Xymax Real Estate Institute

RESEARCH REPORT

Changes in the Use of Real Estate Over Time
April 17, 2017

Diversification of usages and changes in area characteristics incentral Osaka

How real estate is used changes over time due to various factors including economic trends, industrial
structure, lifestyle changes, and government policies. The source of such changes is the developments of each
property, such as the replacement of aged buildings with new ones (re-building), conversion of existingbuildings into new usages, or construction of new buildings on vacant land.
Although we can sense that the use of real estate has changed, which changes the impression of the streets,
there are few surveys that “visualizes” the change in concrete figures. Therefore, Xymax Real Estate Institute(hereinafter, “Xymax REI”) carried out a survey of central Osaka where change in real estate use has been seen
in recent years due to the surge in inbound tourism demand and large-scale developments.
We hope these basic data on real estate use help many people, including not only individual owners, users,
and investors of property but also policy-makers, in thinking of the future use of real estate.

Key FindingsIn central Osaka, buildings have become larger and used more for purposes other than office.
Many of the newly built office buildings are located north of Honmachi, mainly in Umeda, indicating thatthe center of offices is shifting north.
There has been a return of population to the central areas due to a surge in the construction of
condominiums.
Commercial and accommodation facilities are increasing on the back of inbound tourism.

Introduction
In carrying out our survey, we used the Land Use

Figure 1: Image of Building Stock

Survey provided by Osaka city and looked at “1.
Change in building stock” between 2000 to 2013

3. Vacant land

for the three central areas of Osaka (Umeda,
Yodoyabashi/Honmachi, and Shinsaibashi/Namba)
combined and studied the characteristics of each of

2. Re-built

2. Re-built

Lost

the three areas. Then we looked at “2. Re-built
buildings” and “3. Buildings built on vacant land,”
which are the sources of the changes in stock, to

Existingbuildings

Existingbuildings

2000

2013

1. Buildingstock

see the usages of the buildings that were built(Figure 1).
Furthermore, we studied the recent trends ofbuildings for offices, residences, and accommod-ation from data obtained independently andfield surveys.
Changes in the Use of Real Estate Over Time
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 © 2018 Xymax Real Estate Institute Corporation. All rights reserved.

1

RESEARCH REPORT｜Xymax Real Estate Institute

1. Change in Building Stock (Gross Floor Area)
We first categorized the 21 municipal blocks in Osaka city’s Kita ward, the 88 blocks in the Chuo ward, andthe 10 blocks in the Nishi ward as “Umeda area,” “Yodoyabashi/Honmachi area,” and “Shinsaibashi/Namba
area,” respectively, and looked at the characteristics of the change in building stock from gross floor area
(Figure 2).
Figure 2: Target Areas

Umeda

Yodoyabashi/
Honmachi

Shinsaibashi/
Namba
Map source: Google Map(1) The entire three areas
The total gross floor area in 2013 was 22.09 million sqm, with “Umeda,” “Yodoyabashi/Honmachi,” and“Shinsaibashi/Namba” accounting for 30%, 50%, and 20%, respectively. The number of buildings in the threeareas combined decreased by 848 (7%) between 2000 and 2013, but the total gross floor area increased by
2.94 million sqm (15%) (Figure 3). We believe the increase in gross floor area was the result of using up
surplus floor-area ratio due to re-building, increased floor-area ratio due to integrated design, alleviation ofheight restrictions on the Midosuji, and new developments in the Kita Yard, which used to be vacant.

Figure 3: Trend of the Total Number of Buildings and Gross Floor Area (Three Areas Combined)(10,000 sqm)
2,500
2,000

20.00 mln sqm
19.15 mln sqm
391

22.09 mln sqm
409

404

19％
Shinsaibashi/Namba

1,500
1,000

1,127

51％

1,000

1,059

525

538

673

2000年
2000

2007年
2007

2013年
2013

(11,816 buildings)(11,016 buildings)(10,968 buildings)

Yodoyabashi/Honmachi
Umeda

500
30％

0

Changes in the Use of Real Estate Over Time
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 © 2018 Xymax Real Estate Institute Corporation. All rights reserved.

2

RESEARCH REPORT｜Xymax Real Estate Institute

When we look at the percentage of gross floor area by usage, office accounted for the most in 2000, at 63%.
By 2013, however, commercial, residential, and accommodation increased, pushing down the percentage of
office to 55% (Figure 4).

Figure 4: Trend of Gross Floor Area by Usage (Three Areas Combined)(10,000 sqm)
2,500
2,000
229
135
78
286

1,500

158
175
231

158
163
180

37％

41％

45％

450

354

1,000
1,213

500

63％

1,171

1,223

59％

55％

0

2000
Office2007

Commercial

2013

Residential

Accommodation

Other

Looking at the change in gross floor area by usage between 2000 and 2013, office showed hardly any
change, while commercial and residential saw increases of 1.64 million sqm and 1.52 million sqm, respectively(Figure 5). Furthermore, the gross floor area in 2013 for commercial, residential, and accommodation use
were 1.6 times, 2.9 times, and 1.3 times that in 2000, respectively (Figure 6).

Figure 5: Change in Area Size between 2000 and 2013300

(10,000 sqm)
200

Figure 6: Change in Area Size (2000=100)

164

OfficeCommercial
Residential
Accommodation

250

152

200

294

229

100
40

157

150

124

10
0

100

100

-71
Office Commercial
Accommo事務所
商業施設 Residential
住宅
宿泊施設 Other
その他
dation

130
101

97

50
-100

121

2000年

2000

Changes in the Use of Real Estate Over Time
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 © 2018 Xymax Real Estate Institute Corporation. All rights reserved.

2007年

2007

2013年

2013

3

RESEARCH REPORT｜Xymax Real Estate Institute
When we look at buildings of the building stock in 2000 that were changed in some way by 2013, 8%(based on gross floor area) was re-built and 3% was demolished. 89% of the buildings remained as they were.
In terms of the percentage of stock in 2013, 16% of the buildings had been re-built since 2000, and 3% wasnewly built on land that had no construction on it in 2000. Although existing buildings showed no change inarea size, the percentage of such buildings of the overall building stock dropped to 81% (Figure 7).

Figure 7: Percentage Mix of Building Stock (Gross Floor Area Basis)(Image)22.09 mln sqm
19.15 mln sqm

2. Re-built
Lost

8%

3. Vacant land3%

2. Re-built

16%

3%

Existingbuildings

2000

89%

Existingbuildings

81%

1. Building
stock

2013

Changes in the Use of Real Estate Over Time
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 © 2018 Xymax Real Estate Institute Corporation. All rights reserved.

4

RESEARCH REPORT｜Xymax Real Estate Institute(2) Change by Area
Here we look at the change in the use of building stock by area.

① Umeda Area
The total gross floor area in the Umeda area, with a concentration of office buildings andlarge commercial facilities around Umeda Station, was 6.73 million sqm in 2013, an increaseof 1.48 million sqm (28%) since 2000 (Figure 8). Since around the time of the developmentof Kita Yard, which is the area north of JR Osaka Station, re-building and new constructionof large commercial facilities increased in the surrounding areas, as well as openings offlagship stores from the Kanto region. This resulted in a 1.37 million sqm increase in gross floor area ofcommercial facilities, 2.5 times compared to 2000. Residential properties, which used to be few in the area,
have increased by more than 10 times due to the construction of tower condominiums (Figures 9 and 10).

Figure 8: Trend of Gross Floor Area in the Umeda Area
(10,000 sqm)
800
6.73 mln sqm

700
600

5.25
5.25mlnmlnsqmsqm

5.38 mln sqm

75

63

67
2
93

45％

83
1

288

55％

500
400
300

65
84
26

52％

229

48％

268

60％

133

200
100

258

40％

0
2000年
2000
OfficeCommercial

2007年
2007

2013年
2013

Residential

Accommodation

Figure 9: Change in Area Size between 2000 and 2013
(Umeda Area)(10,000 sqm)
150

Other

Figure 10: Change in Area Size(2000=100; Umeda Area)
1,200

137

1,104

1,000
800

100

600
400

50

23

17

200

0

-50

247
126

100

93

0
-20

-10

OfficeAccommo- その他
Other
事務所 Commercial
商業施設 Residential
住宅
宿泊施設
dation

2000年

2000

Office事務所

2007年

Commercial
商業施設

Changes in the Use of Real Estate Over Time
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 © 2018 Xymax Real Estate Institute Corporation. All rights reserved.

2007

Residential
住宅

2013年

2013

Accommodation
宿泊施設

5

RESEARCH REPORT｜Xymax Real Estate Institute② Yodoyabashi/Honmachi Area
The total gross floor area in the Yodoyabashi/Honmachi area, the center of offices, was11.54 million sqm in 2013, an increase of 1.29 million sqm (13%) since 2000 (Figure 11).
The growth of the gross floor area of offices has been roughly flat. There has been anotable increase in buildings for new usages, such as residential and accommodation,
which increased in gross floor area by 1.03 million sqm, or more than 3 times, and by
nearly 3 times, respectively (Figures 12 and 13). Commercial facilities saw an increase of
30%, which, in terms of industry, was an increase in retail stores and a decrease in wholesale outlets. We
believe this was influenced by the increase in inbound tourism and changes in the distribution structure.

Figure 11: Trend of Gross Floor Area in the Yodoyabashi/Honmachi Area
(10,000 sqm)
1,500
10.25 mln sqm
1,000

99

107
46
47

500
816

10.86 mln sqm

20％

16
16

80％

11.54 mln sqm
25
25

64

67
127
62

25％

149
61

26％

814

75％

855

74％

0
2000年
2000
事務所
Office

商業施設
Commercial

2007年
2007

宿泊施設
その他
Accommodation
Other

Figure 13: Change in Area Size(2000=100; Yodoyabashi/Honmachi Area)

Figure 12: Change in Area Size between 2000 and 2013
(Yodoyabashi/Honmachi Area)
350(10,000 sqm)
150

324

300
274

250

103
100

200
150

50

2013年
2013

住宅
Residential

40

100

129
105

100
14

16

50

0

0
2000年

2000

-50

-43
事務所 Commercial
商業施設 Residential
住宅
宿泊施設
OfficeAccommo-その他
Other
dationOffice事務所

2007年

Commercial
商業施設

Changes in the Use of Real Estate Over Time
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 © 2018 Xymax Real Estate Institute Corporation. All rights reserved.

2007

Residential
住宅

2013年

2013

Accommodation
宿泊施設

6

RESEARCH REPORT｜Xymax Real Estate Institute③ Shinsaibashi/Namba Area
The total gross floor area in the Shinsaibashi/Namba area, which contains many
commercial outlets, was 4.09 million sqm in 2013, an increase of 0.18 million sqm (5%)
since 2000 (Figure 14). The gross floor area of offices decreased by 0.1 million sqm, or10%. As in other areas, residential properties saw an increase in gross floor area, almost
doubling since 2000. On the other hand, commercial and accommodation facilities
showed no significant change, with the gross floor area of both facilities increasing by around 10% (Figures
15 and 16). In the surrounding areas of Namba which contain many shopping streets, the upper floors ofstores are not effective in terms of attracting customers, resulting in cases where buildings were constructed
below the maximum floor-area ratio.

Figure 14: Trend of Gross Floor Area in the Shinsaibashi/Namba Area
(10,000 sqm)
500
400

3.91 mln sqm

4.04 mln sqm

47

300
200

58

4.09 mln sqm

29

29

64

65
56

51

30

72％

75％

146

76％
160

160

100
109

0

28％

2000年
2000

100

25％

100

2007年
2007

24％

2013年
2013

事務所 Commercial
商業施設 Residential
住宅
宿泊施設
その他 Other
OfficeAccommodation

Figure 15: Change in Area Size between 2000 and 2013
(Shinsaibashi/Namba Area)(10,000 sqm)
30
20

200

26

186

150

14

111

100

7

10

Figure 16: Change in Area Size(2000=100; Shinsaibashi/Namba Area)

109

100

91
0

50

-10
-10
-20

0
-18

事務所
商業施設 Residential
住宅 Accommo宿泊施設 Other
その他
Office Commercial
dation

2000年
2000
事務所
Office

2007年
2007

商業施設
Commercial

Changes in the Use of Real Estate Over Time
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 © 2018 Xymax Real Estate Institute Corporation. All rights reserved.

住宅
Residential

2013年
2013
宿泊施設
Accommodation

7

RESEARCH REPORT｜Xymax Real Estate Institute

2. Changes Due to Re-building
Here we look at re-building, one of the sources of changes in building stock, which we examined in theprevious section. Figure 17 plots buildings that were re-built between 2000 and 2013 by usage. The size ofthe circles indicates the size of the building.
One of the characteristics of the changes during this period is that many of the buildings were re-built intolarger buildings, and another is that the usages of re-built buildings have become diversified. Specifically,
office buildings (blue circles) in the Umeda area and along the Midosuji became larger office buildings when
they were re-built, while many of the office buildings in other areas were re-built for other usages.
Commercial facilities (yellow circles) were re-built into several large facilities, but most were small-scale
re-buildings in the Shinsaibashi/Namba area. Residential properties (green circles) increased in the peripheral
areas, notably larger in size. Accommodation facilities (red circles) increased in the Yodoyabashi/Honmachi
area and the Shinsaibashi/Namba area.

Figure 17: Re-built Buildings—Changes in Usage and Size
2000

2013

Umeda

HonmachiNamba●: Office●: Commercial●: Residential●: Accommodation●: Other●●●: The size of the circle indicates the gross floor area of buildings (from 1 to approx. 200,000 sqm)

Changes in the Use of Real Estate Over Time
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 © 2018 Xymax Real Estate Institute Corporation. All rights reserved.

8

RESEARCH REPORT｜Xymax Real Estate Institute
Figures 18 and 19 show the number of buildings that have been re-built and the change in gross floorarea for each of the different usages. 763 buildings were re-built between 2000 and 2013, reducing thenumber of buildings to 580, while gross floor area increased from 1.55 million sqm to 3.43 million sqm.
In terms of the usage of buildings, many office buildings have been re-built for other use such as residential
and accommodation. However, while the number of office buildings decreased by 138 (60%), many of themwere re-built into large buildings, resulting in an increase in gross floor area by 50%.
Commercial facilities were often re-built to the same size. The number of buildings increased by 24 (10%),
while gross floor area increased by 80% due to commercial facilities that were re-built into large facilities.
Residential properties saw their number of buildings double and gross floor area increasing as much as by 30
times. This is influenced by the re-building of many existing buildings into tower condominiums.
Accommodation facilities are few among the total, but both the number of buildings and gross floor area
have nearly tripled.

Figure 18: Number of Buildings Before and After Re-building

Figure 19: Gross Floor Area Before and After Re-building

Changes in the Use of Real Estate Over Time
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 © 2018 Xymax Real Estate Institute Corporation. All rights reserved.

9

RESEARCH REPORT｜Xymax Real Estate Institute

3. Buildings Built on Vacant Land
Here we examine buildings that were built on vacant land,* another source of change in building stock.
Figure 20 plots the buildings that were built between 2000 and 2013 on land that had no construction on it in2000 by usage. As in Figure 17 that plotted re-built buildings, the size of the circles indicates the size of thebuilding.
Large buildings are notable north of Honmachi, while residential properties and small commercial facilities
were built in peripheral areas and the Shinsaibashi/Namba area, respectively. This trend is similar to that ofre-building.
The number of buildings built on vacant land was 331. The breakdown is 84 for offices, 118 for commercial
facilities, 65 for residential use, 10 for accommodation, and 54 for other purposes (Figure 21). The gross floorarea is 0.75 million sqm, which is broken down to 0.29 million sqm for office use, 0.24 million sqm forcommercial facilities, 0.14 million sqm for residential use, 0.05 million sqm for accommodation, and 0.04
million sqm for other purposes (Figure 22).
*We defined vacant land as land such as empty lots and open-air parking lots, where buildings have not been built.

Figure 20: Usage and Size of Buildings Built on
Vacant Ⅼand (2013)

Figure 21: Number of Buildings Built on
Vacant Ⅼand

Figure 22: Gross Floor Area of Buildings Built on
Vacant Ⅼand●: Offices●: Commercial●: Residential ●: Accommodation●: Other

Vacant land decreased by approx. 0.14 sqm between 2000 and 2013, with the percentage of such land of
total land dropping from 7.6% in 2000 to 5.4% in 2013. The number of blocks has also decreased, as has thesize of vacant land per block (Figure 23).
Figure 23: Change in Vacant Ⅼand

Changes in the Use of Real Estate Over Time
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 © 2018 Xymax Real Estate Institute Corporation. All rights reserved.

10

RESEARCH REPORT｜Xymax Real Estate Institute

4. Recent Trend
Since the latest version of Osaka city’s Land Use Survey was 2013 at the time of writing, we carried out
additional analyses for the subsequent years using different data and field surveys.
Figure 24 indicates buildings that were re-built by 2013 (the map on the right in Figure 17) by usage withpale circles and plots office buildings (rental office buildings), residential properties (condominiums), andaccommodation facilities (hotels) that were completed or opened after the Land Use Survey with dark circles.
Office buildings (rental offices) are supplied north of Honmachi, residential properties (condominiums) are
more or less concentrated in the center, and accommodation facilities (hotels) have increased across theentire area. This indicates that the change in real estate use that we have seen so far is accelerating.

Figure 24: Buildings Completed or Opened after the Land Use Survey
Office (Rental Offices)

Residential (Condominiums)

Accommodation (Hotels)●: Office buildings completed between 2000 and2013●: Residential properties completed between
2000 and 2013●: Rental office buildings completed after thesurvey●: Condominiums completed after the survey ●: Hotels that opened after the survey●: Accommodation facilities completed
between 2000 and 2013

Changes in the Use of Real Estate Over Time
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 © 2018 Xymax Real Estate Institute Corporation. All rights reserved.

11

RESEARCH REPORT｜Xymax Real Estate Institute

Conclusion
In this survey we looked at the changes in real estate use in central Osaka since 2000, based on Osaka city’s
Land Use Survey and other sources. Real estate use in central Osaka has changed over time, with usages
being diversified and area characteristics shifting. We believe social and economic factors are behind thechanges (Figure 25).
Offices have been re-built into large office buildings along the Midosuji in the Yodoyabashi/Honmachi area,
while in the blocks a little behind the Midosuji some of them have been re-built into residential properties
and accommodation facilities. The Umeda area, which encompasses Kita Yard, now has a higher concentrationof companies, as several large office buildings have been completed, inviting companies to relocate to thearea. The center of offices is shifting from the Yodoyabashi/Honmachi area to the Umeda area.
Commercial facilities have seen a string of openings and increased floor space of large properties such as
department stores and consumer electronics retailers in the Umeda area, attracting a larger number ofcustomers and significantly changing the flow of people. Small stores catering for surging inbound tourism
demand have opened in large numbers in the Shinsaibashi/Namba area, revitalizing its shopping streets.
Residential properties have increased across the entire area. Demand for condominiums—tower
condominiums in particular—is robust mainly among the generation that has finished child-rearing as well as
DINKS households. Residential properties have increased in the central areas, which has prompted
populations to return to the city center.
Accommodation facilities, like residential properties, have increased across the entire area. Demand forhotels is strong, not only from business customers but also from the rapidly growing number of foreign
tourists. This has led to cases of converting existing buildings into accommodation facilities.
Figure 25: Characteristics and Main Causes of Change

Real estate is used for certain purposes in different times based on the diversity of usages and usefulness,and forms the basis of our lives and activities. Due to the limited nature of real estate as a resource, how theyshould be used is an extremely important theme.

Changes in the Use of Real Estate Over Time
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 © 2018 Xymax Real Estate Institute Corporation. All rights reserved.

12

RESEARCH REPORT｜Xymax Real Estate Institute
We hope that this survey helps many people, including not only individual owners, users, and investors ofproperty but also policy-makers, in thinking of the future use of real estate. Xymax REI will continue to carry out
research and analyses on themes surrounding real estate and provide useful basic data.

Survey Overview
Period2000–2016

Areas

119 municipal blocks in central Osaka, i.e. the Kita, Chuo, and Nishi wards●Osaka city’s Land Use Survey

Survey data

[Usage]Office: Business facilities such as offices, finance, and insurance outlets
Commercial: Facilities that mainly cater to general consumers such as wholesale/retail outlets,
restaurants, entertainment facilities, and service outlets
Residential: Detached houses, tenement houses, apartment houses, and apartment houses
containing stores (excludes stores and apartment houses containing factories)
Accommodation: Hotels and all other types of accommodation
Other: All building facilities other than the above (e.g. schools, hospitals, supply facilities,
industrial, communication & transportation, and government agency facilities)[Gross floor area]
Since the Land Use Survey lacks buildings’ gross floor area data, “building area x number of floors”
is substituted as the gross floor area for convenience. Therefore, buildings with no data of the area
size of the building or the number of floors have not been included in the targets of the analysis.
[Criteria for re-building and demolition]
We compared the GIS data of the Land Use Survey for 2000 and 2013 to extract buildings thatdiffered in shape as buildings that have been re-built (approx. 5,000 buildings). However, sincesome GIS data showed different shapes for buildings that have clearly not been re-built, we
compared individual building data for 2000 and 2013 and extracted buildings that had a differenceof five floors or more in the number of floors, a difference of 10 sqm or more in the building area,
or a difference of 10% or more in the error in the building area (approx. 500 buildings) and checkedwith Google Street View whether they had been re-built to the building shown in the 2013 data.

●Building data of leased offices, hotels and accommodation facilities, and condominiums
independently gathered by Xymax Real Estate Institute*The figures indicated in the charts contained in this report are rounded to the first decimal place and therefore thechanges in area size may not match the difference in the number of years passed.

Contact for inquiries concerning this report
Xymax Real Estate Institutehttps://soken.xymax.co.jp
TEL: +81 3 3596 1477 | FAX: +81 3 3596 1478 | E-MAIL: info-rei@xymax.co.jp

Changes in the Use of Real Estate Over Time
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 © 2018 Xymax Real Estate Institute Corporation. All rights reserved.

13