From J-LISTOFrom J-LISTOFrom J-LISTOFrom J-LISTO Rental Market (Office Rent）Rental Market (Office Rent）Rental Market (Office Rent）Rental Market (Office Rent）

Real Estate Market ConditionReal Estate Market ConditionReal Estate Market ConditionReal Estate Market Condition

On April 22, 2010, the area of 20km radius from Fukushima Nuclear plants was designated as caution zone

and people living inside the radius haveevacuated for a while. 30km radius area of Chernobyl is still off-

limit zone and keep-out area is as far as 300km away from the plant. Fukushima was evaluated as level 7

disaster but the extent of the accident is far less severe. The central Tokyo is 240km away from

Fukushima plants and life in Tokyo is quite normal. Professional baseball and football leagues have started

and Tokyo Disney Land reopened. On April 17, Tokyo Electric Power Company has announced the plan

to converge the accident. Watching cool-down of reactor for up to 6 months, control leak of radioactive

material and reduce amount of radiation drastically. Government of Japan with help from the support of

foreign experts, is working hard to end the disaster.

No.2 ： May 04, 2011

16000

17000

18000

19000

20000

（Yen/Tsubo）

Chiyoda-ku

Chuo-Ku

Minato-ku

Sinjuku-ku

Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11

Chiyoda-ku 19,053 19,094 19,060 18,874 18,982 18,927 18,826 18,852 18,688 18,574 18,483 18,695

Chuo-Ku 17,595 17,389 17,374 17,267 17,228 17,144 17,120 17,175 17,077 16,983 16,958 16,820

Minato-ku 18,685 18,778 18,675 18,619 18,464 18,164 18,092 18,053 18,111 18,175 18,222 18,118

Sinjuku-ku 16,015 15,880 15,852 15,596 15,382 15,324 15,323 15,245 15,196 15,149 14,970 15,068

Sibuya-ku 19,012 18,771 18,737 18,540 18,565 18,543 18,396 18,366 18,417 18,281 18,231 18,152

J-REIT Market DataJ-REIT Market DataJ-REIT Market DataJ-REIT Market Data

Nippon Building Fund

Office Building Specialized Type,

Mitsui Real Estate Group

Japan Real Estate Investment Corp. Office

Building Specialized type, Mitsubishi Real

Estate Group

Japan Retail Fund Investment Corp.

Commercial Facilities Specialized Type

Mitsubishi Corp. Grroup

Orix Jreit Inc.

Convined Type, Orix Group

Nippon Accomodation Fund

Residence Specialized Type

Nomura Real Estate Residentail Fund

Residence Specialized Type

Market Topics of the week Supply of newly built condominiums has been downMarket Topics of the week Supply of newly built condominiums has been downMarket Topics of the week Supply of newly built condominiums has been downMarket Topics of the week Supply of newly built condominiums has been down

3685 condo units have been supplied in Tokyo area and rate of closed contracts was 79.7% (3.1% down

from previous year/same month). Average price was 46.74 million yen (7.8% down), average m2 price was

653000 yen (7.9% down). The reason of this is because the supply in central Tokyo area went down

drastically (27%). The supply in April forecasted to go down about 25% compare to previous year and this

trend will continue for 3 months or so.

(April 21, 2011 Real Estate Economic Institute Co. ltd.)

Vacancy Rate/Average Rent Rate Office rent rate still lower but slowing downVacancy Rate/Average Rent Rate Office rent rate still lower but slowing downVacancy Rate/Average Rent Rate Office rent rate still lower but slowing downVacancy Rate/Average Rent Rate Office rent rate still lower but slowing down

The average rent rate of offices in Tokyo central 5 wards at the end of March 2011 was 17495yen per

tsubo and this was 4.21% lower from previous year/same month. The trend of rate going down is slowing

but the market is still weak. Compare to the previous month, Chiyoda ward (+1.15%), Chuo(-0.81%),

Minato(-0.57%), Shinjyuku(+0.65%), Shibuya(-0.43%). After 3.11 Earthquake, office need of central Tokyo

went up but some companies are moving part of HQ functions away from Tokyo to Osaka to disperse the

risk.

Trend on REIT market REIT Index/Higher quotation resistedTrend on REIT market REIT Index/Higher quotation resistedTrend on REIT market REIT Index/Higher quotation resistedTrend on REIT market REIT Index/Higher quotation resisted

Tokyo Stock Exchange REIT Index came back to 1000 range from the lowest of the year, 926.37 which was

recorded on March 15, 2011. However, because of the vacancy rate of offices, it does not come over 1100

range which was the number before 3.11 Earthquake. Factors to bring up this number was not there and

it seems indexes concerning Real Estate will be rather weak.

A well-known securities company analyzes that the best performer after the Hanshin Earthquake in 1995

was real estate related sector. However, we have the issue of nuclear plants this time so it may take a

little while before the market is to recover.

14000

15000

16000

4 5 6 7 8 9 10 11 12 1 2 3

（

Sibuya-ku

This report was created to help providing references for these who considering asset purcase., not created to promote and sell particular asset. Sellection and purchase should be done according to the own research by the investors themselves. We use reliable data to bring this report, however, we should not be

responsible for the accuracy and completeness of the data. This reprot is written with the availble data on the day of issue and the numbers may change　so revision , change deletion amy occur without notice. The copy right of the report belong to J-Listo Corp. and usage/copy of this reprot wthiout our agreement

shoul not be done in any case. The rights for original data/index used in this report belong to the original providers.

Convined Type, Orix Group

Mitsui Real Estate Group Nomura Real Estate Group

Asset No.

Name of Asset

PricePricePricePrice

（（（（ ㎡㎡㎡㎡ unitunitunitunit pricepricepriceprice ※※※※ 1111 ））））

GROSSGROSSGROSSGROSS AnnualAnnualAnnualAnnual ReturnReturnReturnReturn

Location

1 2 4

Koenji MansionY's Court Minamidai Shinyokohama　Building

3Chome　Minamidai Nakano-ku

Tokyo Metro Marunouchi line"Nakanofujimicho"

¥235,000,000¥235,000,000¥235,000,000¥235,000,000

(320,277円/㎡)(320,277円/㎡)(320,277円/㎡)(320,277円/㎡)

11.32%11.32%11.32%11.32%

Shinyokohama Kohoku-ku Yokohama

Yokohama Subway "Shinyokohama"

¥900,000,000¥900,000,000¥900,000,000¥900,000,000

(553,094円/㎡)(553,094円/㎡)(553,094円/㎡)(553,094円/㎡)

8.27%8.27%8.27%8.27%

Nihonnbashi-Odenmacho　Chuo-Ku

Tokyo Metro Ginza line"Mitsukoshimae"

Nihonnbashi Odenmacho Buiding

(720,580円/㎡)(720,580円/㎡)(720,580円/㎡)(720,580円/㎡)

8.64%8.64%8.64%8.64%

¥1,050,000,000¥1,050,000,000¥1,050,000,000¥1,050,000,000

Ascent Mountain Youko

4Chome Yamatocho　Nakano-Ku

JR Chuo line "Koenji"

¥190,000,000¥190,000,000¥190,000,000¥190,000,000

(200,278円/㎡)(200,278円/㎡)(200,278円/㎡)(200,278円/㎡)

10.54%10.54%10.54%10.54% 7.14%7.14%7.14%7.14%

¥320,000,000¥320,000,000¥320,000,000¥320,000,000

5Chome Yoshinocho Minami-ku Yokohama

Yokohama Subway "Yosinocho"

5

(424,458円/㎡)(424,458円/㎡)(424,458円/㎡)(424,458円/㎡)

3

Type

Land Area(Official Registration)

Building Structure RC 6stories SRC 10stories SRC 7stories SRC 8stories S 3stories

Total Area(Official Registration)

Month/Year built

Rent (full occupancy)

Purchase Cost ※3

Note

Tokyo Metro Marunouchi line"Nakanofujimicho"

9 minutes walk

Retail & Office

¥26,600,000

733.74 ㎡

1988/11

¥18,800,000

Yokohama Subway "Shinyokohama"

1 minutes walk

Retail

1,627.21 ㎡

1993/3

¥74,459,000

¥72,000,000

Tokyo Metro Ginza line"Mitsukoshimae"

Office、Retail、Residential

6 minutes walk

Office

1,457.16 ㎡

1990/2

¥84,000,000

¥90,760,000

447.63 ㎡

Rejidential

JR Chuo line "Koenji"

15 minutes walk

1984/11

1,597.78 ㎡

1993/2

Yokohama Subway "Yosinocho"

3 minutes walk

¥13,560,000

¥25,600,000

¥33,722,000

¥15,200,000

337.96 ㎡

Date Expires 2011/5/18

220.87 ㎡ 237.96 ㎡ 336.57 ㎡ 424.72 ㎡

Transportation

※1 Asset Price ÷ Total Floor Area (Official Registration)

※2 Annual Rent (Full Occupancy) ÷ Total Floor Areas

※3 Cost needed when asset is purcahsed, however it is approximate calculation （Asset Price ×8％）.

Normally Purchase cost include, Acquisition Tax, Registration License Tax, Brokerage Charge.

If you need to know management and maintenance cost, Property Tax, and other detaild infomation, Please request Property Detail

Asset No.

Reference No.

Name of Asset

PricePricePricePrice

（（（（ ㎡㎡㎡㎡ unitunitunitunit pricepricepriceprice ※※※※ 1111 ））））

GROSSGROSSGROSSGROSS AnnualAnnualAnnualAnnual ReturnReturnReturnReturn

Picture

(945,982円/㎡)(945,982円/㎡)(945,982円/㎡)(945,982円/㎡)

¥63,000,000¥63,000,000¥63,000,000¥63,000,000 ¥64,990,000¥64,990,000¥64,990,000¥64,990,000 ¥71,800,000¥71,800,000¥71,800,000¥71,800,000

Cosmo Tokyo　Bay Tower Adselect Shibaura Island Cape Tower City Tower Shinjuku Fukutoshin

(806,928円/㎡)(806,928円/㎡)(806,928円/㎡)(806,928円/㎡)

20110315004M 20110315005M

¥98,000,000¥98,000,000¥98,000,000¥98,000,000

(1,201,327円/㎡)(1,201,327円/㎡)(1,201,327円/㎡)(1,201,327円/㎡)

Ploud Shinjuku Gyoen Enpire

¥83,300,000¥83,300,000¥83,300,000¥83,300,000

Central Park Tower la Tour Shinjuku

(659,548円/㎡)(659,548円/㎡)(659,548円/㎡)(659,548円/㎡)

20110315003M

(1,266,313円/㎡)(1,266,313円/㎡)(1,266,313円/㎡)(1,266,313円/㎡)

20110315001M 20110315002M

9 106 7 8

Layout

Location

Type

Building Structure RC 26 stories RC 48 stories RC 36 stories RC 13 stories ＳＲＣ 44 stories

Stories/Total Unit No. 21th floor 217 units 36th floor 1,095 units 24th floor 262 units 9th floor 93 units 20th floor 842 units

Facing Toward

Total Area of the Unit

Balcony Area

Month/Year built

Vacancy

Annual Rent （ Forecast ）

Monthly Management and maintenance

Cost（Apprx.）

Purchase Cost（Approximate Calculation）

※

Note

77.39 ㎡

2010/6

69.34 ㎡

Vacant Vacant

9.22 ㎡

¥31,713

4.85 ㎡

¥7,840,000

¥27,480

2011/5/18情報有効期限：

¥5,744,000

¥28,410

South

¥5,040,000 ¥5,199,200 ¥6,664,000

Occupied Occuoied Vacant

¥30,900 ¥25,530

2005/3

South-Eest East

2010/2

11.10 ㎡

80.54 ㎡

13.10 ㎡

75.90 ㎡

6.79 ㎡

95.52 ㎡

2000/10 2008/10

South-Wast

2LDK 3LDK 2LDK

South-Wast

2LDK 2LDK

Toei Oedo line"Nishishinjuku5chome" JR Sobu line "Senndagaya" Toei Oedo line"Tochomae"

12 minutes walk 2 minutes walk 6 minutes walk 6 minutes walk

Transportation

Toei Oedo line"Kachidoki" ＪＲ Yamate line "Tamachi"

4Chome Nishishinjuku Shinjuku-Ku

9 minutes walk

5Chome　Kachidoki　Chuo-ku 4Chome Shibaura Minato-ku 1Chome Daikyocho Shinjuku-Ku 6Chome Nishishinjuku Shinjuku-ku

※Cost needed when asset is purchased, however it is approximate calculation （Asset Price ×8％）. Normally Purchase cost include, Acquisition Tax,

Registration License Tax, Brokerage Charge. 2011/5/18情報有効期限：Registration License Tax, Brokerage Charge.

If you need to know management and maintenance cost, Property Tax, and other detailed information, Please request Property Detail Information Material (Due Diligence Info.).

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