Local Response | Adaptive Spaces
Japan Report - Live Work Shop Jan 2023
January 9, 2023
In the first survey of its kind, CBRE polled more than 20,000 people worldwide – from Gen Z to Baby Boomers – in 2022 to understand how they will live, work and shop in the future, and how this will impact the real estate they use. Included in the survey were around 1,600 respondents from Japan.
The survey findings revealed fresh insights that can be harnessed to inform real estate occupier and investor strategies, and ensure that real estate is positioned to meet users’ evolving needs.
Key Japan findings include:
- Japanese workers place a strong emphasis on work-life balance. Those who have experience with hybrid working schemes understand how the removal of commuting burdens can exert a significant positive effect on improving that balance. With international competition for skilled employees becoming increasingly fierce, it will become vital for companies to adopt more flexible working practices.
- At the same time, some 90% of workers prefer spending several days a week in the office, underscoring the value that the office retains in the eyes of most workers., Future offices will need more than just good location, and will need to offer a diverse and beneficial range of functions in order to prove attractive to workers in future.
- Japanese people have a strong preference for rental accommodation, leading to a large latent rental market. In urban areas in particular, stable demand can be expected in the future.
- While relocations were once driven by major life events or work considerations, the pandemic has led to an increasing number of people searching for more comfortable housing in higher-quality residential environments. As with offices, residential properties will be increasingly required to be of superior quality.
- With Japanese consumers placing high value on the real experiences of seeing and trying products for themselves, as well as the ability to purchase items on the spot, they have a strong preference for physical stores, even compared to the rest of the world. Brick-and-mortar stores therefore look set to continue to play a vital role in Japan’s retail market.
- While Japanese consumers’ environmental awareness lags that of consumers in other countries, there is a strong possibility of future change in this sphere. With retailers providing second-hand or locally produced goods increasingly valued by consumers from all income brackets, the tenant mix in Japan’s major retail areas may soon undergo dramatic change.
The Global Live-Work-Shop Report Data Dashboard
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Adaptive SpacesNovember 28, 2022
The Global Live Work Shop Report
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