Xymax Real Estate Institute

Office Market Report
Tokyo | Q1 2021
April 28, 2021

Summary

In Q1 (January–March) 2021, the office market of the 23 wards of Tokyo (“Tokyo 23 Wards”) continued to
see weak demand for office space as vacancy rates rose and rent levels dropped.



The vacancy rate was 2.30%, up 0.43 percentage points 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 5.31%, up 0.89 points from the previous quarter. The increase anddecrease in vacant space showed that the increase in vacant space outweighed the decrease for the fourthconsecutive quarter, as vacant space increased by 164,000 tsubo (1 tsubo = approx. 3.3sqm) and decreasedby 116,000 tsubo. The vacancy turnover ratio, which is the rate of decrease of vacant office space, rose
4.1 percentage points quarter on quarter to 30.9%.

The new contract rent index, the level of new lease rent, was 90, down 2 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 7 points from the previous quarter to -29, a negative figure
for the second consecutive quarter.



The paying rent index, which includes both new and existing rents, rose 1 point to 105.

The average free rent months of lease with free rent was 1.0 month. The ratio of free rent offered was
50.2%.

Office Market Report | Tokyo | Q1 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.

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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%

Wards since 2011. The rate in Q1 2021 rose 0.43

4%

points from Q4 2020 to 2.30% in the 23 Wards, 0.5

2%

points to 2.24% in the 5 Central Wards, and 0.20%points to 2.46% in the 18 Peripheral Wards. The
Q1 2020

Q2 2020

Q3 2020

Q4 2020

Q1 2021

Tokyo 23 Wards

0.71%

1.01%

1.34%

1.87%

2.30%

Tokyo 5 Central Wards

0.54%

0.89%

1.17%

1.74%

2.24%

Tokyo 18 Peripheral Wards

1.27%

1.37%

1.90%

2.26%

2.46%

vacancy rate rose in all three areas for the fourthconsecutive quarter. A possible reason for the rise isthat an increasing number of companies reviewed
their office floor space as they adopted telework.
The difference in the vacancy rates of the 5Central Wards and 18 Peripheral Wards is shrinking,

Figure 2: Vacancy Rate (by Building Size)

resulting in a smaller difference in vacancy rates
All Buildings

Large Buildings

Small & Medium Buildings

12%
10%

between areas compared to pre-Covid levels.
Figure 2 is the vacancy rate of all sizes of8%
6%

buildings, large buildings (gross floor area (GFA):

4%5,000 tsubo or more), and small & medium buildings

2%0%(GFA: 300–4,999 tsubo) in Tokyo 23 Wards since2011. In Q1 2021, the vacancy rate rose by 0.39
Q1 2020

Q2 2020

Q3 2020

Q4 2020

Q1 2021

All Buildings

0.71%

1.01%

1.34%

1.87%

2.30%

Large Buildings

0.58%

0.82%

0.93%

1.39%

1.78%

Small & Medium Buildings

0.85%

1.21%

1.81%

2.40%

2.87%

points to 1.78% among large buildings and by 0.47
points to 2.87% among small & medium buildings.
Figure 3 shows the availability rate and thevacancy rate. The availability rate is the indicator for

Figure 3: Availability Rate (23 Wards, All Sizes)
Vacancy Ratethe sum of currently vacant space, space for which a
notice of cancellation has been given and space that

Availability Rate

12%

is accepting tenant applications (before the previous

10%8%tenant has left) as the numerator and rentable space6%

as the denominator. The availability rate was 5.31%,

4%

up 0.89 percentage points from Q4 2020. The rise2%

was larger than the 0.43-point rise in the vacancy

0%rate. The growing gap between the availability rate
Q1 2020

Q2 2020

Q3 2020

Q4 2020

Q4 2021

Vacancy Rate

0.71%

1.01%

1.34%

1.87%

2.30%

Availability Rate

1.71%

2.30%

3.42%

4.42%

5.31%

and vacancy rate suggests that finding the next
tenant during the period from the notice of leasecancellation and vacating of the previous tenant is
becoming less frequent.

Office Market Report | Tokyo | Q1 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.

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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 Q1 2021, the increase in vacant space was

Decrease

164,000 tsubo, while the decrease was 116,000

Vacancy Rate (right scale)

400000

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

35000030000025000020000015000010000050000
0Q1 2020

Q2 2020

Q3 2020

Q4 2020

Q1 2021

Increase

150,000

117,000

102,000

136,000

164,000

Decrease

162,000

86,00065,00077,000116,000

Vacancy (right scale)

0.71%

1.01%

1.34%

1.87%

2.30%

tsubo, the increase exceeding the decrease for the
fourth consecutive quarter. Both the increase anddecrease in vacant space were larger than in Q42020 as companies relocated or cancelled part oftheir lease contract.

Figure 5 shows the vacancy turnover ratio, theratio of vacant spaces leased to tenants during the

Figure 5: Vacancy Turnover Ratio
Vacancy Turnover Ratio

quarter to the total vacant office stock (vacant officestock at start of quarter + vacant space added

4-quarter moving average

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

during the quarter). The ratio in Q1 2021 rose by 4.1
points from Q4 2020 to 30.9%. We will monitor
Q1 202130.9%

future developments carefully.

New Contract Rent
Vacancy TurnoverQ1 2020

Q2 2020

Q3 2020

Q4 2020

Q1 2021

70.4%

46.4%

32.4%

26.8%

30.9%

Figure 6 is the new contract rent index, which is
the rent level for new lease contracts.*1 The index for
Q1 2021 was 90, down 2 points from Q4 2020 anddown 10 points from Q1 2020. The rising trend of

Figure 6: New Contract Rent Index
130120

new contract rent, which had continued since Q2(Q1 2020=100)

Q2 2008
117

Q4 2020
92

110
100
90

Q2 20126780

Q1 202190

70
60

2012, peaked in Q2 2020 and has been declining
since. The decline is likely due to rent reduction
negotiations by lessees as well as lessors reducing
their rent when they start looking for tenants as
vacancy rates rise and companies increasingly
downsize their office.

New Contract Rent Index

Q1 2020

Q2 2020

Q3 2020

Q4 2020

Q1 2021

100

104

102

92

90

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

*1 We revised the model of the new contract rent index from
Q1 2021 and updated the figures retrospectively.
For details, see Revision of New Contract Rent Index (2021),
released on April 19, 2021
https://soken.xymax.co.jp/2021/04/19/2104new_contract_rent_index_revise2021/

Office Market Report | Tokyo | Q1 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.

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Xymax Real Estate Institute

Figure 7: New Contract Rent Index (by Size)
130

Figure 7 is the new contract rent index by size ofbuilding. The index for large companies with a GFA(Q1 2020=100)

of 5,000 tsubo or more dropped 7 points from Q4

120
110

2020 to 89, while that for small & medium buildings

100
90with a GFA of 300–4,999 tsubo rose by 2 points to 93.

80
70
60

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

Large (GFA 5,000 tsubo or more)

Q1 2020

Q2 2020

Q3 2020

Q4 2020

Large Buildings

100

107

104

93

Q1 202189

Small & Medium Buildings

100

98

97

91

93

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

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

Figure 8: Contract Rent DI

that of buildings with a rent decline), which indicates

Rent increased (percentage of buildings) (left scale)
Rent decreased (percentage of buildings) (left scale)the direction of changes in new contract rent. The DI

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

Q2 2009-75

Contract Rent DI

Q1 2021-29

Q1 2020

Q2 2020

Q3 2020

Q4 2020

Q1 2021

43

18

13

-22

-22

Q1 2009104

Q1 2021105

100

lower new rent than those with higher new rent
compared to six months ago.

includes both new lease rents and existing lease rents.
The index in Q1 2021 was 105, up 1 point from Q42020 but roughly flat since the start of the COVID-19

90

pandemic. However, future developments must be80
Q3 201376

70
60

Paying Rent Index

negative DI means there were more buildings with

Figure 9 shows the paying rent index,*2 which(Q1 2020=100)

110

negative figure for the second consecutive quarter. A

Paying Rent

Figure 9: Paying Rent Index
120

in Q1 2021 was -29, down 7 points from Q4 2020 a

monitored carefully, since paying rent tend to change
more slowly than new contract rent.

Q1 2020

Q2 2020

Q3 2020

Q4 2020

Q1 2021

100

102

104

104

105

*2 Starting Q1 2021, the base point has been changed from
Q1 2010 to Q1 2020.

Office Market Report | Tokyo | Q1 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.

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Xymax Real Estate InstituteFree Rent

Figure 10: Free Rent

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)100%

Figure 10 shows the percentage of new lease

1 day or more (%)

Free Rent Granted(left scale)All new lease contracts (month)

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).*3 In Q1
2021, the ratio of offering free rent of one day ormore was 50.2% and the ratio of offering free rent ofsix months or more was 1.9%. The average free rent
months was 2.0 among lease contracts with free rent

Ratio ofFree Rent
GrantedQ1 2020

Q2 2020

Q3 2020

Q4 2020

Q1 2021

1 day +

36.6%

34.3%

33.8%

38.2%

50.2%

2 mon. +

26.8%

22.3%

20.9%

19.5%

22.5%

6 mon. +

7.3%

3.9%

2.2%

2.4%

1.9%

Average
1.2
0.9
0.9
0.9
All
Free Rent
3.3
2.8
2.6
2.4
w/ FR
MonthsNote:The aggregation method has changed starting Q1 2021

110

*3 The aggregation method has changed starting Q1 2021
(Please refer to the Survey Overview at the end of the

1.0
2.0

report.).

Market Cycle

Figure 11: Market Cycle120

and 1.0 months among all new contracts.

Figure 11 plots the vacancy rate on the horizontal

Q2 2008

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

90

Q1 2021in 2005 (vacancy down, rent up), returning to the80

lower right in 2008 (vacancy up, rent down) and thenQ1 2005

70

Q2 2010trending to the upper left (vacancy down, rent up) in

9%

2010.

60
0%

1%

2%

3%

4%

5%

6%

7%

8%

10%

Q1 2020

Q2 2020

Q3 2020

Q4 2020

Q1 2021

Vacancy Rate

0.71%

1.01%

1.34%

1.87%

2.30%

New Contract Rent Index

100

104

102

92

90

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

Although the office lease market had been in arecovery phase since 2013, the trend seems to haveswitched in Q2 2020, and the chart trended to thelower right in Q1 2021 as vacancy rates rose and the
new contract rent index fell.

Office Market Report | Tokyo | Q1 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.

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Xymax Real Estate Institute

TOPIC

Availability Rate by Area and Building
Size

Figure 12: Availability Rate (by Area)

As a TOPIC, we will examine the availability rate byTokyo 23 Wards

14%

Tokyo 5 Central Wards

12%

Tokyo 18 Peripheral Wards

area and building size. Figure 12 is the availability
rate of Tokyo 23 Wards, the 5 Central Wards, and 18

10%8%Peripheral Wards since 2011. The rate rose by 0.97

6%percentage points to 5.40% in the 5 Central Wards

4%2%and by 0.66 points to 5.04% in the 18 Peripheral

0%

Wards. The availability rate rose for the fifth
Q1 2020

Q2 2020

Q3 2020

Q4 2020

Q1 2021

Tokyo 23 Wards

1.71%

2.30%

3.42%

4.42%

5.31%

Tokyo 5 Central Wards

1.44%

2.13%

3.35%

4.43%

5.40%

Tokyo 18 Peripheral Wards

2.57%

2.86%

3.65%

4.38%

5.04%

Figure 13: Availability Rate (by Building Size)
All Buildings

Large Buildings

Small & Medium Buildings

14%

consecutive quarters regardless of area.

Figure 13 shows the availability rate of all sizes ofbuildings, large buildings (GFA: 5,000 tsubo ormore), and small & medium buildings (GFA: 300–
4,999 tsubo) in Tokyo 23 Wards since 2011. In Q1

12%
10%

2021, the rate rose by 1.13 points to 5.44% for large

8%

buildings and by 0.63 points to 5.17% for small &6%4%

medium buildings. The rate for large buildings was2%0%larger than that for all sizes of buildings and small &medium buildings.
Q1 2020

Q2 2020

Q3 2020

Q4 2020

Q1 2021

All Buildings

1.71%

2.30%

3.42%

4.42%

5.31%

Large Buildings

1.63%

1.96%

3.00%

4.31%

5.44%

Small & Medium Buildings

1.80%

2.68%

3.90%

4.54%

5.17%

Office Market Report | Tokyo | Q1 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.

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Xymax Real Estate Institute

Reference
Figure 14: Major Building Completions (Q1 2021)
FloorsName

Total

Above ground/

Ward

Address

Completion floor area

Below ground(tsubo)Sumitomo Fudosan Ochanomizu Building

12/1

Bunkyo2-2-3 Sotokanda

Jan 2021

REVZO Nihonbashi Horidomecho

12

Chuo

1-10-13 Nihonbashihoridomecho

Feb 2021

1,979World Trade Center Building Minamikan
Sumitomo Fudosan Tamachi Building

39/3

Minato2-4-1 Hamamatsucho

Mar 2021

43,8638

Minato3-16-18 Shibaura

Mar 2021

3,875

Higashikan

3,870

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

Figure 15: Major Office Relocations (Q1 2021)
Company

From
Sumitomo Fudosan

Remixpoint, inc.

Roppongi Grand
Tower
Minato City

Toyokumo, Inc.
COLOPL, Inc.

To
Sumitomo Shintoranomon
Bldg.
JR Tokyumeguro Bldg.

Shinagawa Ward

Minato Ward

Tower
Shibuya Ward

Aug 2021

Minato Ward

A-PLACE Gotanda
Yebisu Garden Place

TimingMidtown East
Minato Ward

Sep 2021
Feb 2022

PurposeWork stylereformGreater
efficiency
Greater
efficiencySize(tsubo)
270

320
2,240

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

Office Market Report | Tokyo | Q1 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.

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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

Level of contract rents

Office Building

SectorTokyo 23 Wards

MarketBuilding Size

GFA 300 tsubo or more

GFA 300 tsubo or more

GFA 300 tsubo or more

GFA 300 tsubo or more

Every Quarter

ReleaseData Source

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

8,619 buildings

Recent Quarter

9,152contracts• Vacancy rate

9,152 contracts

324 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 rate＝available space ÷ rentable spaceb. Space in new completions but lease is signed

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

prior 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.

Survey Overview
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

397contracts

Recent Quarter

4,157 contracts

72 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 | Q1 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.

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Xymax Real Estate Institute

Appendix: Xymax REI Research Updates (Feb. 2021 – Apr. 2021)
Flexible Office Market Survey 2021

February 17, 2021

(Japanese only)・ This report presents the results of an aggregation of quantitative data of flexible offices, such as the number, area
size and number of operators of flexible offices in Tokyo 23 Wards.

Greater Tokyo Company Survey on Work Styles and the Workplace | January 2021
(Japanese only)

March 10, 2021

・ This report presents the results of a questionnaire survey of companies in Greater Tokyo on the current state, issues
and measures of work styles during the COVID-19 pandemic.

Workplace Strategy as a Managerial Issue

March 22, 2021

・ Of the latest January 2021 survey results, this report mainly focuses on frontrunner companies that recognize theimportance of workplace strategies an summarizes what kind of work styles they currently adopt and how they willdevelop their overall workplace strategy going forward, including their main office and telework policies.

Revision of New Contract Rent Index (2021)

April 19, 2021

(Japanese only)・ This report summarizes the key points of the revisions to the new contract rent index.

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

Office Market Report | Tokyo | Q1 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