Tokyo Office Research Articles

How Property Rents and Expenses Depreciate: A Case of Tokyo Office Properties

This is the first comprehensive study on the age profile of new rents, average rents, operating expenses, net operating income, capital expenditure, and net cash flow for office properties in Tokyo. There are four main findings. First, the rate of rental depreciation in Japan is low and explains less than half of the rate of depreciation of property prices, although it is higher in earlier years. Second, average rents exhibit nominal rigidity. Third, approximately half of the observed depreciation in new rents is due to physical deterioration as opposed to functional obsolescence, which is driven by changes in tenant preferences and advances in building technology. Last, operating expenses are independent of age, whereas capital expenditure increases in the first 20 years. Our study contributes to the literature by estimating depreciation rates for commercial real estate rents, costs, and cash flows, with new insights into the detailed age profile and sources of economic depreciation.

The Impact of the Flight to Quality on Office Rents and Vacancy Rates in Tokyo

Abstract With the rapid spread of telecommuting since the COVID-19 pandemic, companies have been relocating to high-end business centers, thereby enhancing the workplace experience for employees, a phenomenon called the "flight to quality." However, this trend’s impact on rents and vacancy rates in individual office buildings has not been extensively studied. To determine the effects of the flight-to-quality phenomenon on individual buildings, we examine the impact of modern amenities, which directly influence employee lifestyles, on rents and vacancy rates in the Tokyo office market. Using a propensity score-based quasi-experimental method, we find that commercial properties with such modern amenities command higher rents and experience lower vacancy rates than those without. The difference in vacancy rates has increased since 2020. However, the significance of these amenities diminishes for properties less competitive in age, size, and location. The results indicate that the "flight to quality" may further polarize the office real estate market into two categories: one for high-end buildings experiencing increasing demand, and another for those with modest amenities experiencing decreasing demand. The findings have implications for office building owners/investors and the government, make educated decisions as to whether to invest in modern amenities, join the quality competition, or encourage urban restructuring.

Spillover Effect of Large Building Construction on Neighborhood Office Rents

The impact of newly constructed buildings on local property markets can be explained by tradeoffs between the supply effect, absorbing demand and reducing rents, and the amenity effect, attracting new amenities and increasing rent. While scholars are increasingly discussing the effects of this tradeoff, particularly in the residential market, work on the office market—a major component of urban areas—is scarce. This study aims to identify these tradeoffs in the Tokyo office market using two identification strategies based on an event study plot. The results indicate a strong spillover of supply effects to lower-tier office buildings. However, in suburban areas, new supply was found to decrease rents for medium-sized office buildings while increasing rents for small ones. In all cases, similarly sized office buildings near the new buildings were not significantly affected. These findings suggest that new supply leads to a filtering process and gentrification and, moreover, that these effects depend on location and size. Furthermore, the results suggest that the new Tokyo supply stimulates latent demand. Such an effect may be unique to a market in which vacancies are low and development is thriving. Our findings are important for investors seeking to understand urban dynamics and optimize their portfolios.

How Property Rents and Expenses Depreciate: A Case of Tokyo Office Properties

How Property Rents and Expenses Depreciate: A Case of Tokyo Office Properties

A cross-sectional survey of patient\u2019s perception and knowledge of dental implants in Japan

BackgroundThis study aimed to collect data regarding patient perception and knowledge of dental implants. It was conducted with the hope that the data would provide dental professionals and policymakers with a better understanding of ways to promote implant therapy.Methods An anonymous online survey with 10 questions was distributed through 12 dental offices in Tokyo and provincial cities in Japan to assess patient perception and knowledge of dental implants. Harvard Medical School’s IRB approved this study.ResultsWe collected data from 1172 patients (59% female, 41% male). The most common perceptions of implant therapy were that it was “expensive,” “advanced,” and “scary”. Patients’ implant knowledge came primarily from magazines or books, while professional dental societies/associations were the least sought out source of information. Patients believed that the purpose of dental implants was to avoid dentures and improve chewing function. Their primary concerns about dental implants were the cost and longevity. Approximately 12% of patients with dental implants and 61% of patients without implants did not know that bone grafts may be required and that sedation during surgery was an option. For patients who experienced sedation during the procedure, 60% of them want it for future surgeries. Patients also had limited knowledge of bone-graft materials and the effects of CBCT radiation; 75% of the patients expressed concerns over the safety of graft materials and radiation exposure. For patients with a history of dental implant therapy, 80% of them would recommend dental implants to their family and friends.ConclusionsOverall, patients’ experiences with dental implant therapy were positive, but there was a lack of patient education regarding dental implants and their associated procedures. Dental professionals need to take the initiative to improve patient education.

Green Premium in the Tokyo Office Rent Market

More than 10 years have passed since studies on green buildings gained attention in the academic and industrial literature. Many studies report the economic value of green buildings, mainly in the U.S. and European markets. An empirical clarification of the dynamics of green premiums has significant implications for future urban sustainability. This study constructed a dataset of Tokyo office rents from 2009 to 2019. We estimated the green office rental premium using a hedonic approach. Our results show that, on average, an office property with a green label gains a premium of approximately 6.5% on contract rents. The Tokyo office market is heterogeneous, and endogeneity is an issue when identifying the green premium. We addressed the endogeneity issue with propensity score clustering. As a result of our estimation, the premium was approximately +5.4% for medium-sized old buildings and +2.6% for large-sized new buildings.

Impact of Ergonomics on Cardiometabolic Risk in Office Workers: Transition to Activity-Based Working With Height-Adjustable Desk.

Ergonomic office redesigning possibly improves physical activity (PA) and sedentary behavior (SB); however, its impact on cardiometabolic risk has not yet been determined. This study aimed to examine the effect of office relocation on cardiometabolic risk factors. Annual health check-up data of 95 office workers from four offices in Tokyo, Japan, who relocated to an office with activity-based working (ABW) and height-adjustable desk (HAD) and a propensity-score matched control-cohort were analyzed. PA and SB on weekdays were measured only in the relocation group before and 10 months after relocation. Significant interactions were observed for waist circumference, high-density lipoprotein cholesterol, and glycosylated hemoglobin (HbA1c). HbA1c changes showed a significant negative association with moderate-to-vigorous-intensity PA. An ABW office with HAD improves cardiometabolic risk factors in office workers, possibly through changes in PA and SB.

Capital flows and office markets in major global cities

PurposeOffice markets and particularly international financial centres over the past decade have experienced rapid financialisation, developments and indeed changes in the post-global financial crisis (GFC) landscape. Importantly, the volume and types of international capital flows have witnessed more foreign actors and vehicles entering into the investment landscape with the concentration of investment intensifying within key financial centres. This paper examines the interaction of international real estate capital flows in the London, New York and Tokyo office markets between 2007 and 2017.Design/methodology/approachUsing Real Capital Analytics (RCA) data comprising over 5,700 office property transactions equating to $563bn between 2007 and 2017, the direct global capital flows into the London, New York and Tokyo office markets are assessed using an autoregressive distributed lag (ARDL) approach. Further, Granger causality tests are examined to analyse the short-run interaction of international real estate capital flows into these three major office markets.FindingsBy assessing the relativity of internal to external investments in these three central business district (CBD) office markets, differences in market dynamics are highlighted. The London office market is shown to be highly dependent on international flows and the USA, the foremost source of cross-border investment on the global stage. The cointegration and causality analysis indicate that cross-border real estate investment flows in these markets (and financial centres) show both long- and short-run relationships and suggest that the London office market remains more distinct and the most reliant on international capital flows with a wider geographical spread of investment activities and investor types. In the case of New York and Tokyo, these markets appear to be driven by more domestic investment activity and capital seemingly due to subtle factors pertaining to investor home bias, risk aversion and diversification strategies between the markets in the aftermath of the GFC.Originality/valueGiven the importance of the CBD offices in London, New York and Tokyo as an asset class for institutional investors, this paper provides some insights as to their level of connection and the interaction of the international capital flows into these three major cities.

Association between work productivity and sleep health: A cross-sectional study in Japan

ObjectivesTo examine the impact of sleep health on work in Japan and to investigate the relationship between presenteeism and sleep health. DesignCross sectional analysis of a questionnaire survey. SettingSeventeen offices in Tokyo, Japan. ParticipantsThe study included 2897 participants, of which 1835 were men and 1062 women, aged between 18 and 76 years. MeasurementsProductivity loss was measured using the Short Form of the Work Limitations Questionnaire (WLQ-SF). ResultsThe decline in productivity due to presenteeism of people with short sleep duration, between 5 and 6 h (β = 0.068, p = 0.004) and less than 5 h (β = 0.105, p < 0.001), was significantly greater compared with those with long sleep duration (7–8 h). Subjective sleep quality (β = 0.124, p < 0.001), sleep latency (β = 0.073, p < 0.001), sleep disturbance (β = 0.123, p < 0.001), use of sleep medication (β = 0.044, p = 0.007), and daytime dysfunction (β = 0.359, p = 0.001) significantly affected presenteeism. When adjusting for confounding factors, sleep duration on workdays, sleep duration on free days, mid-sleep on free days corrected for sleep debt on workdays (MSFsc), and social jet lag were not associated with presenteeism in the multiple regression analysis. ConclusionsSleep health is associated with presenteeism in Japan. Subjective sleep quality, daytime dysfunction, sleep disturbance, and use of sleep medicine are associated with presenteeism. Good sleep hygiene may be important for workers' productivity.

Visibility challenges for Asian scientists

Nine researchers, editors and science communicators share their views about the barriers that Asian scientists encounter in publishing their work and becoming more visible on the international level. Shravan Hanasoge has been a faculty member in the Department of Astronomy and Astrophysics at the Tata Institute of Fundamental Research, Mumbai, since 2013. He received his Ph.D. at Stanford University and then pursued a postdoctoral fellowship at the Max Planck Institute for Solar System Research and the Department of Geosciences, Princeton University. Noriaki Horiuchi is a senior editor at Nature Photonics, based in the Springer Nature Tokyo office. He obtained a Ph.D. from Universite Joseph Fourier, Grenoble, and then pursued postdoctoral research at Toyota Technological Institute and RIKEN. He joined Nature Photonics in 2009. Congcong Huang is a team manager and senior editor at Nature Communications, based in the Springer Nature Shanghai office. She obtained a Ph.D. from the University of Cambridge, UK, then pursued postdoctoral research at Stanford University and SLAC National Accelerator Laboratory in the USA. She joined Nature Communications in 2012. Hepeng Jia is a science communication researcher at the School of Communication, Soochow University in China and a science journalist, writing for the Nature journals and Chemical & Engineering News. He has a Ph.D. in science communication from Cornell University. Na Young Kim is an associate professor at the Institute for Quantum Computing, University of Waterloo, Canada, leading her Quantum Innovation laboratory. She has a Ph.D. from Stanford University and has also worked in industry for Apple Inc. Mio Murao is a professor at the Department of Physics, School of Science, The University of Tokyo, Japan. She has a Ph.D. from Ochanomizu University in Japan, then pursued postdoctoral research at Harvard University, Imperial College London and RIKEN before joining the University of Tokyo as a faculty member. Minah Seo is principal research scientist at the Sensor System Research Center, Korea Institute of Science and Technology, South Korea. She has a Ph.D. from Seoul National University, then pursued postdoctoral research at Los Alamos National Laboratory, USA. Rebecca Tan is the Editor in Chief of Asian Scientist Magazine, a science and technology magazine that highlights research and development news stories from Asia to a global audience. She has a Ph.D. from the National University of Singapore. Jens Wilkinson is communications officer at the International Affairs Division in RIKEN, Japan. He has been working in Japan for over 15 years.

Versatility of RNA-Binding Proteins in Living Cells

This conference paper aims at demonstration of complexity or multiplicity of RNA-binding protein (RBP) and its related RNA. The data in the manuscript are based upon the third Annual Meeting of the RNA study group, held at the Tokyo office of the Kyoto University on May 23 in 2019. The purpose of the meeting is to present recent progress of the study group and have discussion regarding RNA and related molecules, especially focusing on RBP in this year. We had fourteen sessions and documented ten of them in the manuscript. There were exciting and fruitful debates. Actual presentations are shown as follows. Specific RBP Sfpq and Qk are involved in neuronal development in mouse system. Also in mouse, liquid- and solid-like RNA granule formation plays pivotal roles in neuronal functions. Biochemical experiments demonstrate that affinity profiles categorize RNA-Binding proteins into distinctive groups. This presents basis for biological divergence of RBPs. In the context of pathology, RNA aptamers against prion and Alzheimer’s diseases may present therapeutic outcome. Computational analysis is another utility for approaching riddle of RBPs. The study of X-chromosome inactivation is pioneering field of long noncoding RNAs. Redundant triplex interactions between lncRNA and LINE-1s are supposed to be crucial in X-chromosome inactivation. Myogenesis-related lncRNA, <i>Myoparr</i> promotes skeletal muscle atrophy caused by denervation through the regulation of <i>GDF5/BMP14</i> expression. In neurodegenerative disorders functional loss of TLS/FUS induces onset of frontotemporal lobar degeneration. Conformational change of TLS is induced with binding of various nucleic acid molecules. TLS is also involved in phase separation into aggregation to pathogen generation of neurodegenerative diseases. The meeting has been successfully prorogued. We utilize the data to boost the activity of the field of RNA and RBP. The achievements of the meeting have confirmed pivotal roles of RBPs in living cells. It should be in complexity. We will be able to analyze intricate phenomena of RBP biological actions and contribute to uncover the veiled rules in divergent biological programs.

NSF closes its international offices

NSF will shut down its offices in China, Japan, and the European Union as part of a restructuring of its international operations, the agency announced last month. Under its redesigned international effort, NSF will deploy staff on short-term assignments to areas where the agency sees the potential for collaboration. “We seek to improve cooperation by increasing outreach to our foreign counterparts instead of relying on a small number of static offices with a limited number of employees,” says Rebecca Keiser, head of NSF’s Office of International Science & Engineering. The agency plans to close the offices by the summer of 2018. It has recalled its representatives in Beijing and Brussels to the U.S.; the Tokyo office did not have a current NSF staff member. The change is not being made to conserve costs, NSF says. The $1.5 million that went to the offices will be used to pursue its new

Characteristics of claims in the management of septic arthritis in Japan: Retrospective analyses of judicial precedents and closed claims

BackgroundSeptic arthritis (SA) cases can result in claims or litigation because of poor prognosis even if it is unavoidable. Although these claims or litigation are useful for understanding causes and background factors of medical errors, the characteristics of malpractice claims associated with SA remain undetermined in Japan. This study aimed to increase our understanding of malpractice claims in the clinical management of SA. MethodsWe analyzed 6 civil precedents and 16 closed claims of SA from 8530 malpractice claims processed between July 2004 and June 2014 by the Tokyo office of Sompo Japan Nipponkoa Insurance, Incorporated. We also studied 5 accident and 21 incident reports of SA based on project data compiled by the Japan Council for Quality Health Care. ResultsThe rate of negligence was 83.3% in the precedents and 75.0% in closed claims. Two main malpractice claim patterns were revealed: SA in a lower extremity joint following sepsis caused by methicillin-resistant Staphylococcus aureus in newborns and SA in an injection site following joint injection. These two patterns accounted for 83.3% and 56.3% of judicial cases and closed claim cases, respectively. Breakdowns in care process of accident and incident reports were clearly differentiated from judicial cases or closed claim cases (Fisher's exact test, p < 0.001). ConclusionIt is important to pay particular attention to SA following sepsis in newborns and to monitor for any signs of SA after joint injection to ensure early diagnosis. Analysis of both malpractice claims and accident and incident reports is essential to ensure a full understanding of the situation in Japan.

Automated blind control based on glare prevention with dimmable light in open-plan offices

This paper presents a simulation study of the control of automated venetian blinds for open-plan office spaces. It has been reported that a cut-off strategy in which the slat angle of the blind is determined to cut direct sunlight is not sufficient to avoid glare. Therefore, in this study, a glare prevention control is proposed whereby the slat angle is repeatedly altered until the glare degree is calculated to be less than the glare index limit. To predict glare degree, a metric that we developed, known as PGSV (Predicted Glare Sensation Vote), is used. To obtain PGSV, the average luminance of the window area including blind slats and the outside view seen between the slats is calculated. For electric lighting control, this study focuses on daylight reflected on the ceiling, which can reduce the required amount of light from electric lighting. The illuminance of the ceiling surface provided by light from the window areas is calculated. This electric light control integrated with blind control requires input from rooftop sensors, without need for indoor photo-sensors. It is suitable for offices using partitions that block light from the windows. The glare prevention method proposed in this paper shows greater slat angle than that in the cut-off strategy. However, it can reduce power consumption for lighting by approximately 30% in typical open-plan offices in Tokyo. Moreover, it provides 46–50% of view satisfaction, which is the percentage of working hours when the occupants are satisfied with the outside view.

Alternative Approaches to Commercial Property Price Indexes for Tokyo

The paper studies the problems associated with the construction of price indexes for commercial properties that could be used in the System of National Accounts. Property price indexes are required for the stocks of commercial properties in the balance sheets and related price indexes for the land and structure components of a commercial property are required in the balance sheet accounts for the calculation of the Multifactor Productivity of the Commercial Property Industry. The paper uses a variant of the builder's model that has been used to construct Residential Property Price Indexes. Geometric depreciation rates are estimated for commercial offices in Tokyo using assessment data for REIT. The problems associated with the decomposition of property value into land and structure components are addressed. The problems associated with depreciating capital expenditures on buildings and with measuring the loss of asset value due to early retirement of the structure are also addressed.

Eco-Friendly Electricity Production from theWaste Heat of Air Conditioners

This is a new innovation that can be developed. Here I am going to use the waste heat of air conditioner so as to produce the electricity by using the Stirling engine because this waste heat creates the thermal pollution in the environment. The waste heat from the air conditioners has caused a temperature rise of 1°–2°C or more on weekdays in the Tokyo office areas. This heating promotes the heat-island phenomenon in Tokyo on weekdays. Now these air conditioners creates the thermal pollution in the environment and hence rising the temperature of the environment .Air conditioner generally emit the waste heat air whose temperature is about 50°c which heat the environment. Today the demand of energy is increasing tremendously, but available energy lacks in supply. Hence, there is no option for proper and efficient utilization and conservation of energy. In this paper the main stress is given on energy conservation by using technique of utilizing waste heat from Air-conditioning system. Actually the focus is on the use of the waste heat rather than improving the COP of the air- conditioners; if also we improve the COP of air conditioners gradually it would emit some waste heat so I want that waste heat to be used up. As I have used air conditioner’s waste heat to produce electricity so similarly there are various other appliances which emit the waste heat in the surrounding so here also we could use the Stirling engines and Geothermal heat pump concept to produce the electricity and hence can reduce the thermal pollution in the environment.

Crafting Space: Generative Processes of Architectural Configurations

For most architects, the effective design of three‐dimensional space in two‐dimensional media remains an ongoing conundrum. Kazuhiro Kojima, the founding partner of the C+A Tokyo (CAt) office, describes how he set out to tackle this through his creation of the pioneering Space Block system at the Kojima Laboratory in the Tokyo University of Science in 1994, a design tool that could capture and extract space. He describes its application and refinement in the development of two ensuing systems: Existing Space Blocks (ESBs) and Basic Space Blocks (BSBs).

東京の地位

This paper evaluates the status of Tokyo among major cities of Japan and compares Tokyo with major cities of the world in terms of head and branch offices. First, the paper analyzes major cities of Japan from the standpoint of the head offices and branch offices of large private firms. The main focus of this analysis of Japan is the period from 1950 to 2010. Clearly, the largest number of head offices is found in Tokyo. This is followed by Osaka. However, it should be noted that in recent years, more and more firms have adopted the system of having multiple head offices. Including such firms, the number of private firms with head offices in Tokyo is steadily increasing. Tokyo houses the large number of branch offices, as well. As is the case for head offices, the city with the second largest number of branch offices is Osaka. The difference in status between Tokyo and other cities, particularly Osaka, has increased in recent times. The status of Tokyo has become more elevated with Osaka losing ground. Second, the paper compares the situation in Tokyo with major cities of Korea, France, the United Kingdom, Thailand, The United States of America, Germany, and India. Tokyo, Seoul, Paris, Bangkok, and London gravitate to the same category in that these capital cities are strong in terms of office locations. On the other hand, within The United States of America, Germany, and India, capital cities are not so strong in terms of numbers. The important factor affecting these results is the political system. Namely, in the cases of federated states, the status of capital cities is not as high. On the other hand, in the cases of non-federated states, the status of capital cities is very high.

The Victorian Counterarchive: Mikimoto Ryuzo, John Ruskin, and Affirmative Reading

The Victorian Counterarchive: Mikimoto Ryuzo, John Ruskin, and Affirmative Reading

Sales, Earnings Shrink In Japan

Large chemical producers in Japan mostly reported lower sales and earnings in the first half of the fiscal year, which ends March 31, 2013. The companies blamed their poor performance on the global economic slowdown. One year ago, only Sumitomo Chemical reported a loss in the fiscal first half. This time around, Sumitomo widened its loss while Mitsui Chemicals and Teijin also went into the red. Others barely managed to stay profitable. For instance, the profit margin at Mitsubishi Chemical, Japan’s largest chemical maker, is barely above zero. “The current situation is much worse than 2008, when Lehman Brothers went bankrupt,” says Yoshihiro Azuma, a chemical stock analyst in the Tokyo office of the investment bank Jefferies & Co. Japanese firms will announce cost-cutting measures next year, he expects. Results were particularly dire in the petrochemical sector. Although Sumitomo’s petrochemical plants in Japan and abroad were operating faster than a ...