Japan Major Report - Japan Occupier Flash Survey Covid-19 April 2020
CBRE Japan Research conducted a flash occupier survey with office occupiers in Japan from 31 March to 10 April 2020 to gauge the industry response to the COVID-19 outbreak.
64% of respondents expect the business environment to deteriorate further in H2 2020. Meanwhile, 11% of those surveyed still expect to see full-year revenue growth, with tech firms particularly upbeat.
57% of respondents indicated that they had no influence on leasing decisions. On the other hand, the main impact that occurred was that of putting relocation plans on hold, with the highest percentage of respondents at 16%.
More than 80% of respondents have not commenced discussions with landlords. Of the respondents who have discussed or planned to discuss with the owner, the most common request was for a rent reduction.
As for the long-term impact of the spread of the COVID-19 infection, 93% of respondents said that the adoption of more flexible working styles will increase. Also, 79% of respondents said they would implement technology to support remote working as a new BCP measure.