Xymax Real Estate Institute

TOPIC REPORT

Exploring the Optimal Form of Hybrid Work
From the perspective of the place of work and the allocation of time

March 11, 2022

Introduction: The objective of this Topic Report
The introduction of telework by many companies due to the COVID-19 pandemic has finally begun toprompt the spread of a decentralized work style, which had been the focus of work style reforms since
before the pandemic. Meanwhile, two years into the pandemic, issues are being pointed out concerning
telework, which has more or less been forced on companies and deployed in a uniform manner. Whether
telework enables innovation and whether employees should return to the office are also starting to be
discussed.
However, since the primary purpose of telework is currently to prevent the spread of infection, there isroom for improvement in matters such as the ease of work. Given such immaturity of the state of telework,
it might be too early to pass judgment on this work style. A flexible work style not bound by the placeof work has been aspired to as the preferred work style in Japan, which is facing an aging population
and a falling birthrate. Efforts to promote telework should continue to be appreciated. What should beconsidered at the current stage are the specific ways to maximize the benefits of telework.
Xymax Real Estate Institute (“Xymax REI”) has been proclaiming the effectiveness of hybrid work, which
combines working in the office and telework, since before the pandemic, but at the same time, has deemed
it difficult to propose a one-size-fits-all solution as the specifics of hybrid work are highly individual.
However, even if such a solution does not exist, we believe it is worthwhile to present a better method forthis moment. This report examines the current optimal solution for the “place” of work and “time allocation”
by conducting a comprehensive analysis of the results of a company survey,*1 a worker survey*2 and an
employee questionnaire survey carried out at Xymax. We hope that this report will prove to be a source
for considering what kind of an environment companies should develop to achieve a work style that isbeneficial and sustainable for both the workers and the company.
*1 Metropolitan Areas Office Demand Survey Autumn 2021, conducted in October 2021
https://www.xymax.co.jp/english/research/images/pdf/20211222.pdf
The survey covers companies located across Japan (Tokyo, Osaka, Aichi, Fukuoka, Kanagawa, Saitama, Chiba
and other prefectures). Refer to the end of the report for the survey overview.
*2 Greater Tokyo Office Worker Survey 2021, conducted in September 2021
https://www.xymax.co.jp/english/research/images/pdf/20211217.pdf
The survey covers companies located in Greater Tokyo (Tokyo, Kanagawa, Saitama and Chiba prefectures).
Refer to the end of the report for the survey overview.

Summary

The telework implementation rate in the autumn 2021 survey was 68.5% at companies and67.3% among workers, both a record high. However, the current, actual form of
telework is almost completely work from home.

TOPIC REPORT: Exploring the Optimal Form of Hybrid Work
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 © 2022 Xymax Real Estate Institute Corporation. All rights reserved.

1

TOPIC REPORT｜Xymax Real Estate InstituteIn the company survey, a larger percentage of companies that also used a satellite office
replied that the performance of their employees improved from before the pandemic
compared to companies that only adopted work from home.



The internal survey at Xymax also suggested the possibility that workers’ productivity
when working in the head office might improve by using a diverse range of
workplaces compared to when working only in the head office and home.



As for the ideal frequency of telework, only 24.6% of those who want to telework wanted totelework for an equivalent of 5 days a week. Around 60% wanted to telework for anequivalent of 2–4 days a week, indicating that a majority of workers preferred hybrid
work, which combines coming to the office and teleworking.

A telework frequency of 3 days a week or more results in a greater probability of
improvement in performance and engagement. However, we found that while theprobability of performance improvement rises as the frequency of telework increases, theprobability of improvement in engagement does not rise even if the telework frequency
increased to 4 days a week or more. This means that while performance improves as thework style approaches a fully remote work style, engagement may drop compared to when
the telework frequency is an equivalent of 3 days a week. This implies the possibility thatthe ideal telework frequency when focusing on improvement in engagement is anequivalent of 3 days a week.



The telework frequency that results in greater performance varies between job categories.
For example, the probability of performance improvement tends to rise when the frequency
is an equivalent of 4 days a week for clerical and corporate jobs and an equivalent of 5 daysa week for specialized and sales jobs.

TOPIC REPORT: Exploring the Optimal Form of Hybrid Work
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 © 2022 Xymax Real Estate Institute Corporation. All rights reserved.

2

TOPIC REPORT｜Xymax Real Estate InstituteTelework Taking Root
The rapid spread of telework due to the COVID-19 pandemic is beginning to shake the conventional
idea that office work is carried out by commuting to the office in the city center every day.
According to the company survey conducted by Xymax REI (autumn 2021), as much as around 30% of
all companies kept the ratio of employees coming to the office to less than 40% (equivalent to all
employees coming to the office for an average of 2 days a week). The ratio has been roughly
unchanged since the autumn 2020 survey (Figure 1). As for intentions for after the end of the pandemic,
only 23.9% of the companies intended to have their employees fully return to the office even in the latest
autumn 2021 survey. The remaining 76.1% intended to continue implementing telework in varying degrees.
In other words, telework is unlikely to end as a stopgap measure for an emergency situation or atemporary boom, but is likely to take root in the future as an ordinary work style. The pandemic hasbrought about irreversible changes to work styles and the place of work.
Figure 1: Coming-to-office Ratio (Actual and Intention; Comparison with Previous Surveys)(Company Survey)

We can confirm from the open data on people flow released by the Ministry of Land, Infrastructure,
Transport and Tourism (MLIT) that commuting to city centers is reduced due to the pandemic. Figure 2
shows the number of people (people flow) in Tokyo’s five central wards, the number of new COVID-19
infections and the timing of declarations of a state of emergency and priority preventive measures inchronological order. It also indicates that the change in people flow is influenced more by societal measures
such as the declaration of a state of emergency than the number of infections itself and that the reductionin the coming-to-office ratio, which was seen immediately after the first declaration of a state of emergency(April 2020), became customary even after the state of emergency was lifted and continued to this day.
In other words, there is a good chance that the current work style with reduced commuting to city
centers will continue even if the number of infections drops to almost zero after the pandemic hasabated and take root as an ordinary work style.

TOPIC REPORT: Exploring the Optimal Form of Hybrid Work
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 © 2022 Xymax Real Estate Institute Corporation. All rights reserved.

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TOPIC REPORT｜Xymax Real Estate Institute
Figure 2: Relationship between People Flow of Five Central Wards of Tokyo, Number of New Infections
and Timing of Declaration of State of Emergency and Priority Preventive Measures

Furthermore, these work style changes may also affect the conventional urban structure that is based on
the separation of the workplace and the home. According to the 2021 Report on Internal Migration in
Japan*3 released by the Statistics Bureau, Ministry of Internal Affairs and Communications (MIC), outmigration from Tokyo’s 23 wards exceeded in-migration for the first time since 2014, while net migrationof entire Tokyo dropped to a new low also for the first time since 2014. As the places for office work, which
had been limited to central Tokyo, have begun to spill out to the periphery, places where people live andtheir movement trends will change, which could trigger a shift in the structure of overconcentration inTokyo.
*3 Source: Results of the 2021 Report on Internal Migration in Japan. January 28, 2022, Statistics Bureau, MIC

The reduction of employees going to the office in city centers is supported by telework. Xymax REI has
been continuously studying the telework implementation rate*4 by companies and workers since before
the pandemic. In the latest autumn 2021 survey, the telework implementation rate reached a record
high both among companies (68.5%) and workers (67.3%), showing a significant growth from theautumn 2019 survey (Figure 3). Before the pandemic, telework was introduced in the context of work stylereforms mainly by large companies as a special measure for employees with childcare or elderly care needs.
Due to the pandemic, it is now expanding its horizon as a work style to be used by many office
workers.
*4 “Telework implementation rate” in this report refers to the percentage of companies providing or implementing
at least one of the following: A work-from-home policy; a satellite office, etc. provided by a specialized operator,etc.; or a satellite office, etc. owned or rented by own company.

Figure 3: Telework Implementation Rate (vs Autumn 2019 Survey; Company and Worker Comparison)

TOPIC REPORT: Exploring the Optimal Form of Hybrid Work
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 © 2022 Xymax Real Estate Institute Corporation. All rights reserved.

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TOPIC REPORT｜Xymax Real Estate Institute

Place of Work: Current State and Ideal StateAs mentioned in the previous chapter, telework has been spreading steadily due to the pandemic.
However, it is almost completely work from home. For example, while 61.3% of companies provide awork-from-home policy, only 19.2% have a satellite office, etc. provided by a specialized operator, etc. and
8.3% a satellite office owned or rented by own company (Figure 4).
Figure 4: Availability of Place for Telework (Company Survey)

When we look at the average time workers allocate to each place of work, their regular office accounted
for 60.7% of their work time and their home accounted for 36.9%, indicating that the situation of
workplaces is far from being diverse (Figure 5).
Figure 5: Average Time Allocation in Each Place of Work (Worker Survey)

TOPIC REPORT: Exploring the Optimal Form of Hybrid Work
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 © 2022 Xymax Real Estate Institute Corporation. All rights reserved.

5

TOPIC REPORT｜Xymax Real Estate InstituteAs telework is currently aimed at preventing the spread of infection, there are not many choicesof workplaces, and workers may be forced to work in an environment not suited for work.
In fact, when asked about their dissatisfaction with working from home, a certain percentage of workers
replied that they lacked the necessary environment for work, including monitors and other devices, space
and appliances suited for work, and internet connection, even at the time of the autumn 2021 survey, which
was about 1.5 years into the pandemic (Figure 6). This revealed that not a few workers were forced towork from home in an environment not suited for work. Continuing to work in such conditions would
lead to lower performance and engagement in the organization and could have an adverse effect onworkers’ physical and mental health.
Figure 6: Dissatisfaction with Working from Home (Worker Survey)

TOPIC REPORT: Exploring the Optimal Form of Hybrid Work
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 © 2022 Xymax Real Estate Institute Corporation. All rights reserved.

6

TOPIC REPORT｜Xymax Real Estate InstituteCompanies also had dissatisfactions with the work-from-home policy. When we asked companies that
intended to use a satellite office after the end of the pandemic the reason for their intention, 65.3% of thecompanies replied, “To compensate for the disadvantages of working from home (e.g., difficulty inconcentrating, family nearby, house too small).” Additionally, as much as 32.0% of the companies replied,“To compensate for the disadvantages of working from home (e.g., management, attendance management,
security).” This indicates that companies also felt the disadvantages of working from home, which has
become the primary place for telework, and required places such as a satellite office as a solution(Figure 7).
Figure 7: Reason for Wanting to Use a Satellite Office in the Future (Company Survey)
0%

20%

40%

60%

To compensate
for disadvantages of WFH (e.g.,
在宅勤務のデメリット（集中しづらい、
difficulty in concentrating, family nearby,
同居家族、家が狭い等）をカバーするため
house too small)

65.3%
59.1%

To reduce employees' commute/travel time
43.1%

To improve employees' work-life balance
To improve employee satisfaction

34.1%

To compensate for disadvantages of WFH
在宅勤務のデメリット（マネジメント、(e.g.,
management, attendance management,
勤怠管理、セキュリティ等）をカバーするため
security)

32.0%

To reduce office costs

24.9%

To support balance between work andchild/elderly care

24.7%

Enables employees to refresh, promotes health of
employees

18.2%

BCP (business continuity plan in times of disaster)

17.9%

To reinforce hiring and reduce turnover

11.4%

ダイバーシティの推進
To promote diversity(utilization of women,（女性・高齢者・外国人などの活用）
elderly, foreign nationals)

10.3%

Other

3.0%

No answer

1.4%(Companies that intend to use a satellite office in the future (n=369); MA)

TOPIC REPORT: Exploring the Optimal Form of Hybrid Work
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 © 2022 Xymax Real Estate Institute Corporation. All rights reserved.

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TOPIC REPORT｜Xymax Real Estate Institute
Figure 8 shows the effectiveness of introducing a satellite office in addition to a work-from-homepolicy when companies adopt telework. The percentage of companies replying that their employees’
performance improved (the sum of “Improved significantly” and “Improved somewhat”) from before thepandemic was 21.6% among companies that introduced both a work-from-home policy and a satellite
office, significantly higher statistically than companies that only introduced a work-from-home policy(12.7%).
Figure 8: Employees’ Performance Compared to before the Pandemic(by Status of Introduction of Telework) (Company Survey)

However, this does not mean that working from home is bad. In the worker survey, as much as 73.8%of the workers wanted to implement working from home after the end of the pandemic. Indicatorssuch as worker satisfaction and well-being have become increasingly important in recent years also fromthe perspective of corporate competitiveness. Depending on how it is introduced, working from homeoffers significant benefits in terms of employees’ work-life balance and stress reduction.
What is important is to not adopt a work-from-home policy as a last resort and as a downward
compatible to coming to the office but to position it as one of a diverse range of workplace choices
and create an environment that allows workers to choose wherever they want to work. As mentioned
earlier, it is too early to pass judgment on telework, for both companies and workers, when the only
available workplace options are the office and the home. We believe that a work style where workers canchoose the place of work that is best for them from among a diverse range of workplaces and havethe best of each workplace could become an ideal form of hybrid work.

TOPIC REPORT: Exploring the Optimal Form of Hybrid Work
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 © 2022 Xymax Real Estate Institute Corporation. All rights reserved.

8

TOPIC REPORT｜Xymax Real Estate Institute<PICK UP> Relationship between using different workplaces and work assessment–Xymax’s endeavor to provide a diverse range of workplaces–
The Xymax Group has been endeavoring to provide a diverse range of workplaces. In addition to its head
office and a work-from-home program, it provides a satellite office, dedicated to Xymax, and ZXY, a satellite
office service for corporations, as the workplaces for its employees, and is developing an environment thatallows employees to choose where they work. A questionnaire survey of employees working in thisenvironment implied that a diverse range of workplaces could be effective in improving productivity. We
will share the results of the analysis in this column.
In the questionnaire, we asked employees to rate working in the head office in terms of the following six
indicators that affect work productivity on a scale of 0 to 10, with 5 being when working from home: (1)physical productivity; (2) added value productivity; (3) loose communication; (4) communication of anegative topic; (5) sense of unity with the organization; and (6) motivation.
We analyzed using a logistic regression model*5 with the explained variables being whether the ratingsof “(1) physical productivity” and “added value indicators” (the sum of (2) to (6)) are higher than whenworking from home, and the explanatory variables the workplace chosen by the worker (head office andhome only; head office only; and different places including own satellite office and ZXY) and job categories.
*5 A method of excluding the impact of other explanatory variables and presenting only the impact of each explanatory variable.

As a result, we found that those who alternated between different workplaces during the survey
period were more likely to have higher ratings for both “(1) physical productivity” and “added value
indicators of (2) to (6)” when working in the head office than when working from home comparedto those who only worked in the head office and the home (Figure 9). This trend was not observed
among those who only worked in the head office (refer to the end of the report for details of the analysis).
This result points to a possibility that the productivity of working in the head office increases byusing a diverse range of workplaces. A likely reason for this is that those who choose where to work bythemselves work at each place with a clear sense of purpose than those who do not choose their workplaceby themselves. Providing a diverse range of workplace choices to workers would be an effective andfeasible way to encourage this kind of voluntary work style and improve workers’ performance.
Figure 9: Impact of Alternating between Different Workplaces on Assessment of Work Productivity

TOPIC REPORT: Exploring the Optimal Form of Hybrid Work
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 © 2022 Xymax Real Estate Institute Corporation. All rights reserved.

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TOPIC REPORT｜Xymax Real Estate InstituteRelationship between Telework Frequency and Assessment
Indicators
In Chapter 2, we confirmed the importance of having a diverse range of “places” as one of the preferred
directions to take in utilizing telework. In Chapter 3, we will examine “time,” i.e., the frequency of telework.
According to our worker survey, as much as 30.2% of teleworkers currently more or less fully teleworked(teleworking for an equivalent of 5 days a week (81–100% of their total work hours assuming a 5-day workweek)). However, in terms of future intentions, the percentage of those who wish to telework who wish
to do so for an equivalent of 5 days a week decreased to 24.6%, while the percentage of those whowish to telework for an equivalent of 2 to 4 days a week (21–80% of their total work hours) increased(Figure 10).
Discussions on telework usually focus on the benefits to workers (e.g., elimination of the burden ofcommuting, improvement of work-life balance) rather than the benefits to companies. However, the reality
is that not all workers wish to fully telework but that the majority of workers are more oriented towarda hybrid work style, which combines teleworking and coming to the office.
Figure 10: Teleworkers’ Telework Frequency (Actual and Future Intention) (Worker Survey)

In order to explore the best allocation of time between coming to the office and teleworking in hybrid
work, we set workers’ performance and their engagement in their organization as the outcomes(performance indicators to ultimately control) and examined the relationship between the frequency oftelework.
In the worker survey, we asked workers who teleworked (regardless of the number of days) to self-assess
their current performance and engagement, with 100 being when coming to the office 5 days a week. To
identify the impact of telework frequency on the self-assessment, we conducted a logistic regression
analysis with the explained variable being whether the current performance and engagement were eachhigher than when coming to the office 5 days a week and the explanatory variable being the telework
frequency.

TOPIC REPORT: Exploring the Optimal Form of Hybrid Work
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 © 2022 Xymax Real Estate Institute Corporation. All rights reserved.

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TOPIC REPORT｜Xymax Real Estate Institute
Figure 11 is the result of the analysis. The more asterisks there are, the larger the statistically significant
impact. Each figure represents an odds ratio: the larger the figure is than 1 (and with an asterisk), the more
likely the current performance and engagement improve with each telework frequency. On the contrary,
the less the figure is than 1, the less likely.
Figure 11: Impact of Telework Frequency on Performance and Engagement Assessment(Worker Survey)

Figure 11 indicates that the probability of both performance and engagement to improve rises
significantly if the telework frequency is an equivalent of 3 days a week or more. However, we found thatwhile the probability of performance improvement tends to rise as the frequency of telework increases, theprobability of improvement in engagement does not rise even if the telework frequency increased to 4
days a week or more (refer to the end of the report for details of the analysis). This means that while
performance improves as the telework frequency is increased and approaches a fully remote work
style, engagement may drop compared to when the telework frequency is an equivalent of 3 days aweek.
For companies, it is not only the performance but also the engagement of employees that is importantas an indicator. In recent years and especially after the outbreak of the COVID-19 pandemic, there has been
TOPIC REPORT: Exploring the Optimal Form of Hybrid Work
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 © 2022 Xymax Real Estate Institute Corporation. All rights reserved.

11

TOPIC REPORT｜Xymax Real Estate Institutea rise in society’s demand for companies’ awareness toward SDGs. Companies’ responsibility for theiremployees’ work environment and mental/physical health is increasing. To consider employees’
engagement in the organization will become more important than before also from the perspective of
maintaining long-term corporate competitiveness. This analysis suggests that, in view of thesecircumstances, the most optimal telework frequency could be 3 days a week if companies are to focus
on maximizing engagement.
The above is the result by all persons subject to the analysis. However, the impact of telework frequency
on performance and engagement may differ depending on the attributes (e.g., gender, age, sector, job
category, position) of the worker. Therefore, we then conducted multiple analyses for each worker attributeand found a distinct characteristic in the relationship between telework frequency and performance by job
category. The figures in Figure 12 (odds ratios; figures with one or more asterisks are statistically significant
results) indicate that the frequency of telework affects performance in all job categories and that the
telework frequency that improves performance varies between job categories.
For example, the results imply that the probability of a significant improvement in performance in clericaljobs rises from a telework frequency of 3 days a week and that the probability is greatest when thefrequency is 4 days a week. Similarly, the results imply that the probability of performance improvement
rises when the telework frequency is 4 days a week for corporate jobs and 5 days a week for specialized
and sales jobs (refer to the end of the report for details of the analysis).
Figure 12: <By Job Category> Impact of Telework Frequency on Performance Assessment(Worker Survey)

These results suggest that an almost fully remote work style is good for specialized and sales jobs if the
focus is only on maximizing performance in hybrid work. However, as mentioned earlier, this choice may
harm employee engagement as well as long-term corporate competitiveness, and thus requires careful
judgment by the companies. Note that no result on engagement that is worth mentioning was obtained
from the analysis by job category. A possible reason for this is that since engagement as an indicator isresistant to the effects of differences between job categories, the number of samples was small when
divided by job category, resulting in a lack of significant results.

TOPIC REPORT: Exploring the Optimal Form of Hybrid Work
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 © 2022 Xymax Real Estate Institute Corporation. All rights reserved.

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TOPIC REPORT｜Xymax Real Estate Institute

Summary
In searching for the current optimal solution for hybrid work, we focused on telework, which many
companies are still exploring, and examined the optimal form for each of the two factors of “place” and“frequency.” The result implied that the most appropriate in terms of place could be a diverse range ofchoices from which workers can choose, and around 3 to 5 days a week in terms of frequency, although
this varies depending on the job category and the desired outcome.
However, it must be noted that these are only the results of analyses based on the current state of
telework. As mentioned in Chapter 2, the current state of telework is still immature in that workers cannot
choose their place of work. Should this situation improve in the future, the optimal frequency of telework
may also change. Furthermore, what companies set as their outcome will also vary between companies.
At the same time, as long as hybrid work is aimed at maximizing outcome by alternating between
teleworking and coming to the office, the role of the main office is also an important issue that should also
be considered.
As we described in Chapter 1, the ratio of employees coming to the office in city centers remains reduced
due to the prolonged pandemic and is unlikely to return to 100% even after the pandemic abates. For
companies, a more urgent issue than how to utilize telework is how to deal with the unused office space
and the unnecessary rent payment, which they currently face. Going forward, we expect the main office
to be optimized and the strategy for the overall workplace, including the introduction of a satellite
office, to be reconsidered in the process. We also expect companies to begin exploring their ideal
form of hybrid work.
In any case, we believe companies that think they only have to simply return to the way they used
the office before the pandemic have become a minority. For many workers who experienced a newwork style during the pandemic, returning to the past for lack of strategy would lead to distrust in theorganization and a decline in the organization’s cohesiveness. It will also have a negative effect not only
on securing human resources but also on labor productivity and innovation. While not all companies needto adopt hybrid work, if companies are to require their employees to return to the office, it will be essential
for them to convey such intentions as the company’s message.
With the number of infections failing to decline as desired and further prolongation of the pandemicfeared, it is difficult to predict the outlook of the pandemic. Although the results of the analyses areprovisional, it should provide a source for strategy formulation in times when companies are required
to be agile against rapid changes in the business environment. Workplace strategies are becoming
increasingly important as a management issue that companies should continue to consider in orderto achieve sustainability. Xymax REI intends to continue providing material that will serve as a guide.

TOPIC REPORT: Exploring the Optimal Form of Hybrid Work
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 © 2022 Xymax Real Estate Institute Corporation. All rights reserved.

13

TOPIC REPORT｜Xymax Real Estate Institute
Survey Overview
Survey title

Metropolitan Areas Office Demand Survey Autumn 2021

Survey period

October 26–November 7, 2021
Emails were sent to 42,581 companies in total that include:

Targetrespondents

・Tenant companies in office buildings managed by the Xymax Group・Companies subscribing to ZXY, a satellite office service for corporations
・Client companies of XYMAX INFONISTA Corporation

Number ofvalid answers

1,503; response rate: 3.5%

Geographicalcoverage

Nationwide (Tokyo, Osaka, Aichi, Fukuoka, Kanagawa, Saitama, Chiba prefectures and others)

SurveymethodEmailSurvey title

Greater Tokyo Office Worker Survey 2021

Survey period

September 10–12, 2021
(1) Screening: 5,000 men and women aged 18 and above(2) Main survey: Those who replied in the screening that their profession was either an officer or

Targetrespondents

staff of a company or organization, whose job category was managerial, specialized/technical,
clerical or sales, whose regular office was located in Greater Tokyo (Tokyo, Kanagawa, Saitama
and Chiba prefectures), and whose current and pre- pandemic primary workplace was the officeor home.

Number ofvalid answers

2,060

Geographicalcoverage

Greater Tokyo (Tokyo, Kanagawa, Saitama and Chiba prefectures)

SurveymethodOnlineThe percentage mix in the charts contained in this report are rounded to the first decimal place and therefore may not add up to 100%.

TOPIC REPORT: Exploring the Optimal Form of Hybrid Work
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 © 2022 Xymax Real Estate Institute Corporation. All rights reserved.

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TOPIC REPORT｜Xymax Real Estate InstituteDetails of the Analyses
Variables of the logistic regression analysis conducted in Figure 9

Details of the results of Figure 9 (figures represent odds ratios)

TOPIC REPORT: Exploring the Optimal Form of Hybrid Work
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 © 2022 Xymax Real Estate Institute Corporation. All rights reserved.

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TOPIC REPORT｜Xymax Real Estate Institute
Variables of the logistic regression analyses conducted in Figures 11 and 12

TOPIC REPORT: Exploring the Optimal Form of Hybrid Work
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 © 2022 Xymax Real Estate Institute Corporation. All rights reserved.

16

TOPIC REPORT｜Xymax Real Estate InstituteDetails of the results of Figure 11 (figures represent odds ratios)

Details of the results of Figure 12 (figures represent odds ratios)

For further inquiries please contact below:
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TOPIC REPORT: Exploring the Optimal Form of Hybrid Work
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