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Presentation Title Tokyo Grade A Office DECEMBER 2018 MARKETBEATS 5.5% 1.87% 1.28% Rental Growth, YoY Vacancy Rate Absorption, Q o Q Economic Indicators (Japan) 12 Months Q2 18 Q3 18 Forecast HIGHLIGHTS Real GDP Growth 2.8% -2.5% Core Consumer Natural disasters dipped Japanese economy Price Index (CPI) 0.8% 1.0% Momentum in the Japanese economy slowed with a negative 2.5% growth in the third quarter of 2018. This is largely related to the drop in exports and consumer spending Unemployment Rate 2.4% 2.3% due to the occurrence of natural disasters. Airport closure also caused a decrease in Source: Cabinet Office, Statistics Bureau. GDP growth is annualized based on the real seasonally-adjusted exports and the number of inbound tourist spending, which makes up part of total quarterly figure & Core CPI is YoY figure, seasonally-adjusted. exports. In addition, consumer spending fell off as fresh food prices rose as a result of Asking Rent & Vacancy Rate (Tokyo 5 Wards) the disasters and higher energy prices. Nonetheless, we anticipate the impact of natural C&W Forecast disasters to be temporary. 10 36,000 8 /Mo 32,000 Asking rent growth continues with 5.5% YoY 6 28,000 4 % In the fourth quarter of 2018, asking rent reached JPY 37,348/tsubo/month, which Tusbo 24,000 2 marked a strong 5.5% year-on-year growth. Despite initial concerns over excessive JPY/ 20,000 0 office space supply in 2018, the impact was limited as properties like Marunouchi 2011 2012 2013 2014 2015 2016 2017 2019 2020 2021 2018 Q2 2018 Q3 2018 Q4 2018 Nijubashi Building, the last major supply of the year, entered the market with high Q1 2018 occupancies. In addition, pre-leasing activities new office space delivering in 2019 have Asking募集賃料 Rent(LHS) (LHS) 空室率Vacancy(RHS) Rate (RHS) Source: Cushman & Wakefield. Each figure shows year-end figure unless specified. Grade A Office: been healthy. buildings with gross floor space of above 30,000 square meters, located in the CBD 5 wards of Tokyo. Despite historic low vacancy, landlords to New Supply (Tokyo 5 Wards) 250000 C&W Forecast A Cushman & Wakefield weigh relationship with existing tenants 200000 Research Publication Market vacancy rate fell below 2% (1.85%) in the fourth quarter of 2018, which 150000 Tsubo reinforced landlords’ confidence in the demand for office space in Tokyo. On the other 100000 DATA hand, increasing cases where tenants re-examined their relocation plans and opting to 50000 INTO renew existing leases have been observed. This is due to low space liquidity and 0 ACTION sustained high rental levels which raises tenants’ relocation costs, as well as landlords’ efforts to strengthen relationships with current tenants by proposing renewal rates that 千代田区Chiyoda 中央区Chuo 港区Minato 渋谷区Shibuya 新宿区Shinjuku 1010-Year年移動平均 Moving Average are within expectations. www.cushmanwakefield.com Source: Cushman & Wakefield Tokyo Grade A Office MARKETBEAT DECEMBER 2018 Hideaki Suzuki , PhD FRICS STOCK ABSORBED AREA Head of Research & Consulting ABSORPTION GRADE A ASKING RENT MARKET VACANCY RATE (RENTABLE) (RENTABLE) Tel: +81 (0)3 3596 7804 RATE TSUBO SF TSUBO SF JPY/TS/MO USD/SF/MO EUR/SF/MO [email protected] TOKYO CBD 1.87% 1.28% 3,277,597 116,627,318 40,649 1,446,404 37,348 9.52 8.32 GRADE A TOTAL USD/JPY = 110.28; EUR/JPY = 126.14 Major Tenant Relocation to Grade A Office INTO FROM EXPECTED OCCUPIED SPACE EXPECTED TENANT RELOCATION TIMING BUILDING SUBMARKET BUILDING SUBMARKET TSUBO SF Tokyo Sumitomo Twin Sumitomo Chemical H2 2021 Tokyo Nihonbashi Tower Nihombashi Shinkawa Max. 5,000 Max. 177,916 Bldg. East Atago Green Hills Mori Sumitomo Mitsui DS Toramonon Hills Business H1 2020 Toranomon Tower, Kasumigaseki Atago, Kasumigaseki 3,200 113,866 Asset Management Tower Common Gate Nippon Light Metal Urbannet Uchisaiwaicho H2 2019 Uchisaiwaicho Tennoz Yusen Bldg. Tennoz 3,630 129,167 Holdings Bldg. Leverages Fall - Winter '19 Shibuya Scramble Square Shibuya Shibuya Hikarie Shibuya 1,740 61,915 mediba Jan 2019 Roppongi Grand Tower Roppongi Shibuya Hikarie Shibuya 770 27,399 Toranomon Hills Business Toranomon Hills Mori Nishimatsu Construction Apr 2020 Toranomon Toranomon 1,800 64,050 Tower Tower Major Grade A Office Supply 2018 EST. GROSS FLOOR SPACE COMPLETION (INC. NON-OFFICE) STATUS PROPERTY SUBMARKET WARD DATA TSUBO SF (Inc. Expected) INTO ACTION Completed Taiyo Life Nihombashi Bldg. Nihombashi Chuo 18,189 647,222 Jan Midtown Hibiya Hibiya Chiyoda 55,962 1,991,306 Feb A Cushman & Wakefield Sumitomo Fudosan Onarimon Tower Onarimon Minato 9,871 351,242 Apr Research Publication msb Tamachi Station Tower S Tamachi Minato 41,628 1,481,256 May Cushman & Wakefield (NYSE: CWK) is a leading global real estate Nihombashi Takashimaya Mitsui Bldg. Nihombashi Chuo 43,370 1,543,242 Jun services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is Otemachi Place West Tower Otemachi Chiyoda 61,105 2,174,310 Aug among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had Otemachi Place East Tower Otemachi Chiyoda 45,980 1,636,114 Aug revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or Nippon Life Hamamatsucho Crea Tower Hamamatsucho Minato 30,159 1,073,153 Aug follow @CushWake on Twitter. Shibuya Stream Shibuya Shibuya 35,289 1,255,695 Sep www.cushmanwakefield.com Marunouchi Nijubashi Bldg. Marunouchi Chiyoda 52,591 1,871,355 Oct Copyright © 2018 Cushman & Wakefield. All rights reserved. The information contained within this report is gathered from multiple sources considered to be reliable. The information may contain errors or omissions and is presented without any warranty or representations as to its accuracy..
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