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Here I would like to explain "Shibuya, Aoyama and Ebisu Area" where 30% of our Tokyo Office Properties are situated.
The left chart NO.1 shows the vacancy rate in Tokyo area.
"Shibuya, Aoyama and Ebisu Area" has strong demand from foreign companies and IT start-up companies. While there is sticky tendency that tenants move in and out within this area, large floor space supply is not expected sufficiently. Therefore, the vacancy rate in the area has been relatively lower than the average of major five wards (Chiyoda, Chuo, Minato, Shinjuku and Shibuya) and overall Tokyo area.
The right NO.2 shows a case of move-in and out at "A-PLACE AOYAMA". The previous tenant was IT start-up which moved from sponsor's property. As the business expanded, it increased the floor first. Afterwards, the further growth encouraged it to increase the floor larger but it could not achieve the expansion in the building due to the full occupancy. At last, the company moved out to Ebisu in "Greater Shibuya Area". On the other hand, another IT start-up made a contract as the new tenant without down-time period and with 16% higher rent than the previous rent.
This case is one of the good examples to explain our features and strength specifically.
We will maintain the property management by taking advantage of our expertise in those areas, including "FRONTIER EBISU" I will explain at a later point.
Please turn over the page.
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