This English translation of the original Japanese document is provided solely for information purposes. Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail.
Ichigo Office Portfolio Occupancy (Flash Data) - February 2024
January 2024
February 2024
(Final: A)
(Flash: B)
Difference
(B) - (A)
Total
94.9%
95.4%
+0.5%
By Asset
Office
94.8%
95.3%
+0.5%
Type
Other
100%
100%
-
Central Tokyo
92.3%
93.1%
+0.8%
Tokyo
Metropolitan
95.4%
95.8%
+0.4%
By Area
Area
Four Major
97.0%
97.3%
+0.3%
Regional Cities
Other Regional
99.1%
99.3%
+0.2%
Cities
No. of Assets
88
88
-
No. of Tenants
1,005
1,010
+5
Leasable Area
269,106.96m2
269,100m2
Leased Area
255,333.30m2
256,800m2
Notes:
The above are unaudited month-end figures.
Leasable Area is the total area of space available for leasing, and may have small adjustments due to renovations or variations in rental contract terms.
Central Tokyo refers to Chiyoda, Minato, Chuo, Shinjuku, Shibuya, and Shinagawa Wards. Tokyo Metropolitan Area refers to Tokyo (excluding the six wards above), Kanagawa, Chiba, and Saitama Prefectures. Four Major Regional Cities refers to Osaka, Nagoya, Fukuoka, and Sapporo.
1
Explanation of Changes
Although there was a departing tenant at the Ichigo Jingumae Building, occupancy increased for Office, Central Tokyo, Tokyo Metropolitan Area, Four Major Regional Cities, and Other Regional Cities due to new tenants, including at the Ichigo Nihonbashi East Building and Ichigo Mita Building.
Actions Driving Tenant Satisfaction and Earnings
As part of its efforts to increase tenant satisfaction and drive earnings via value-add capex, Ichigo Office recently completed renovating the ninth floor of the Ichigo Nakameguro Building with its Ichigo Layout Officeformat using proceeds from the investment corporation bonds issued to sponsor Ichigo on November 20, 2023. As a result of providing Ichigo Layout Office, a service that differentiates Ichigo buildings from those of its competitors by providing fully-fitted offices to accelerate tenant move- ins and reduce tenant costs, Ichigo Office has successfully leased up the space to a new tenant at a rent more than twice the previous rent (c. 108.1% increase) with an expected ROI of 31.6%.
Ichigo Office will continue to increase tenant satisfaction and the competitiveness of its assets to drive higher value for its shareholders.
Ichigo Nakameguro Building
2
Attachments
Original Link
Original Document
Permalink
Disclaimer
Ichigo Office REIT Investment Corporation published this content on
06 March 2024 and is solely responsible for the information contained therein. Distributed by
Public, unedited and unaltered, on
06 March 2024 06:08:07 UTC.
Ichigo Office REIT Investment Corp is a real estate investment trust (REIT). It aims to achieve sustainable growth in asset and stable earnings from mid- to long-term perspectives. The Company mainly invests in office buildings in central Tokyo, other metropolitan areas and other major cities nationwide. Its property portfolio includes Ichigo Nishisando Building, Ichigo Mita Building, Ichigo Uchikanda Building, Ichigo Shin-Yokohama Building, Ichigo Nishi Ikebukuro Building, Ichigo Sakae Building, Ichigo Marunouchi Building, and among others. The asset manager of the Fund is Ichigo Investment Advisors Co Ltd.