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This section discusses our recognition of the environment of our major businesses.
As for offices, demand from tenants is strong in the Shibuya area, where we own a large amount of
space, and conditions remain particularly favorable, and the market as a whole, including other
areas of central Tokyo, is also showing signs of improvement.
Sales at commercial facilities in suburban areas have returned to normal levels and are remaining
stable, while sales at urban facilities have also recovered to pre-COVID levels due to inbound
consumption and other factors.
We will continue to closely monitor the impact of labor shortages and other factors on tenants.
In the condominium market, it is necessary to keep a close eye on trends in mortgage interest rates,
but the impact on condominium sales has not yet become apparent and the market remains strong.
Construction costs continue to rise, especially labor costs.
In the renewable energy business, the movement toward decarbonization is becoming stronger, and
suitable sites for solar power generation facilities are becoming limited. However, we will continue
to promote the development of rooftop solar power generation facilities, wind power generation
facilities, etc.
In the hotel business, Tokyu Stay's RevPAR has reached a record high by capturing inbound and
domestic demand.
We expect inbound demand to remain strong in the fiscal year ending March 31, 2025.
Regarding the Real Estate Agents business, the impact of the lifting of negative interest rates on
real estate prices has not yet become apparent in the sales market.
Although it will be necessary to keep a close eye on future trends in domestic interest rates, the
favorable market environment is expected to continue for the time being due to ongoing monetary
easing.
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