Uncertainty Surrounding Economic Activity and Office Demand Due to COVID-19
First written in FY2021-Q1. 8 of 24 entries say "Worsened", first in FY2021-Q2. Latest entry: 2026-08-21.
Vis moved to the "Worse" side of this theme in 2020.
0 other companies' latest entry also says "Materialised".
- FY2026RestatedAnnual report
「During the consolidated fiscal year from 1 April 2025 to 31 March 2026, the Japanese economy maintained a gradual recovery trend as employment and income conditions improved, although the outlook remained uncertain due to factors including developments in U.S. tariff policy and the prolonged instability of the international situations in Ukraine and the Middle East.」
While describing the economy as being on a gradual recovery trend, the disclosure continues to identify uncertainty about the outlook due to U.S. tariff policy and the situations in Ukraine and the Middle East. - FY2026-H1ReframedAnnual report
「During the interim consolidated accounting period from 1 April 2025 to 30 September 2025, the Japanese economy maintained a gradual recovery trend as employment and income conditions improved, although the outlook remained uncertain due to factors including developments in U.S. tariff policy and the prolonged instability of the international situations in Ukraine and the Middle East.」
While describing the economy as being on a gradual recovery trend, the disclosure newly identified U.S. tariff policy and the international situations in Ukraine and the Middle East as factors of uncertainty. The focus shifted from the previous emphasis on monetary tightening and higher raw material prices to trade policy and geopolitical risks. - FY2025RestatedAnnual report
「At the same time, global monetary tightening and inflation caused by higher raw material prices continued, and the outlook remained uncertain.」
The disclosure continues to focus on macroeconomic uncertainty driven by global monetary tightening, higher raw material prices and inflation, rather than uncertainty centered on COVID-19. - FY2025-H1RestatedAnnual report
「At the same time, global monetary tightening and inflation caused by higher raw material prices continued, and the outlook remained uncertain.」
The focus shifted from uncertainty centered on COVID-19 to macroeconomic uncertainty driven by global monetary tightening, higher raw material prices and inflation. - FY2024MitigatedAnnual report
「Following the easing of restrictions on activities associated with the reclassification of COVID-19 as a Class 5 infectious disease, signs of movement toward the normalization of economic activity were observed.」
Regarding COVID-19, the normalization of economic activity resulting from the Class 5 reclassification and the easing of restrictions on activities continued to be disclosed, and the previous uncertainty centered on the pandemic had receded. Meanwhile, uncertainty about the outlook due to crude oil prices, inflation, monetary tightening and currency fluctuations remained. - FY2024-Q3MitigatedAnnual report
「Following the easing of restrictions on activities associated with the reclassification of COVID-19 as a Class 5 infectious disease, signs of movement toward the normalization of economic activity were observed. At the same time, the outlook remained uncertain due to factors including a further rise in crude oil prices resulting from Russia's invasion of Ukraine, global inflation and sharp currency fluctuations caused by monetary tightening in various countries. In Japan's office building leasing market, although cancellations had limited impact, the average vacancy rate as of December 2023 decreased to 6.03%, compared with 6.41% as of March 2023, due to the completion of newly built properties at high occupancy rates and the conclusion of large-scale leases.」
Economic activity continued to normalize with respect to COVID-19, and the average vacancy rate in the Tokyo Business District declined from 6.41% to 6.03%. Meanwhile, uncertainty about the outlook due to crude oil prices, inflation, monetary tightening and currency fluctuations persisted. - FY2024-Q2MitigatedAnnual report
「As large-scale leases were concluded in newly built properties and there was also activity involving expansion-related relocations, the average vacancy rate as of September 2023 decreased to 6.15%, compared with 6.41% as of March 2023.」
Economic activity normalized following the reclassification of COVID-19 as a Class 5 infectious disease, and the average vacancy rate in the Tokyo Business District also declined from 6.41% to 6.15%. Meanwhile, uncertainty about the outlook due to higher crude oil prices, inflation, monetary tightening and currency fluctuations persisted. - FY2024-Q1ReframedAnnual report
「During the cumulative first quarter of the fiscal year from 1 April 2023 to 30 June 2023, the Japanese economy showed signs of moving toward the normalization of economic activity following the easing of restrictions on activities associated with the reclassification of COVID-19 as a Class 5 infectious disease. At the same time, the outlook remained uncertain due to factors including a further rise in crude oil prices resulting from Russia's invasion of Ukraine, global inflation and sharp currency fluctuations caused by monetary tightening in various countries.」
With restrictions on activities being eased and economic normalization progressing, the focus of risk shifted from COVID-19 to macroeconomic factors such as crude oil prices, global inflation, monetary tightening and currency fluctuations. Meanwhile, the average vacancy rate in the Tokyo Business District rose from 6.41% to 6.48%. - FY2023SoftenedAnnual report
「The Group is making accounting estimates concerning the recoverability of deferred tax assets on the assumption that the impact of COVID-19 on the Group's financial performance is minor.」
The disclosure changed to state that the impact of COVID-19 on financial performance was assumed to be minor. Meanwhile, the average vacancy rate in the Tokyo Business District was 6.41% as of March 2023, above 6.37% in the same month of the previous year, and uncertainty surrounding office demand remained. - FY2023-Q3RestatedAnnual report
「In Japan's office building leasing market, although there was activity involving large-scale leases in existing buildings in the Tokyo Business District (Chiyoda, Chuo, Minato, Shinjuku and Shibuya wards), cancellations associated with downsizing and other factors also had an impact, and the average vacancy rate as of December 2022 increased to 6.47%, compared with 6.37% as of March 2022.」
The average vacancy rate in the Tokyo Business District was 6.47%, above the 6.37% recorded in March 2022, and uncertainty surrounding office demand persisted. Although it was slightly lower than 6.49% in the previous quarter, the quarterly report stated that there had been no material change in business and other risks. - FY2023-Q2WorsenedAnnual report
「Although there were signs of movement toward the normalization of socioeconomic activity, the outlook for the economy remained uncertain due to factors including higher resource prices resulting from the prolonged situation in Ukraine, while there was still no end to COVID-19 in sight. In Japan's office building leasing market, the average vacancy rate as of September 2022 increased to 6.49%, compared with 6.37% as of March 2022.」
Economic uncertainty due to COVID-19, the situation in Ukraine and other factors persisted, and the average vacancy rate in the Tokyo Business District rose from 6.37% to 6.49%. - FY2023-Q1WorsenedAnnual report
「During the cumulative first quarter of the fiscal year from 1 April 2022 to 30 June 2022, the Japanese economy remained uncertain, despite signs of movement toward the normalization of socioeconomic activity, due to factors including higher resource prices resulting from the prolonged situation in Ukraine. In Japan's office building leasing market, although there was activity involving large-scale leases in existing buildings in the Tokyo Business District (Chiyoda, Chuo, Minato, Shinjuku and Shibuya wards), cancellations associated with downsizing and other factors also had an impact, and the average vacancy rate as of June 2022 increased to 6.39%, compared with 6.37% as of March 2022.」
The uncertainty surrounding the economy was described as stemming not only from COVID-19 but also from the prolonged situation in Ukraine and higher resource prices. The average vacancy rate in the Tokyo Business District also rose from 6.37% to 6.39%, indicating that risks to office demand persist. Signs of normalization in socioeconomic activity and large-scale lease transactions were also mentioned. - FY2022WorsenedAnnual report
「With no end to COVID-19 in sight and concerns about a renewed spread of infections following the emergence of new variants, conditions remain extremely severe, and the outlook for the economy remains uncertain.」
The average vacancy rate in the Tokyo Business District rose from 5.42% in March 2021 to 6.37% in March 2022, and concerns about the prolonged spread of COVID-19 persist. At the same time, inquiries from companies reviewing their work styles and office environments had recovered to pre-pandemic levels. - FY2022-Q3WorsenedAnnual report
「During the cumulative first nine months of the fiscal year from 1 April 2021 to 31 December 2021, the Japanese economy remained in an extremely severe situation, with the outlook continuing to be uncertain amid concerns about a renewed spread of infections following the emergence of new variants while there was still no end to COVID-19 in sight.」
Concerns about a renewed spread of infections caused by new variants were explicitly stated. The average vacancy rate in the Tokyo Business District was 6.33% as of December 2021. Although this was slightly lower than 6.43% in September, it remained at a high level above the 5.42% recorded in March 2021. Accordingly, the risks associated with COVID-19 and office demand continue to be described as serious. - FY2022-Q2WorsenedAnnual report
「In Japan's office building leasing market, some newly built properties in the Tokyo Business District (Chiyoda, Chuo, Minato, Shinjuku and Shibuya wards) were completed with space still available for lease. Existing buildings were affected by large-scale cancellations, and the average vacancy rate as of September 2021 increased to 6.43%, compared with 5.42% as of March 2021.」
The average vacancy rate in the Tokyo Business District rose from 5.42% in March 2021 to 6.43% in September, and office demand and the leasing market continue to deteriorate. The end of COVID-19 is not in sight, and the outlook for the economy also remains uncertain. The risk is materializing and being quantified in the form of a rising vacancy rate. - FY2022-Q1WorsenedAnnual report
「With no end to COVID-19 in sight and another state of emergency declared, conditions remain extremely severe, and the outlook for the economy remains uncertain.」
The average vacancy rate in the Tokyo Business District rose from 5.42% in March 2021 to 6.19% in June 2021. Although it was stated that there had been no material change in the assumptions used for accounting estimates concerning the spread of COVID-19, the office leasing market continues to deteriorate. - FY2021MaterialisedAnnual report
「In Japan's office building leasing market, some newly built properties in the Tokyo Business District (Chiyoda, Chuo, Minato, Shinjuku and Shibuya wards) were completed with space still available for lease. Existing buildings were affected by cancellations associated with consolidation and downsizing, and the average vacancy rate as of March 2021 increased to 5.42%, compared with 1.50% as of March 2020.」
The vacancy rate rose to 5.42%, and some projects were in fact delayed or postponed. Revenue decreased 13.2% year on year and operating profit decreased 44.5%, indicating that the impact of the pandemic was reflected in financial performance. - FY2021-Q3WorsenedAnnual report
「In making accounting estimates, including the recoverability of deferred tax assets, we had assumed that economic activity would resume to a certain extent in the second half of the fiscal year, on the premise that social restrictions, such as another declaration of a state of emergency due to the spread of COVID-19, would not be imposed. However, after reconsidering the matter in light of current conditions, we have changed this assumption and are making accounting estimates on the basis that the effects of COVID-19 will continue until around the end of the current fiscal year.」
The average vacancy rate in the Tokyo Business District was 4.49% as of December 2020, up from 3.43% as of September 2020. Regarding the impact of COVID-19, the previous assumption that economic activity would resume has been changed to an assumption that the impact will continue until around the end of the current fiscal year. - FY2021-Q2WorsenedAnnual report
「The average vacancy rate as of September 2020 increased to 3.43%, compared with 1.50% as of March 2020.」
The average vacancy rate for office buildings increased, and some projects were delayed or postponed due to the spread of COVID-19. Accounting estimates continue to be made on the assumption that no further state of emergency or similar measures will be declared in the second half of the fiscal year. - FY2021-Q1First statedAnnual report
「As the declaration of a state of emergency in response to the spread of COVID-19 led to full-scale requests for business closures and calls for people to refrain from going out, domestic economic activity contracted sharply, and the outlook for the economy remains uncertain.」
The vacancy rate in the Tokyo Business District increased to 1.97%, and some office relocation and expansion plans were postponed or cancelled. As it is difficult to predict when the pandemic will subside, accounting estimates are being made on the assumption that there will be no further declaration of a state of emergency or similar measures in the second half of the fiscal year.