

80%
60%
40%
20%
0%

(ratio of free rent offered) and the average freerent period (average free rent months). In Q3 2021,
the ratio of offering free rent for one day or morewas 65.3%, while that for six months or more was
8.4%. The average number of free rent months was
2.6 among lease contracts with free rent and 1.7

Q3 2020

Q4 2020

Q1 2021

Q2 2021

Q3 2021

1 day +

33.8%

38.2%

50.2%

55.5%

65.3%

2 mon. +

20.9%

19.5%

22.5%

26.4%

36.9%

2.2%
2.4%
1.9%
6.6%
6 mon. +Average
0.9
0.9
1.0
1.3
All
Free Rent
2.6
2.4
2.0
2.3
w/ FR
MonthsNote:The aggregation method has changed starting Q1 2021

8.4%

Ratio ofFree Rent
Granted

1.7
2.6

110

tenants by offering free rent.

scale and the new contract rent index on the vertical

Q2 2020

scale on a quarterly basis. It shows the cyclicality of100

the market, with the chart trending to the upper left

Q3 202190

from 2005 (vacancy down, rent up), returning to the80

lower right from 2008 (vacancy up, rent down) andQ1 2005

70

Q2 2010then trending to the upper left (vacancy down, rent

9%up) from 2010.

60
1%

suggests that more lessors are trying to attract

Figure 11 plots the vacancy rate on the horizontal

Q2 20080%rent in Q3 2021 rose by nearly 10 pp from Q2, which

Market Cycle

Figure 11: Market Cycle
120

among all new contracts. The ratio of offering free

2%

3%

4%

5%

6%

7%

8%

10%

Q3 2020

Q4 2020

Q1 2021

Q2 2021

Q3 2021

Vacancy Rate

1.34%

1.87%

2.30%

2.96%

3.41%

New Contract Rent Index

102

92

90

89

86

Note: The vacancy rate before March 2011 is based on data by a major leasing agent.

The trend of the office lease market, which had
been in a recovery phase since 2013, seems to havechanged in Q2 2020. The chart trended to the lower
right in Q3 2021, as vacancy rates rose and newcontract rent index fell.

Office Market Report | Tokyo | Q3 2021
The contents of this report are as of the time of writing. Xymax Real Estate Institute does not guarantee their accuracy or completeness.
This report may not be reproduced, cited, transmitted, distributed, or reprinted without prior permission of Xymax Real Estate Institute.
Copyright © 2021 Xymax Corporation. All rights reserved.

5

Xymax Real Estate Institute

TOPIC

Availability Rate by Area and Building
Size

Figure 12: Availability Rate (by Area)
Tokyo 23 Wards

14%

Tokyo 5 Central Wards

12%

Tokyo 18 Peripheral Wards

10%

As a TOPIC, we are examining the availability rateby area and building size. Figure 12 shows theavailability rate of Tokyo 23 Wards, the 5 Central

8%

Wards and the 18 Peripheral Wards since 2011. The

6%4%rate in Q3 2021 rose by 0.12 pp to 6.03% in the 52%

Central Wards and by 0.28 pp to 5.52% in the 18

0%

Peripheral Wards. The availability rate rose for the
Q3 2020

Q4 2020

Q1 2021

Q2 2021

Q3 2021

Tokyo 23 Wards

3.42%

4.42%

5.31%

5.75%

5.91%

Tokyo 5 Central Wards

3.35%

4.43%

5.40%

5.91%

6.03%

Tokyo 18 Peripheral Wards

3.65%

4.38%

5.04%

5.24%

5.52%

seventh consecutive quarter regardless of area.

Figure 13 shows the availability rate at all sizes of
Figure 13: Availability Rate (by Building Size)
All Buildings

Large Buildings

Small & Medium Buildings

14%buildings, large buildings (GFA: 5,000 tsubo or more)
and small & medium buildings (GFA: 300–4,999
tsubo) in Tokyo 23 Wards since 2011. In Q3 2021, therate rose by 0.38 pp to 6.48% at large buildings but

12%
10%

dropped by 0.14 pp to 5.26% at small & medium

8%6%

buildings. As in Q2, the rate at large buildings was

4%2%larger than the rate at all sizes of buildings.

0%

Q3 2020

Q4 2020

Q1 2021

Q2 2021

Q3 2021

All Buildings

3.42%

4.42%

5.31%

5.75%

5.91%

Large Buildings

3.00%

4.31%

5.44%

6.10%

6.48%

Small & Medium Buildings

3.90%

4.54%

5.17%

5.40%

5.26%

Office Market Report | Tokyo | Q3 2021
The contents of this report are as of the time of writing. Xymax Real Estate Institute does not guarantee their accuracy or completeness.
This report may not be reproduced, cited, transmitted, distributed, or reprinted without prior permission of Xymax Real Estate Institute.
Copyright © 2021 Xymax Corporation. All rights reserved.

6

Xymax Real Estate Institute

Reference
Figure 14: Major Building Completions (Q3 2021)
FloorsName

Total

Above ground/

Ward

Address

Completion floor area

Below ground(tsubo)VPO Higashi-nihombashi

9

Chuo

3-4-13 Higashi-nihombashi

Jul 2021

1,165

MEBKS TOYOSU

12

Koto

6-4-34 Toyosu

Aug 2021

26,673

8/1

Chiyoda

1-9-2 Kanda-izumicho

Sep 2021

3,033

Sumitomo Fudosan Kanda-izumicho
Building

Source: Compiled by Xymax Real Estate Institute based on information released by companies

Figure 15: Major Office Relocations (Q3 2021)
CompanyFrom

To

JFE Shoji

JFE Shoji Bldg

Shin Otemachi Bldg

Corporation

Chiyoda Ward

Chiyoda Ward

Kokusai Kogyo

Rokubancho K Bldg

Shinjuku Front Tower

Co., Ltd.

Chiyoda Ward

Shinjuku Ward

HULIC Ginza Bldg

KABUKIZA Tower

Chuo Ward

Chuo Ward

Yotsuya ISY Bldg

KDX Iidabashi SquareNorthSand, Inc.
CHIC Holdings
INC.

Shinjuku Ward

BOT Lease Co.,Tokyo Nohombashi Tower

Ltd.

Chuo Ward

TimingOct 2021~ Aggregation
Nov 2021
Dec 2021
Dec 2021

Shinjuku Ward

Tokyo Sumitomo Twin
Bldg

PurposeMar 2022

Greater
efficiency
Increase inpersonnel
Greater
efficiency
Greater
efficiencySize(tsubo)
4,881
1,000
236
140

800

Chuo Ward
Source: Compiled by Xymax Real Estate Institute based on information released by companies.

The sizes of offices are estimates.

Office Market Report | Tokyo | Q3 2021
The contents of this report are as of the time of writing. Xymax Real Estate Institute does not guarantee their accuracy or completeness.
This report may not be reproduced, cited, transmitted, distributed, or reprinted without prior permission of Xymax Real Estate Institute.
Copyright © 2021 Xymax Corporation. All rights reserved.

7

Xymax Real Estate Institute

Survey Overview
Increase and Decrease

Vacancy Rate

Description

Main Point

Vacancy Turnover Ratio

in Vacant SpaceA quarterly increase and a quarterly decrease in

The ratio of the vacant space leased during the

Office rent index based on new contract rents. This

office stock in the market.

volume of vacant space in the market.

quarter to all the vacant office stock in the market.

index uses a statistical method to remove propertyspecific influences such as size and age of buildings.

Supply and demand balance in the market

Supply and demand balance in the market

Supply and demand balance in the market

Tokyo 23 Wards

MarketGFA 300 tsubo or more

GFA 300 tsubo or more

GFA 300 tsubo or more

GFA 300 tsubo or more

Every Quarter

ReleaseData Source

Level of contract rents

Office Building

SectorBuilding Size

New Contract Rent Index

Vacant space and available space versus total

Data of available vacant spaces and buildings.

Data of available vacant spaces and buildings.

Data of available vacant spaces and buildings.

Data of new contract rents including CAM charge.

Independently collected by Xymax.

Independently collected by Xymax.

Independently collected by Xymax.

Independently collected by Xymax.

Data Used in

8,671 buildings

Recent Quarter

11,162 contracts• Vacancy rate

11,162 contracts

366 contracts• Increase in volume of vacant space• Vacancy Turnover Ratio= vacant space ÷ rentable spacea. Space in existing buildings formerly occupied= Volume of vacant space leased during the quarter period: five quarters) based on the collected new• Vacant Spaceby tenants

÷ (Initial vacancy + Vacancy added during thecontract data with property-specific factors as variables

Total available vacant space in completedb. Total rentable area of new completions

quarter)(location, building size, building age, facilities, date ofThen, compute the four-quarter moving averagesigning of lease, etc.).

buildings as of the time of the research.
• Rentable Space• Decrease in volume of vacant space

1) Develop a rolling hedonic model (overlapping

amount with the ratio derived from this formula.

Rentable space of completed buildings as of the a. Space in existing buildings leased under a new2) Estimate the quarterly contract rent by assigning thetime of the research.

agreement• Volume of vacant space leased during the quarter: values of a typical building to the model developed in・Availability rateb. Space in new completions but lease is signed

Same as the "decrease in volume of vacant space).

＝available space ÷ rentable spaceprior to the completion• Initial vacancy: Total volume of completedc. Space that had been vacant but the ownerbuildings that are available for lease as of the start3) Calculate the rent estimated in the preceding step

decided not to leaseof the quarter.

based on Q1 2020 as the base point (=100) by market• Vacancy added during the quarter: Same as thesegment (four segments).

・Available space
How to Calculate Total available space, which consist of vacant
space and space for which notice of cancellation

the preceding step.

has been given.

Where rentable space is not available, the rentable "increase in volume of vacant space"

Where rentable space is not available, thespace is estimated from the gross floor area of the4) Integrate the figure of the preceding step as a Fisher

rentable space is estimated from the gross floor

building using the formula developed in the jointindex using gross floor area as weight. The New

area of the building using the formula developed study with the laboratory of Professor Naoki Kato

Contract Rent Index of the Tokyo office market is thein the joint study with the laboratory of Professor at Kyoto University Graduate School ofintegrated figure.

Naoki Kato at Kyoto University Graduate School

Engineering.

of Engineering.

This model shows changes in new contractrents after
removing property-specificvariables.

Contract Rent DI

Description

Main Point

Average Free Rent (Month)

Index of changes in new contract rents. Calculated byIndex of changes in paying rents (new and existing contract

Distribution of free rent and average length of free rent period.

counting and comparing the buildings where rent has

rents).

Free rent is the time lag between the start of the contract and theincreased and those where rent has decreased.

Direction of contract rent trends

start of the rent payment.

Level of rents paid by tenantsMarket trends that are not reflected in contract rents

Office Building

SectorTokyo 23 Wards

MarketBuilding SizeAll

GFA 300 tsubo or moreAll

Every Quarter

ReleaseData Source

Free Rent Granted (%) &Paying Rent Index

Data of new contract rents including CAM charge.

Data of new and existing contracts signed for buildings

Data of new contracts signed for buildings under management by

Independently collected by Xymax.

under management by Xymax.

Xymax.

Data Used in

480contracts

Recent Quarter

4,085 contracts

56 contracts

1) Compare the data of new contract rent per tsubo with that 1) Calculate the rent per tsubo of each tenant from the data

• Free Rent Period

in the 6-month prior period in the same building.

of new and existing lease contracts and memorandums.

(Until Q4 2020) The period between the start of the contract andEach contract was counted separately into three categories:2) Develop a rolling hedonic model (overlapping period: five the startof the rent, shown in number of days.

buildings withquarters) based on the rents calculated in the preceding step (Q1 2021 onward) The period for new contracts (excl. contracts for"rent increase”,(the "paying rent") with property-specific factors as variables expansion within building and recontracts) during which rent has"no change” or(location, building size, building age, facilities, date ofcontinuously been reduced to an amount equivalent or close to“rent decrease”

signing of lease, etc.).

CAM charges since the date of contract.

3) Estimate a quarterly contract rent by assigning the values

・Ratio of Free Rent Granted

2) Calculate the percentage of buildings with “rent decrease” of a typical building to the model developed in the
How to Calculate and buildings with “rent increase”.
3) Subtract the percentage of buildings with “rent decrease”

contracts for expansion within the building and recontracts)

4) The Paying Rent Index is the rent estimated in the・Average Free Rent (Month) of All the Contracts

preceding step based on Q1 2010 as the base point (=100).

from the percentage of buildings with “rent increase”. Thisoutcome is the Contract Rent Diffusion Index (DI).

The ratio of contracts with free rent in all the new contracts (excl.

preceding step.

The simple average of the free rent period including lease
contracts with no free rent period.

With this method, influences from replacement of sample

・Average Free Rent (Month) of Contracts with Free Rent

data and deterioration of buildings over age are removed

The simple average of the free rent period of lease contracts with afrom the result.

free rent period

Office Market Report | Tokyo | Q3 2021
The contents of this report are as of the time of writing. Xymax Real Estate Institute does not guarantee their accuracy or completeness.
This report may not be reproduced, cited, transmitted, distributed, or reprinted without prior permission of Xymax Real Estate Institute.
Copyright © 2021 Xymax Corporation. All rights reserved.

8

Xymax Real Estate InstituteFor further inquiries please contact below:
Xymax Real Estate Institutehttps://soken.xymax.co.jp | E-MAIL: info-rei@xymax.co.jp

Office Market Report | Tokyo | Q3 2021
The contents of this report are as of the time of writing. Xymax Real Estate Institute does not guarantee their accuracy or completeness.
This report may not be reproduced, cited, transmitted, distributed, or reprinted without prior permission of Xymax Real Estate Institute.
Copyright © 2021 Xymax Corporation. All rights reserved.

9