Questionnaire survey on the market situation for the next one and a half year forecast by 16 experts in think tanks, brokerage firms and brokerage companies

• 6 out of 16 responded that the occupancy rate and contracted rent will rise.
• Five people responded that the occupancy rate and contract rent rate will be generally flat.
• The remaining 5 respondents said they will decline.

The results were divided almost equally. It may be said that there is no decisive factor. However, although it is mentioned the macro economy as an influence on improving office market conditions, each company sees it as almost positive as a viewpoint of the business climate, so I can see it's positive for the market situation.

In bullish places there were the following comment.

"The corporate performance is steady, the tenant's rent-paying ability is increasing, we predict that rents will continue to rise when the office vacancy rate is below 5%." (Credit Suisse Securities Equity Research Department)

On the other hand, as a bearish opinion,

"The slowdown in the rise in rents is clearer, the time when the end of time is put in place to improve the office market conditions supported by the increase in loss of space rather than the increase in demand is approaching.  Lack of shortage = lack of demand to the heaviness of office market." Deutsche Securities Equity Research Department)

The assumed rent at the end of 2018 in each area is predicted as follows.  Among them, demand for Shibuya continues to be strong, and new buildings until 2020 have almost been filled up. It is thought that the rise trend of the rent will continue in the future. Other areas seem to be roughly flat. (About 10 years old, the standard floor area 300 tsubo or more)

• Marunouchi · Otemachi	36,000 ~ 50,000 yen ➞
• Nihonbashi · Kyobashi	28,000 ~ 40,000 yen ➞
• Shimbashi · Toranomon	26,000 ~ 38,000 yen ➞
• Roppongi · Akasaka	25,000 ~ 38,000 yen ➞
• Nishi-Shinjuku	26,000 ~ 35,000 yen ➞
• Shibuya	28,000 ~ 40,000 yen➚

(Nikkei Real Estate Market)