According to a survey by Mori Building of companies with headquarters in Tokyo's 23 wards, 24 percent of them have plans to lease new office space. This is a 3 point decrease from the previous survey conducted in 2020.
Of those that are considering moving, 37 percent of them said they want to move to a building with cheaper rent up 18 points from a 2020 survey. The second most popular reason for moving was to relocate to a better location. Only 14 percent 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 percent of responses. In terms of office space, 33 percent said they were looking to expand, while 42 percent said they were looking to shrink their office footprint.
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Twenty-three percent of all companies reported a change to their rent this year, showing no change from 2019. Of those, 90 percent reported that their rent had increased.
The survey was carried out between October and November 2020, with responses from 1,727 companies. Seventy-three percent of the companies have introduced teleworking, of which two-thirds introduced it in response to the pandemic. 60 percent of companies are expecting an 80 to 100 percent return to the office once the pandemic ends.
For more on this story, go to Japan Property Central.