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0 5 10 10 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 15 Mar-12 Mar-13 5 10 10 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 155 15 Mar-12 20 20 Tokyo Business Districts (%) Average rent (right axis) -Average vacancy rate (left axis) (yen/ (%) month,tsubo) 25,000 20 Mar-13 Mar-14 Tokyo business districts Chiyoda-ku, Chuo-ku, Minato-ku, Shinjuku-ku, and Shibuya-ku Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 (%) 20 20 Fukuoka Business Districts Average rent (right axis) (yen/ -Average vacancy rate (left axis) month, tsubo). 12500 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Source: Prepared by MTR based on data published by Miki Shoji Co., Ltd. Mar-22 Mar-23 5000 7500 0 15 10000 5 10 10 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-23 Changes in Vacancy Rate and Rent per Unit in Major Cities 20,000 15 15,000 10 10 10,000 5 5,000 0 Mar-07 Mar-08 Yokohama Business Districts Average rent (right axis) (yen/ -Average vacancy rate (left axis) month, tsubo) Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 20 12500 15 10000 10 7500 5 5000 0 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Osaka Business Districts (%) Average rent (right axis) (yen/ -Average vacancy rate (left axis) month,tsubo) 12500 Yokohama business districts: Kannai, Yokohama Station, Shin- Yokohama, and Minato Mirai 21 Sendai Business Districts Average rent (right axis) -Average vacancy rate (left axis) month,tsubo) (%) 20 (yen/ Osaka business districts: Umeda, Minami-Morimachi, Yodoyabashi and Honmachi, Senba, Shinsaibashi and Namba, and Shin-Osaka Nagoya Business Districts (%) 12500 20 Average rent (right axis) Average vacancy rate (left axis) (yen/ month,tsubo) 10000 Fukuoka business districts: Akasaka Daimyo, Tenjin, Yakuin and Watanabe Dori, Gion and Gofukumachi, Hakata Station front, Hakata Station East and South Sendai business districts Station front area, area around Ichibancho, area around prefectural government and city hall, area east of the station, and neighboring office Nagoya business districts Meieki, Fushimi, Sakae, and Marunouchi Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 5000 7500 5 0 Mar-07 Mar-08 Mar-09 10 15 15 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 60 00 Mar-23 5000 7500 Mar-14 Mar-15 10000 Mar-16 Mar-17 Mar-18 12500 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 5000 7500 10000

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