As a token of our gratitude for completing the questionnaire, the Nikkei Real Estate Market report offer these contents to the participants.

PROJECT MAP

This map shows large-scale office building development projects currently in progress in Tokyo. These 119 building plans represent an aggregate total floor space of 7.98 million m2. This information is part of our latest survey results which was published in June 2011. It is based on publicly announced materials and onsite survey conducted by our staff, making it an unparalleled source of information in Japan.

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Earthquake coverage reports

Issuer / Title Summary Nikkei RE coverage
Attractors Lab
Population, household statics for the coast areas of iwate, Miyagi and fukushima (Japanese) 		Real estate marketing company Attractors Lab released its estimate on the number of general households located on the coast of the Pacific Ocean in the three prefectures of Iwate, Miyagi and Fukushima. These areas were severely hit by the East Japan Great Earthquake and the number may exceed 150,000, according to the company. (Nikkei RE, 03.24.2011)

Households hit by earthquake may exceed 150,000
CB Richard Ellis
CBRE Quarterly Survey Vol.31 / Japanese Real Estate Investment (PDF) 		CB Richard Ellis announced the results of its quarterly survey targeting real estate investors. According to this latest survey for the quarter ended April 2011, in major areas of Tokyo the expected cap rates for all sectors (office, rental apartment, retail, hotel and warehouse) was nearly the same as the last quarterly survey in January. The same was true for office buildings in Osaka and Nagoya, where the impact of the Great East Japan Earthquake can scarcely be seen. (05.30.2011)

No impact on cap rates from earthquake: CBRE
CB Richard Ellis
Vacancy Rate at Logistics Facilities in Greater Tokyo(PDF) 		The rapid growth in emergency demand caused by the earthquake disaster has recorded in the quarter ended March 2011, according to a survey by CB Richard Ellis. The vacancy rate for large multi-tenant logistics facilities in the capital area was 6.2%. The rate was down by 5.3 points compared with the preceding quarter ended December 2010. Approximately 80% of the new demand was for short-term contracts for six months or less. (04.20.2011)

Demand for logistics facilities up sharply due to quake
Cushman & Wakefield
The Impact of the Great East Japan Earthquake on the Tokyo Office Market (Registration required) 		Tokyo is under direct impact of the Great East Japan Earthquake. Though physical and operational damage in Tokyo is limited, impact of the breakdown of the Fukushima 1 Nuclear power plant is threatening and consistent in terms of spread of radioactive materials and possibility of rolling blackouts. Responding to the consequences, gradual change in the Tokyo office market is possible over the next 3 years due to changes in tenants' location criteria.
DTZ
DTZ Insight - Japan Earthquake - March 2011 		On March 21, major UK real estate advisor DTZ revised downwards its forecast for prime Tokyo office rents following the East Japan Great Earthquake. DTZ had forecasted prime Tokyo office rents to drop 6.5% in 2011, but revised this downward 2.6 points to fall 9.1% in 2011. DTZ further projects that rents will stabilize in 2012 and rise in 2013. (03.24.2011)

DTZ forecasts extended drop in rents due to earthquake
Japan Real Estate Institute (JREI)
The Japanese Real Estate Investor Survey (as of April, 2011) (PDF) 		The Japanese Real Estate Investor Survey, conducted semi-annually by a leading real estate appraisal institution Japan Real Estate Institute (JREI), provides expected cap rates of buildings in the Tokyo's central business districts, as well as regional cities. Regarding the effects of the earthquake, 62% of resondents answered that there will be a negative impact on real estate investors' mind.
Jones Lang LaSalle
The Impacts of the Tohoku Earthquake on the Office Market in Tokyo 		Rents of class A office buildings in Tokyo will decrease by 3% to 5% in 2011 as a result of the impact of the Great East Japan Earthquake. Jones Lang LaSalle made this forecast in its report titled “The Impact of the Tohoku Earthquake on the Office Market in Tokyo” released on April 18, also suggesting that rents would rebound and increase by 5% to 10% in 2012. (04.25.2011)

Office rents to drop in quake aftermath, rebound in 2012: JLL
Jones Lang LaSalle
Asia Pacific Property Digest - First Quarter 2011 "Rising Activity Levels Across Asia Pacific" 		Jones Lang LaSalle has compiled the first quarter 2011 edition of its real estate market report, “Asia Pacific Property Digest.” The average rents for good office buildingsof central Tokyo declined 1.3% quarter-on-quarter (QoQ) to 29,505 yen [$110 per m2]. The quarterly decline has remained around 1% since the second quarter of 2010, which JLL said in its report indicates that “the market is close to the bottom.” However, predicting that tenants are likely to adopt a wait-and-see approach toward office expansion in the aftermath of the Great East Japan Earthquake, JLL further estimated that “rental values will decline moderately” over the next 12 months. (06.16.2011)

Grade A office rents in Tokyo approach bottom: JLL
Jones Lang LaSalle Hotels
Japan's Hotel Market After The Quake (PDF) 		Going forward, if there are no large aftershocks and if the situation at the Fukushima nuclear power plant is steadily settled, the hotel operation market will recover in a relatively short time span - such was the view concerning the post-Great East Japan Earthquake hotel market indicated in the report put together by Jones Lang LaSalle Hotels (JLLH) in May 2011 and its press briefing session. (05.25.2011)

Relatively quick recovery for hotels: JLL
Miki Shoji
Miki Office Report extra edition(Japanese only) 		A survey of 175 office buildings facing main streets in central Sendai City found that 14 had sustained significant exterior damage in the East Japan Great Earthquake. None of the buildings seemed to have become unusable from collapsing or tilting, however. The survey was conducted in the city on March 13 by major office tenant broker Miki Shoji. (03.15.2011)

Some Sendai buildings with significant exterior damage
Mori Trust
Survey for office developments in the 23 wards of Tokyo 2011 		Mori Trust forecast that office development in the 23 wards of Tokyo will focus on central Tokyo, with the number of office projects outside the three central wards of Tokyo decreasing drastically in and after 2013. This information was contained in the real estate company’s “Survey of Large Office Building Supply in the 23 wards of Tokyo '11” released in June. After the Great East Japan Earthquake, an increasing number of building developments will involve stronger measures against disaster risk. (06.09.2011)

Office development outside 3 wards to drop drastically
NLI Research Institute
Impact of the Great Eastern Japan Disaster on the Property Market -Special Property Market Survey After “3.11”- (PDF) 		According to NLI Research Institute, 90% of respondents to a survey of real estate workers and experts consider the Great East Japan Earthquake’s impact on the real estate market to be “serious.” NLI, a subsidiary of Nippon Life Insurance, conducted the survey from April 11 to 18 and received 261 responses. (04.20.2011)

90% consider earthquake's impact on real estate market 'serious'
NLI Research Institute
Real Estate Analysis Report
Japanese Property Market Quarterly Review First Quarter 2011
～The Impact of the Great Eastern Japan Disaster～ (PDF) 		In the wake of the Great Eastern Japan Disaster, the Japanese property market, which at long last was showing signs of growing improvement, now appears certain to suffer a widespread and long-term impact. In addition to the direct physical damage from the disaster, long-term concerns have arisen including the Tokyo over-concentration risk, nuclear accident risk, and possible downgrading of Japan's property market by foreign investors. Amid the limited availability of data on post-disaster market conditions, we assess the current outlook for the property market based on our Special Property Market Survey conducted soon after the disaster. (06.07. 2011)
RREEF
Japan Real Estate First Quarter 2011 (May 16, 2011) 		The 4.4 per cent GDP growth that Japan experienced in 2010 was the best economic performance the country had seen in years. Going into 2011, economists were predicting a soft landing with modest growth.
Savills Japan
Spotlight on The Great East Japan Earthquake - Preliminary Impact Assessment 		Savills Japan indicated their view that investors will maintain their Japanese real estate portfolios even after the earthquake in a report compiled on April 2011 in the wake of the Great East Japan Earthquake. Several real estate transactions were forced to be cancelled or postponed due to the impact of the earthquake. However, the company says that the long-term outlook for the Japanese real estate market is stable and that major investors will continue their involvement in the market. (Nikkei RE, 05.09.2011)

Investors likely to keep Japan portfolios: Savills
Savills Japan
Asia Pacific Investment Quarterly Q1, 2011 		Uncertainties seemed to crowd in towards the end of the quarter as Japan was rocked by its largest earthquake on record while in China rising interest rates and lower growth expectations added to the general gloom. While pipeline transactions could suffer, it is still too early to assess the longer term impact on Japan's real estate market, but we believe that domestic investors, who have taken a lead in the nascent recovery, should remain active. Immediate challenges will come in the form of valuation and bank financing, not to mention volatility in the capital markets which will have a substantial impact on JREITs both in terms of unit pricing and a soft secondary offering environment which will hamper their ability to raise additional capital. (03.31.2011)
The Association for Real Estate Securitization (ARES)
ARES J-REIT Report Vol.20 June 		Tokyo Stock Exchange REIT PR Index slightly declined to 1,067.76 points or 0.5 percent during May 2011 (TR Index down 0.3 percent). The market stabilized enough that two big public offerings of new investment units launched to raise up to Y70.0bn ($864m) in all, one of which was re-launched after a two-month delay due to the March 11 earthquake. Eleven property acquisitions totaling Y44.5bn ($549m) were also announced in May.
The Association for Real Estate Securitization (ARES)
ARES J-REIT Report Vol.18 May 		Tokyo Stock Exchange REIT Index advanced 1.7% during April 2011. The total return was 2.0%. While financial marketwas being stabilized after the volatile month when the March 11 Great East Japan Earthquake struck the market, it remained relatively stagnant as a whole. On the other hand, physical damages to J-REITs' property portfolios were confirmed minor as investigations proceeded.
The Association for Real Estate Securitization (ARES)
ARES J-REIT Report Vol.17 April 		Tokyo Stock Exchange REIT Index fell sharply to 838.9 points at one point in two business days immediately after a 9.0 magnitude earthquake and tsunami on March 11 devastated the north-east of the country and triggered a crisis at the Fukushima nuclear plant. It rebounded to 1055.18 points at the end of March, however, merely a 3.4 percent drop since the day before the disaster compared to TOPIX fell 6.6 percent.
Tokio Marine Property Investment Management
The Earthquake's Implications for Japanese Property (PDF) 		Tokio Marine Property Investment Management, a company of Tokio Marine & Nichido Fire Insurance Group, released a report in which it outlined its view that equity capital inflow into the real estate investment market from REITs as well as from foreign investors will largely decelerate. The report, “The Earthquake’s Implications for Japanese Property,” also pointed out that the recovery of the rental office market will be pushed back one year from what was previously forecast to 2012 or later. (04.21.2011)

Equity capital inflow to decelerate: Tokio Marine study