No.2932
Space Utilization Market in Japan: Key Research Findings 2021
Impact of COVID-19 Pandemic Divide Space Utilization Businesses into Winners and Losers
Yano Research Institute (the President, Takashi Mizukoshi) has carried out a survey on the market of space utilization business in Japan, and found out the trends of 6 target markets, the trends of market players, and future perspectives.
Summary of Research Findings
Space utilization business indicates services that make profit by utilizing office buildings, lands, and facilities that are idle/vacant. In this research, the market covers 1) services using vacant office buildings as tenants, such as shared office, fitness club, and launderette (coin laundry), 2) services utilizing idle land, such as parking space/coin parking lots and storage business, and 3) minpaku, the service aimed at making use of vacant residence.
Noteworthy Topics
Impact of COVID-19 Pandemic
The space utilization business has been affected by the pandemic from2020, directly by store closures and shorter operation hours, and also indirectly by the trend of consumers voluntarily refraining from going out.
The fitness club market shrank significantly due to a negative image implanted on consumers that the gym is a high-risk area, owing to a cluster that has been detected at one of the facilities. Decline was also witnessed in the minpaku market, where inbound tourist demand (demand by foreign tourists visiting Japan) diminished, as well as in the coin parking lot market, which was affected by nation-wide mobility restrictions and voluntary lockdown. Although the impact was relatively small, occupancy rate fell at many launderette facilities.
On the other hand, boosted by the rapid progress of work-style reform, which enabled telework and flexible workhours, dozens of shared office service providers expanded floor areas of facilities and/or private booths.
Research Outline
2.Research Object： Operators of space utilization services
3.Research Methogology： Face-to-face interviews by the expert researchers (including online interviews) and literature research
What are the Space Utilization Businesses?
In this research, space utilization business refers to services that make profit by utilizing office buildings, lands, and facilities that are idle/vacant. It covers the following 6 markets:
1) Shared office: Office sharing (rented office) and coworking spaces. “Service office” is considered as a same service as shared office.
2) Launderette: Self-service laundry that has coin-operated washing machines and dryers.
3) Parking space and coin parking lots: Location-wise, it refers to “single level parking garages”, “multi-story parking garages”, “underground parking garages” and “palette parking (automated parking) garages”. In view of charging system, it includes all kinds of time-charges, like “monthly”, “daily”, and “hourly”.
4) Minpaku: Private stay accommodation/lodging at “vacant room (private residence or an apartment owned for investment purpose)” made available for guests through intermediary websites.
5) Storage business: Indoor storage spaces, mainly in one floor of a building, apartment, warehouse, or space under the elevated railroad tracks. Includes both “rental storage service”, which lends space to individuals or corporate customers to store their possessions (not products), and “trunk room”, a service by warehousing businesses to store possession of individuals or corporate customers using part of a warehouse or a warehouse dedicated to trunk room service.
6) Fitness club: A privately operated sports facility with exercise equipment and professional instructors to help its members maintain and improve their health. The market includes all kinds of fitness clubs, sports clubs, yoga studios, etc.
＜Products and Services in the Market＞
Shared office (coworking space & office sharing), launderettes, parking spaces/coin parking lots, minpaku (vacation rental), storage business, and fitness clubs
Published Report
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