1 in 4 Tokyo office tenants looking to move

According to a survey by MORI Building of companies with headquarters in Tokyo’s 23 wards, 24% of them have plans to lease new office space. This is a 3 point decrease from the previous survey conducted last year.

Of those that are considering moving, 37% of them said they want to move to a building with cheaper rent, up 18 points from last year’s survey. The second most popular reason for moving was to relocate to a better location. Only 14% said the move would be to establish a new branch of operations or to expand staff numbers. Last year this was the most popular reason, attracting 44% of responses. In terms of office space, 33% said they were looking to expand, while 42% said they were looking to shrink their office footprint. 

23% of all companies reported a change to their rent this year, showing no change from 2019. Of those, 90% reported that their rent had increased.

The survey was carried out between October and November, 2020, with responses from 1,727 companies. 73% of the companies have introduced teleworking, of which two-thirds introduced it in response to the pandemic. 60% of companies are expecting an 80~100% return to the office once the pandemic ends.

Source: MORI Building News Release, December 23, 2020.

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