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![Vacancy Rate and Rent [Parent company]](../images/09.jpg)
Next, I would like to brief you on the current state of the Company's Leasing of Real Estate business.
The vacancy rate notably improved from 4.6% at the end of March 31, 2009, to 3.0% at the end of March 31, 2010, primarily due to progressing occupancy at properties that newly opened in the fiscal year ended March 31, 2009. (The Company employs the vacancy rate based on actual occupancy.)
Leasing of vacant rooms in the existing buildings is steadily progressing. The floor area of offices for lease, which stood at about 11,100 tsubo (approx. 36,690 square meters) at the end of March 31, 2009, has declined to about 5,600 tsubo (approximately 18,510 square meters) as of the end of March 31, 2010, as we signed up new tenants that occupied a greater area than tenants that announced their intention to cancel their agreements.
We expect that the leased office market in the fiscal year ending March 31, 2011 will remain in a severe climate.
We also expect the vacancy rate to temporarily increase as some new office buildings are scheduled to open in the next fiscal year.
The Company's average lease fee for offices is ¥24,010/tsubo (approximately 3.306 square meters) per month.
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