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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, mainly driven by labor expenses.
In the renewable energy business, the market is continuing to expand amid the trend toward
decarbonization. Suitable sites for solar power generation facilities are becoming limited. However,
we will promote the development of rooftop solar power generation facilities, wind power generation
facilities, etc.
In the hotel business, Tokyu Stay's RevPAR has continued to perform at a high level by capturing
inbound 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 domestic interest rate hikes on real estate
prices has not yet become apparent in the sales market.
Although it will be necessary to continue to keep a close eye on trends in domestic interest rates,
the favorable market environment is expected to continue for the time being.
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