Xymax Real Estate Institute

Office Market Report
Tokyo | Q3 2020
November 4, 2020

Summary

In Q3 (July–September) 2020, the office market of the 23 wards of Tokyo (“Tokyo 23 Wards”) showed clearer
signs of change as demand for office space weakened and vacancy rates rose further.

The vacancy rate was 1.34%, up 0.33 percentage points from the previous quarter. The increase anddecrease in vacant space showed that vacant space increased by 102,000 tsubo (1 tsubo = approx. 3.3sqm) and decreased by 65,000 tsubo. The increase in vacant space outweighed the decrease in vacant space
for the second consecutive quarter. The vacancy turnover ratio, which is the rate of decrease of vacant
office stock, dropped 14.0 percentage points quarter on quarter to 32.4%.

The new contract rent index, the level of new lease rent, was 132, up 4 points from the previous quarter.
The contract rent diffusion index, which is the percentage of buildings with a rise in new rent minus thatof buildings with a drop in new rent, declined by 5 points from the previous quarter to +13.

The paying rent index, which includes both new and existing rents, was 105, up 2 points quarter on quarter.



The average free rent months of lease with free rent was unchanged from the previous quarter at 0.9
months. The ratio of free rent offered was 33.8%, down 0.5 percentage points.



TOPIC: The availability rate, which takes into account the available space for which a notice of cancellation
has been given but from which the tenant has not yet vacated in addition to the currently vacant space,
has risen sharply regardless of the area or size of the building. The rate is currently 3.42% in Tokyo 23 Wards.

Office Market Report | Tokyo | Q3 2020
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 © 2020 Xymax Corporation. All rights reserved.

1

Xymax Real Estate Institute

Vacancy

Figure 1: Vacancy Rate (by Area)

Figure 1 shows the vacancy rates in 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%

Wards since 2011. The rate in Q3 2020 rose by 0.33

4%

points from Q2 to 1.34% in the 23 Wards, by 0.28

2%

points to 1.17% in the 5 Central Wards, and by 0.53

0%points to 1.90% in the 18 Peripheral Wards. The
Q3 2019

Q4 2019

Q1 2020

Q2 2020

Q3 2020

Tokyo 23 Wards

0.79%

0.78%

0.71%

1.01%

1.34%

Tokyo 5 Central Wards

0.62%

0.63%

0.54%

0.89%

1.17%

Tokyo 18 Peripheral Wards

1.36%

1.28%

1.27%

1.37%

1.90%

vacancy rate rose in all three areas for the second
consecutive quarter due to a continued fall incompanies’ office expansion needs.
Factors for the rise in vacancy rates include
companies increasingly reviewing their office space

Figure 2: Vacancy Rate (by Size)
All Buildings

Large Buildings

Small & Medium Buildings

following a reconsideration of their recruitment plans

12%or the spread of telework due to the impact of

10%

COVID-19, preventing vacancies in the market to be8%

filled.

6%
4%2%

Figure 2 shows the vacancy rates of all sizes of0%

buildings, large buildings (gross floor area (GFA):
5,000 tsubo or more), and small & medium buildings
Q3 2019

Q4 2019

Q1 2020

Q2 2020

Q3 2020All Buildings

0.79%

0.78%

0.71%

1.01%

1.34%

Large Buildings

0.73%
0.86%

0.74%
0.83%

0.58%
0.85%

0.82%
1.21%

0.93%
1.81%

Small & Medium Buildings(GFA: less than 5,000 tsubo) in Tokyo 23 Wards since2011. In Q3 2020, the vacancy rate rose by 0.11 points
to 0.93% among large buildings and by 0.60 points to
1.81% among small & medium buildings.

Figure 3: Increase and Decrease in Vacant Space(23 Wards, All Sizes)(tsubo)Increase

Decrease

Figure 3 is the increase and decrease in vacant

Vacancy Rate (right scale)

4000009%3500008%3000007%6%2500005%2000004%1500003%100000

2%

50000

1%

0

0%

space. In Q3 2020, the increase in vacant space was
102,000 tsubo, while the decrease was 65,000 tsubo.
The difference between the increased vacant spaceand decreased space has widened, with the increase
exceeding the decrease for the second consecutive
quarter. Unlike the “pre-COVID19” period up to Q1
2020, there seems to be a rise in difficulty finding a

Q3 2019

Q4 2019

Q1 2020

Q2 2020

Q3 2020

Increase

77,00054,000150,000

117,000

102,000

Decrease

86,00056,000162,000

86,00065,000Vacancy (right scale)

0.79%

0.78%

0.71%

1.01%

1.34%

new tenant for vacant space after the previous tenant
has relocated.

Office Market Report | Tokyo | Q3 2020
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 © 2020 Xymax Corporation. All rights reserved.

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Xymax Real Estate Institute

Figure 4 shows the vacancy turnover ratio, theFigure 4: Vacancy Turnover Ratio
Vacancy Turnover Ratio

ratio of vacant spaces leased to tenants during the

4-quarter moving averagequarter to the total vacant office stock (vacant office

70%
60%

stock at start of quarter + vacant space added during

50%
40%

the quarter). The ratio in Q3 2020 dropped by 14.0

30%
20%

Q3 2020
32.4%

10%
0%

points from Q2 and by as much as 38.0 points from
Q1 to 32.4%. This level is equivalent to that in Q3 2016(31.6%), which marks a major shift in the market.

Vacancy TurnoverQ3 2019

Q4 2019

Q1 2020

Q2 2020

Q3 2020

50.8%

41.4%

70.4%

46.4%

32.4%

New Contract Rent
Figure 5 is the new contract rent index, which is
the rent level for new lease contracts. The index for

Figure 5: New Contract Rent Index
180(Q1 2010=100)160

Q3 2020 was 132, up 4 points from Q2 and down 3

Q2 2008
161

Q3 2020132

140

points from Q3 2019. New contract rent, which has
continued to rise since Q2 2012, is showing signs of120

peaking out and may be flattening or starting to100

decline. Although more companies are being

80

cautious in relocating or expanding their offices on

Q2 20127660

the back of continued uncertainties in the economic
outlook, this has not led to a significant drop in rent,

New Contract Rent Index

Q3 2019

Q4 2019

Q1 2020

Q2 2020

Q3 2020

135

128

137

128

132

most likely due to vacancy rates remaining low.
Figure 6 is the new contract rent index by size of

Figure 6: New Contract Rent Index (by Size)200(Q1 2010=100)

building. The index for large companies with a GFA
of 5,000 tsubo or more dropped by 4 points from Q2
to 120, while that for small & medium buildings with

180

160

a GFA of less than 5,000 tsubo rose by 5 points to 134.

140

Both figures are below the figures for Q1 2020, the

120
100

peak of the past several years.

80
60

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

Large (GFA 5,000 tsubo or more)

Q3 2019

Q4 2019

Q1 2020

Q2 2020

Q3 2020

Large Buildings

127

127

132

124

120

Small & Medium Buildings

135

129

139

129

134

Office Market Report | Tokyo | Q3 2020
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 © 2020 Xymax Corporation. All rights reserved.

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Xymax Real Estate Institute

Figure 7 is the contract rent diffusion index (DI)Figure 7: Contract Rent 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)that of buildings with a rent decline), which indicatesContract Rent DI (four-quarter moving average) (right scale)

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

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

Q3 2020
13

Q3 200751

Q2 2009-75

the direction of changes in new contract rent. The DI
in Q3 2020 was +13. This is the 22nd consecutive
quarter in which the index was above zero, whichindicates that there were more buildings with higher
new rent than six months ago than those with lower
new rent. However, the index fell by 5 points whenContract Rent DI

Q3 2019

Q4 2019

Q1 2020

Q2 2020

Q3 2020

40

38

43

18

13

compared to Q2. The percentage of buildings with adrop in rent has been rising gradually since Q1 2020.

Figure 8: Paying Rent Index

Paying Rent

120 (Q1 2010=100)
Q1 2009
110
105

Figure 8 shows the paying rent index, which
Q3 2020105

100

includes both new lease rents and existing lease rents.
The index in Q3 2020 was 105, up 2 points quarter on

90quarter and up 7 points year on year. The upward80

trend since Q3 2013 has continued. One of the factors

Q3 2013
77

70

for the rise is that negotiations for a rent rise were60

carried out with tenants who took out the lease when
Paying Rent Index

Q3 2019

Q4 2019

Q1 2020

Q2 2020

Q3 2020

98

100

101

103

105

rent levels were low. However, future developments
must be monitored carefully since paying rent tend tochange more slowly than new contract rent.

Figure 9: Free Rent
Free Rent Granted(left scale)
Average Free Rent
(right scale)

100%

Free Rent

1 day or more (%)
2 months or more (%)

Figure 9 is the percentage of new lease contracts

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

7
6
5
4
3
2
1
0

80%
60%
40%
20%
0%

with free rent to all new lease contracts (ratio of freerent offered) and the average free rent period(average free rent months). In Q3 2020, the average
free rent months was 2.6 among lease contracts withfree rent, 0.2 months less than in Q2, and 0.9 months
among all new contracts, unchanged from Q2.

Ratio ofFree Rent
GrantedAverage
Free Rent
Months

Q3 2019

Q4 2019

Q1 2020

Q2 2020

Q3 2020

1 day +

45.9%

40.8%

36.6%

34.3%

33.8%

2 mon. +

31.0%

28.3%

26.8%

22.3%

20.9%

6 mon. +

12.8%

8.7%

7.3%

3.9%

2.2%

All

1.6

1.3

1.2

0.9

0.9

w/ FR

3.6

3.2

3.3

2.8

2.6

The ratio of free rent offered has remained flat
since around 2016 after having dropped since 2011,indicating that offering free rent has becomecommon across the market. In Q3 2020, the ratio of
free rent offered dropped, while average free rent
months was unchanged or declined.

Office Market Report | Tokyo | Q3 2020
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 © 2020 Xymax Corporation. All rights reserved.

4

Xymax Real Estate InstituteMarket Cycle

Figure 10: Market Cycle

Figure 10 plots the vacancy rate on the horizontal

180

scale and the new contract rent index on the vertical

Q2 2008160

scale on a quarterly basis. It shows the cyclicality of

Q3 2020140

the market, with the chart trending to the lower rightQ1 2001120

in 2001 (vacancy up, rent down), remaining sluggish

Q2 2003100

between 2003 and 2004, then trending to the upper80

Q2 2012

60
0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

Q3 2019

Q4 2019

Q1 2020

Q2 2020

Q3 2020

Vacancy Rate

0.79%

0.78%

0.71%

1.01%

1.34%

New Contract Rent Index

135

128

137

128

132

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

left in 2005 (vacancy down, rent up) and to the lower
right again in 2008 (vacancy up, rent down).
Although the office lease market had been in arecovery phase since 2013, the chart trended to theupper right as both vacancy rates and the newcontract rent index rose in Q3 2020.

TOPIC
Figure 11: Availability Rate and Vacancy Rate
Vacancy Rate

Availability Rate

Vacancy Rate on an Availability Basis(Availability Rate)

12%

The vacancy rate and the increase and decrease in10%

vacant space, which we have examined above, cover8%

vacancies from which the tenant has already vacated6%
4%

and are available for immediate occupancy (currently

2%vacant). To analyze the changes in the market in more

0%detail, we created the availability rate, which adds
the vacant space for which a notice of cancellation
Q3 2019

Q4 2019

Q1 2020

Q2 2020

Q3 2020

Vacancy Rate

0.79%

0.78%

0.71%

1.01%

1.34%

Availability Rate

1.74%

1.62%

1.71%

2.30%

3.42%

has been given and is available (before the previous
tenant has left) to currently vacant space.
Figure 11 shows the availability rate and thevacancy rate of Tokyo 23 Wards since 2011. Although
the two had moved roughly in tandem, the availability
rate has risen sharply since Q1 2020. While thevacancy rate in Q3 2020 was at the same level as inQ1 2018, the availability rate was at the same level asin Q3 2017.
We believe the background to this is the difficultyin filling vacancies from within the building or finding
a new tenant between the notice of cancellation of
the lease and the vacating of the previous tenant.

Office Market Report | Tokyo | Q3 2020
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 © 2020 Xymax Corporation. All rights reserved.

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Xymax Real Estate Institute

Figure 12: Availability Rate (by Area)
Figure 12 shows the availability rate of Tokyo 23

Tokyo 23 Wards

14%

Tokyo 5 Central Wards

12%

Tokyo 18 Peripheral Wards

Wards, the 5 Central Wards, and the 18 Peripheral
Wards. The rate had remained lower in the 5 Central

10%8%Wards than in the 18 Peripheral Wards, but has risen

6%

to the same level in Q3 2020. While the vacancy rate4%
2%of the 5 Central Wards remained lower than that of0%

the 18 Peripheral Wards in Q3 2020 as shown in the
Q3 2019

Q4 2019

Q1 2020

Q2 2020

Q3 2020

Tokyo 23 Wards

1.74%

1.62%

1.71%

2.30%

3.42%

Tokyo 5 Central Wards

1.43%

1.36%

1.44%

2.13%

3.35%

Tokyo 18 Peripheral Wards

2.72%

2.44%

2.57%

2.86%

3.65%

vacancy rate (by area) of Figure 1, the difference
between areas may become smaller going forward.
Figure 13 is the availability rate of all sizes ofbuildings, large buildings (GFA: 5,000 tsubo or more),and small & medium buildings (GFA: less than 5,000

Figure 13: Availability Rate (by Size)tsubo) in Tokyo 23 Wards. The availability rate of large
All Buildings

Large Buildings

Small & Medium Buildings

14%buildings tended to be lower than that of small &medium buildings until around 2017, after which the

12%
10%

difference in availability rates between different

8%6%building sizes became small. This trend has continued

4%even since the rate turned upward in Q1 2020. The

2%0%availability rate has risen substantially regardless ofthe size or area of the building. We will continue to
Q3 2019

Q4 2019

Q1 2020

Q2 2020

Q3 2020All Buildings

1.74%

1.62%

1.71%

2.30%

3.42%

Large Buildings

1.82%

1.61%

1.63%

1.96%

3.00%

Small & Medium Buildings

1.64%

1.62%

1.80%

2.68%

3.90%

monitor the rate closely, as well as other indicators, tosee whether this trend will continue in the months tocome.

Office Market Report | Tokyo | Q3 2020
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 © 2020 Xymax Corporation. All rights reserved.

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Xymax Real Estate Institute

Reference
Figure 14: Major Building Completions (Q3 2020)
FloorsName

Above ground/

Total floor
Ward

Address

Completionarea

3-1-1 Shibaura

Jul 2020(tsubo)46,084

Below ground
msb Tamachi - Tamachi Station Tower N

36/2

MinatoPMO SHIBUYA Ⅱ

11/1

Shibuya3-1-1 Shibuya

Aug 2020

1,830

9Minato2-3-6 Shibakoen

Aug 2020

961

PMO Hamamatsucho II

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

Figure 15: Major Office Relocations (Q3 2020)
Company

From

ZENRIN-Datacom

Shinagawa intercity C

CO., LTD.

Minato Ward

Ohashi Gyoen Eki
Taisei Co., Ltd.

Bldg.
Shinjuku Ward

Totate International
PIXTA Inc.

Building
Shibuya WardTo

Timingmsb Tamachi - Tamachi
Station Tower N

Nov 2020

PurposeBusiness
expansionSize(tsubo)865

Minato Ward

New Otani Garden Court

Jan 2021

Chiyoda city

NBF Shibuya East

Feb 2021

Shibuya Ward

Increase inpersonnel
Greater
efficiency

448

109

Source: Compiled by Xymax Real Estate Institute based on information released by companies.
The sizes of offices are estimates.

Office Market Report | Tokyo | Q3 2020
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 © 2020 Xymax Corporation. All rights reserved.

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Xymax Real Estate Institute

Survey Overview
Vacancy Rate
Availability Rate

Increase and Decreasein Vacant Space

Vacancy Turnover Ratio

New Contract Rent Index

Description

Vacant space and available space versus total A quarterly increase and a quarterly decrease The ratio of the vacant space leased during
Office rent index based on new contract rents.
office stock in the market.
in volume of vacant space in the market.
the quarter to all the vacant office stock in the This index uses a statistical method to remove
market.
property-specific influences such as size andage of buildings.

Main Point

Supply and demand balance in the market

Supply and demand balance in the market

GFA 300 tsubo or more

GFA 300 tsubo or more

Data Used in
Recent Quarter

How toCalculate

GFA 300 tsubo or more

GFA 300 tsubo or more

Every Quarter

ReleaseData Source

Level of contract rents

Tokyo 23 Wards

MarketBuilding Size

Supply and demand balance in the market

Office Building

SectorData of available vacant spaces andData of available vacant spaces andData of available vacant spaces andData of new contract rents including CAM
buildings. Independently collected by Xymax. buildings. Independently collected by Xymax. buildings. Independently collected by Xymax. charge. Independently collected by Xymax.
8,595 buildings

6,445 contracts• Vacancy rate
• Increase in volume of vacant space= vacant space ÷ rentable spacea. Space in existing buildings formerly• Vacant Spaceoccupied by tenants
Total available vacant space in completedb. Total rentable area of new completions
buildings as of the time of the research.
• Rentable Space• Decrease in volume of vacant space
Rentable space of completed buildings as of a. Space in existing buildings leased under athe time of the research.
new agreement
・Availability rateb. Space in new completions but lease is＝available space ÷ rentable space
signed prior to the completion
・Available spacec. Space that had been vacant but the owner
Total available space, which consist of vacant decided not to leasespace and space for which notice ofcancellation has been given.
Where rentable space is not available, therentable space is estimated from the grossWhere rentable space is not available, thefloor area of the building using the formularentable space is estimated from the grossdeveloped in the joint study with thefloor area of the building using the formula
laboratory of Professor Naoki Kato at Kyoto
developed in the joint study with the
University Graduate School of Engineering.
laboratory of Professor Naoki Kato at Kyoto
University Graduate School of Engineering.

Contract Rent DI

6,445 contracts

244 contracts• Vacancy Turnover Ratio= Volume of vacant space leased during thequarter ÷ (Initial vacancy + Vacancy added
during the quarter)
Then, compute the four-quarter moving
average amount with the ratio derived fromthis formula.

1) Develop a rolling hedonic model(overlapping period: five quarters) based on
the collected new contract data withproperty-specific factors as variables(location, building size, building age,facilities, date of signing of lease, etc.).

2) Estimate the quarterly contract rent by• Volume of vacant space leased during theassigning the values of a typical building toquarter: Same as the "decrease in volume of the model developed in the preceding step.
vacant space).
• Initial vacancy: Total volume of completed 3) The New Contract Rent Index is the rent
buildings that are available for lease as of the estimated in the preceding step based on Q1start of the quarter.
2010 as the base point (=100).
• Vacancy added during the quarter: Same as
the "increase in volume of vacant space"
This model shows changes in new contract
rents after removing property-specificvariables.

Free Rent Granted (%) &Average Free Rent (Month)

Paying Rent Index

Description

Index of changes in new contract rents. Calculated bycounting and comparing the buildings where rent has
increased and those where rent has decreased.

Index of changes in paying rents (new and existing contract Distribution of free rent and average length of free rent
rents).
period. Free rent is the time lag between the start of thecontract and the start of the rent payment.

Main Point

Direction of contract rent trends

Level of rents paid by tenantsTokyo 23 Wards

MarketBuilding SizeAll

Data Used in
Recent Quarter

How toCalculate

GFA 300 tsubo or moreAll

Every Quarter

ReleaseData Source

Market trends that are not reflected in contract rents

Office Building

SectorData of new contract rents including CAM charge.
Independently collected by Xymax.
407 contracts

Data of new and existing contracts signed for buildings
under management by Xymax.

Data of new contracts signed for buildings undermanagement by Xymax.

4,121 contracts

63 contracts

1) Compare the data of new contract rent per tsubo with
1) Calculate the rent per tsubo of each tenant from the data • Free Rent Periodthat in the 6-month prior period in the same building.
of new and existing lease contracts and memorandums.
The period between the start of the contract and the start
Each contract was counted separately into three categories: 2) Develop a rolling hedonic model (overlapping period:of the rent, shown in number of days.
buildings withfive quarters) based on the rents calculated in the• Ratio of Free Rent Granted"rent increase”,
preceding step (the "paying rent") with property-specific
The ratio of contracts with free rent in all the new"no change” orfactors as variables (location, building size, building age,contracts (excl. contracts for expansion within the building“rent decrease”
facilities, date of signing of lease, etc.).
and recontracts)
3) Estimate a quarterly contract rent by assigning the values • Average Free Rent (Month) of All the Contracts2) Calculate the percentage of buildings with “rentof a typical building to the model developed in the
The simple average of the free rent period including leasedecrease” and buildings with “rent increase”.
preceding step.
contracts with no free rent.
4) The Paying Rent Index is the rent estimated in the• Average Free Rent (Month) of Contracts with Free Rent
3) Subtract the percentage of buildings with “rent decrease” preceding step based on Q1 2010 as the base point (=100). The simple average of the free rent period of leasefrom the percentage of buildings with “rent increase”. This
contracts with free rent.
outcome is the Contract Rent Diffusion Index (DI).
With this method, influences from replacement of sample
data and deterioration of buildings over age are removed In some cases, the rent agreed in a lease contract includes
from the result.
CAM charge, and then, for a certain period of time, the rent
is reduced to the CAM charge equivalent or closer level, butsuch contracts are excluded from this research.

Office Market Report | Tokyo | Q3 2020
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 © 2020 Xymax Corporation. All rights reserved.

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Xymax Real Estate Institute

Appendix: Xymax REI Research Updates (August – October 2020)
Greater Tokyo Company Survey on Work Styles and the Workplace | August 2020

September 18, 2020

・ This report is a summary of the results of a questionnaire survey of companies in Greater Tokyo on the current stateand issues of work styles and strategies under the corona crisis.

Observations on the Trend of Corporate Relocations
・

October 14, 2020

This report considers the future direction of corporate relocations by identifying the relationship between historical
corporate relocation trends and office space market indicators using data of company relocations in Tokyo, which
Xymax REI has gathered since the 2000s.

Building Owner Survey 2020 (COVID-19 Edition)・October 21, 2020

This report is a summary of the results of questions related to COVID-19 within a questionnaire survey of owners ofsmall and medium-sized buildings nationwide who lease out their buildings.

For further inquiries please contact:
Xymax Real Estate Institutehttps://soken.xymax.co.jp

E-MAIL: info-rei@xymax.co.jp

Office Market Report | Tokyo | Q3 2020
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 © 2020 Xymax Corporation. All rights reserved.

9