The pandemic has slowed the Tokyo office market overall, but the impact was felt differently in different submarkets, according to JLL.
While a number of office buildings have performed poorly, many other properties have demonstrated resilience and have been doing well throughout the pandemic. Graph 1 illustrates that there are more properties with higher vacancy rates in third quarter 2022 compared to second quarter 2020, but an overwhelming majority have maintained low vacancy rates. Furthermore, the scale of rental corrections varies across the market, with some buildings seeing more significant changes in rent than others (Graph 2).
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