当社取り扱い事例における収益物件の取引動向 ~2021年下期~

当社取り扱い事例における収益物件の取引動向 ~2021年下期~

新型コロナウイルスが未だ収束しない中、ロシア・ウクライナ問題の本格化により世界経済の見通しはますます不透明な状況となりました。日本経済への悪影響も避けられないものと思われますが、現時点で不動産マーケットへの影響はあったのでしょうか。当社取り扱い事例における収益物件の利回り動向について、2021年下期の分析を行いました。

Ⅰ.アセットタイプ別の取引件数推移

まず、2018年下期~2021年下期の当社取り扱い物件について、アセットタイプ別の件数推移を見ていきます。以下は、当社内のアセットタイプ別の売買件数について、2018年下期時点を100として他の期を指数化したグラフです。

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ldkn7sbmUuCpoPQiMz/DJFFX0UYoUqHd3rj++Rf/z355T/DPbgt8IK4BUSkhtAFtxK54jNoNaMrHeWwRToFvPbN5F55AGFYRK75EnrDhEqH9Z74wALE87yjDptRKBSKE4Hff4DME/8be+MzYISRTg6jeSrRm76JNf2KSoenGIIspMm//AD5Vb/CTxwYNKrWjyN8yScJX/oXalWS5yKdPNLJIQtZZDaBn0sic0lkbgA/m0Bmi5cz/fi5FNg5/P79eJl+cPJYsxcS/+zPELpZ6WdzVI4oQDzP49VXX2XTpk184QtfKF//6quvsmrVKr72ta/x5JNP0tHRQUtLCzfccIOaBaNQKE4a9sY/knnyn/H79oMRfKsOnXczsQ//PUIt/Txl8RMHyb30Mwprf4fMDYBhgZNHHzOLyBV3EDrvT2AkfJZIP2h45xTw8ylkPoXMDyCzA8j8AH4mgcz2I7PJQFjk08hCBlkonmvnwXOQngu+A15p4rwINlE8lj4YIYQVQTp5tGgttX/zDCJSc+TYThFaW1sPPw3XdV22bNnCG2+8Ub6ura2NX/7ylzQ0NPDWW2+xadMmvv71r3PPPfcwbtw4zjnnnJMWuEKhOD2RhQzZZ75P/pUHQGgITUeLVhO94etY591S6fDeF50DNqYuqI+d+t9aPyhabQuxxd8ketHHyS77EfbGP4Jh4nXtJP3gN8ivfZTIVV/AmnFlpUM9FN8LshP5VCAWiqKilJXwswlkpj8QGblUIDpyA8F5rg2eDa6NdArguwyKiEFE8TohRHCTBIEs3qgFDd90M8hu6AbCCCGideA7eN17wLUJn/+ZYSE+ShxWgIRCIT760Y/S2dkJQE9PD48++ih33nknb7zxBu3t7bS0tKDrOi0tLbS1tR1VgLiuSz6fV5kShUJxbGgGwgqh71tD/sl/xm1dj7Ci+IUM7oQLCH/kW7hnzMHJZkHKSkf7ntE0wTNb0vzujR5MXeO2i5u45swYjutje8PneRw7AuqnwJ/8H5h5A/aL96G1vY6mG7h71pDa+zqhsxZhzb8Db9w5+L4fZAA8D3jbz0VoxU2Uj4WmlRMFpQ954RO8Nnwf4bsIJ4dw88HeySEL6UBA5JL4pX1uIBARxfIHhWyxRJIHJxeICWTxNSff9tobkqUo3iYpxlCKVdOQIvAsSTOMNCNII4I0wxCKoUXrENFaRLQGLVqLCMcR0RqI1KBFahChGCIUQ3oucscqhBnCn7WATCZzYn997wEpJeFw+KjDao94q23bZbGwYsUKEokEb775JkuXLuWiiy4iFArMXY7jYJpHV+6e55HNZpUAUSgU7xlhhpFeFvuZ/4/QugcQbiEYhKZphBbdhX3eJ3GsGHZ/d6VDPSYipsaO3gK/XdOLRKPgevz0pYPsbjO4clo1Y2vDuL7E9vzhpKneO9lMIBYmX45xxjysHcvwV9+Pu38jGDqFDU+R3/oi9rSFaBd+Ai3eiFZVHzSVk35xk0g3h7SzYAd7aWeR2YFB70Q2CfkUWiGFZqcRhRSikEa4hUCAuHmEkw+yEr4P0gPfR0p/yGeVGCwLFcVG8CuRCLRBEaQJMCyEFUVYEYQZCfbRGkRJNERrIBTHD8eRoTh+qAppVSGNcCBCjECIoJtlkYLQkZqGlH4xxuJWjBMzjDjnZkCSLaSDcyqM7/uYpvn+BIjrumzbto09e/bQ3t7O4sWLWbBgAfv27WPDhg1cd911PPDAA6xbt47Ozk4WLlx41IBCoRDNzc3v79koFIrTk0QbmSe/i7F5SfDm7DnoY2YRW/xNzKkXDzkxUrEQ3w8Hki4PrN8PCEw9+MzwheDpnT5rO7NcfqbB1TPqGFs38ssyEIKLbkGeez351x4kv/J+vN5WNN8hsuUJtLZX0WJ1GOPPRm8+E5nuLZY++pH5NH4hA4V0UBqxs0jfCwSF5yF9d0hmQiBLmkLK4tXykNuDrIlAaEawYscIIcxQsA/FAhERiSMi1YhwdZCZiNUiIrVosVpEqCrIVIRjwfHJNtZWDa9VX4c1oRYKBVauXEkmk2H8+PGce+65QJDt2LNnD9OmTWP//v1s2LCBOXPmMGHC8Fj2o1Aohg+FNx4n+9T38JOdgVnRcwhf9HGiN3x9WNW5384brWl+uLSN/qyLoYFpaNREDPozDnnHx9AFtiupjuhcMLGaa2fVMbPl9Fkh4g90kV91P/lXH0LmBopZsKIR0/eKZ73DQDGILP8T7DUTDBOhW4GHwrCKAiKOCAeCQYvUIGJByUOL1ga3R6rRwlUQjqOF40GmwbBO+PM/XVB9QBQKxSmHzCXJPvUv5F97KEhFuzZazWiiN36D0NzFlQ7vA/HMpl7uf7kDz5e4nmRcXYgvXTWWCQ1h9vXm+ePmPl7flyKd9zANgeNJQobG2eNiLJhZzwUT4+ja6VHG9jp3kP79/8Ld8TIiWhN4L4rNzND0IEsRipa9EMFWFQiJSM1gdiJcjRatQYSrg3JIKIoww0GGQ3v3EoHixKEEiOJdkdlkULNUKE4Szs5Xgo6mB7YirAjYOazZC4ku/iZ6w/B9n5ISfvHyQR5f34NlaOQdj7nj43zlmnE0VB1aZtnTk+OFrf2s3jVAd9rB1AWeL9E0wZnNEa6ZUcflZ9YQtUZ+Dyavbz/p+/8St2Mn5pSLCM1bjIg1BNmJaE3Zb4EVUU3nhhlKgCiOSPapf6Gw/gn05slEb/gGRst09W1BccKQnkt+6b1kl90XpNqlRISiRBZ+mcgVnxvWvSEG8i7/uaydV3YlCZs6Bcdn0ex6Pn/FGEz9yM+rN+2wdFs/y7cnaO8voInAo+D5kjPqwlwxrYarZtTRVDWyfSKykMHr2YsxelqQ/VCMCJQAURyCLGRwdr5CYd1j2BufLdbdXUSkGr1pEnrjRPRRU9Gbp6A3TkCrG4uwopUOWzHM8Tq2k/nDd7B3rERYMShkMSbOJbb4HzAmzKt0eB+I1r48dy9pY2dXjpAhkBL+/OJR3DK36T3fR7rg8fLOJEu39bOjM4dEogmB60ka4yaXTKlhwcw6JjaokfeK4YMSIAoA3Nb12Bufw966DK97V/Dt04yAEEEnPs8Ocsglt7imBynQeAN6wwS05ikYzVPRmyej1Y1Fq1arnRTvjfyrD5J99t+Qmb5ihk0SvvSTRK/762Hfmvv1fSn+Y1k7/VkXIaDK0vjilWO5dOr7K2v6UvLanhTPb+ljU3uGgutjFg2r8bDOeRPiXDurnrPGDu+fm+L0QAmQ0xivZy/2lqXYm5/HbdsEhQzoVrAOHtDiTUjPQatuRoSr8fvb8TO94NrBEjehE1jP/WJzHS0wdlU1oNWMQm+aHGRKRk1FbxiPVtuisiWKMv5AF9mnvkfh9T+AaYFTQGuYQOzDf4911rWVDu8D8/TGwGzqS4njScbXh7lr4TimNB2f5cJbDmRYsrWfNXtTpHIuphFkRExd46yxMRbOrOOCSdXvWuJRKCqJEiCnGTKbwN6+AvvNZ3F2r0Gme4JvnUKA5yAi1RgT5hKacz3mmZchfRetqhERrsJPdOAlDuB1bMfr3o3XtQu/rw0/1Y3MpwPhUhQiQNDIBxEsfwtVoVWPQqsfizHqzHIZR6sdgxZvrPBPRXGysbcuI/v4P+F270FYwVAy65wbiX3kfw77yai+hF+sOsjjG3oIGRp5x2fehCq+cs24E9JqfX9fgRe29rFqZ5KuVGBY9YuZyilNERbMrOfyM2uoCo18w6pieKEEyOmA5+DsXoO96Y/Yb60IhndJGcwVcB0wLIyWGVizr8GafS16y4z3fNeykMHr24/fu78oTPbg9ezBT3bgZxLg5IaYB4O9lD5C04sdAuvQ68aiNYxHHz0NvXkyetMktHhz4GxXjCikkyP73D0UVt6PlBJ8FxGpJXrdXYQv/WSlw/vADORc/mNZO6t3DxA2NQquz/Wz6/ns/Hc3mx4PetMOL+1I8OK2BK19ebTiUl3Pl4yttbjizDqunFHL6GrVx0JxaqAEyAjGPbgNe9PzOFtfwD3wVlA6MUzwgkFIWsMZWNMux5pzHebkiwJBcjzwXPx0N173XryevYEw6dlbzJb0IAuZYglnyKCGUjdCIxQ0BappRm+YiN40MRAmjRPRG8YjorXHJ0bFScdt20TmD9/B3fMaWDFkIYM59WKqbvo2+piZlQ7vA7OvN8/dS/azuyePpQcjxP7iolHcfAxm0+NBzvZYtWuAF7b2saMzh+dLdC3oJ1IfM7h0Sg0LZ9UxqVEJfEVlUQJkhOEnDmBvW4698Tnc1vXIXLK4bE0Gq1mqGjEnX4A153rMaZejxepOWmwyl8RLHAxKN917cDt34PXuRyYO4ucGwM0jpUQUSzhlw6sQQYOhqga02haM5inBipxRZ6LVjwtW4qileacmvoe9dSlu64agq2U2UZ5tEbnyDiILvzIiOkuu3ZviP5e1kci5CKAqbPCXV47h4imV66HjS8kb+9I8t6WPDW1p8k5gWHVcSSykce74wLB67hlVFYtRcXpzzAIkl8sRiQwq53w+Tzisln5VEplP4+x8BXvjszg7X8Ef6AwMokVfB6EYxtjZhGZfizl7IXrjKdQ233PxBzrx+oolnK7AW+IlDiJT3cGQqVLr5bIw8cujqbVILaJmFHrDePTRZ6I3TkIfNRWtZvRJFVenG9J3i8O/ils+FUwPzSaR2URxkmgKr30zzs6Xg1VVVhRpZ9CbpxBb/C3M6fMr/TSOC09v7OUXLx9ESspm079aOI7Jx8lsejx4qyPL81v6WLN3gETWw9IFri8xdMGslhjXzqrnwklxLEOrdKiK04gjChDXdVmxYgWbNm3iK1/5CgMDA/zmN78hEolgmia33HILzzzzDD09PTQ2NrJ48WI0Tb14TxrSx9n3Bvam53C2Lcfr3lNsUWwEJRZNR2+ajDXjKqw5izAmnMs7ZiecwvjZBH5/e1DG6dwRmF579iIHuoOx2J4djHoQQ0s4fjDnwYygxZvQ6scW+5ZMC0o5jZMQ8QbVLfHtSIl082DnkU4OPzsQTBHNl8aQF6eKZhL42f5gPHkhM2RLg+cEA8A8F3wX6fvBq82wEKEoIJCFDKFzbyT6kX9Aq2qo8JP+4Li+5P5VB3nyzd5iZ1Of8yZUcecJMpseDw4kCrywtZ+VO5N0Jm0MXeBLQEomNUW4enot86fVUhNRDQcVJ54jChDbtvnv//5v1qxZw3/8x3+QzWZJJpO0tLTw3e9+l0mTJtHT08Ndd93F3Xffzfz585k3b3g3DBoOeF27sbe8gL1lCW7bZrBzwSoTKRH4aDUtmFMvxjr7QxhTLwFjBGWnpAfJDry+NrzO7XgdOwJvSX87fqa/6C3xkEIULSWlviUyaNMcjqPXtKA1TkBvnoIxelpgfq0fhwjHK/3sjh++i3TtYDJoPhXscwP4+YGiiEggM/3IbAI/nwoERD6Fn0sFGSfPGRz85dpD7li8bVecHBocFSmVzbRggiggnQLSyWNOmEv8rt8Dw/+LSjLn8sOl7by2J+hs6vhww5wGPnPZaIbDqtdk3mfFjgTLtiXY25tHFD1Yri8ZXW1x5fRarppWS0utEuuKE0drayuHlbqWZXHTTTfR3t4OQDQaJRqN0tvbi2VZWJZFQ0PwLWbUqFEcOHDgqAKkUCjQ39+PGMYtlU8OAqHrYIaD4+QBrP1r0Ha+hLNnLTLdB3qpBwcIM4LTPAN78uUY0+ajN04CTYdEFukNMDgVchgjtOBDTa+ChjnQeDbMBplLIbN9gSjp3ovevw8jsR8t1YGe7Q1EiZMPygVOATfVA/vfDO5T04JpmLF69IYz0Jom49eegVs7Hj/ejBdtCAZbGRZSeuB5g9/0kQiCngumruF6PgXXP1zgQxJPIngOmlZ+PghR3oviXhazCHgu0ncRbgFhZxFODuHmEHYWrZBCFNLBPj8QjCLPJYOfR764d/JI1wY3EAB4ThADcsi00KGionhcEm3I4qpqPcisaQZCN0C3kFYU34zgm1GkGUFaMTXFsR4AACAASURBVPxwNTJUhR+KI0PVQQlMgL5zJdLJkb/4U2S7+4PnNgwRQCyksbPX5xdrU+zpyREydXwpuWlGiJtnavT3dOH5p/bfmwAMXeOqMwTn1kd4dY/L6jaXvQkQSHrTDr99rYs/bu7jwolxLhpnMLVeR9cEedc/5Z+f4tTA933q6uqOatE4Yq7NcZxDxEI6neYHP/gBn/nMZ+jo6GDDhg1AkC0JhY6ulA3DoKZGDTY7PCL4YDIthAZ+KomzexX2pufwd76Ck+4MfhdacS2/0DFapmPNWog5ewF+8zSkoSNdiXQLwYfIiF7GGnywi1At1DfAhBlliwg+aIUUWrY/WIXTtTvIlnTvwk92INO95amaQakhhd+zF7YtRwoNNAM/XAOxBkTjJIxRU9CapwR9S6qb0WoakYaGD+zr8XirPc2U5ijTm02keOfIEukTfJ57btEzkR3c8ilkJhFkI0reiWwyKHPkkpBN4tuZQISUNq8Q9HmQ/qBYkLL4tyqGiIlBoSFLtwtR7PuiBQLMjASTQa3iFoohYnXBFNFoDSJSixYpThCN1CCitYhQDGmEkUaouFnBwx3pe8XlHw1+Dh5IO3d8XwYnCU0ILEOwameS+1Z0kXUFuhBETY0vXTWGiydEsF0fa5h9OI+KCj46poGPOLC5w+a5LX2sb03j+B6ZgsdzW/p5cZtk9ugQC2fVMW98nEhIx3F9PE+OhK82ihOIaR69FHlYAeK6Lhs3bmT37t20tbURj8f56le/ytVXX02hUKC+vp7+/n5eeeUVuru7ue666476QLquH2JgVbwT/8AW7M1LcLYuw+vYjuYW0HQzKCsAeu0YzOLSWWPS+e/0MxhiZJVd3g8aEIlDJB5MT51+xeBtdi8kOqBzJ3Ttwu3cidfTipfqhtwAGh5ID89J4PUn8Hu342+V+IaFb8XQa5oRtWPw6ifTFprExn19WJ2bWdcwm5oFVzA+nMMtCorAPzFUXAwEoqOQATuLX8gUu8p6gRjyg8fWKKkYUdYRJRExdGUQiGBFCQTeFysSjBc3w4GwiFQH4iFSg4hWo4WrgzHl0dpgVHmsdlB0WFFEqGrw/k4EOjCM//6f2tjHr17pwfc1PN9nQkOYuxYMmk2H82Bay4K54y3mjq9iR2eOJVv7eHX3AP1ZFyl03uxw2dzVzYzRWRbOquOSyTWEh//iJcUpwBE9IKtXryafzzNu3DgmTpzI8uXLqa6uJp/PM2/ePDzPY926dcyZM4cxY8ZUKPzhj99/AHvbsmDp7P4NyNzAkKWzHiLegDnp/KBfx7T5aLH6Sod8yuL5QR3b9SQ5xyfn+ORtn7zrk3UkeV8j62pkHUHW8UmnUqSTCQo97ZipNsbY+xnj7KfZPUiD20XMSxOSeZDgA64n8XyJlD4SDcvUsTRJwdfIiTAmLtJ1ytNcy+mQoWmRd/vaKERg3DSsoCeKYSKsGCJSHZSLinstVouI1gaZilhdcF04DqEqtHBVICaOV1+X0xzXl/x85UGe2thLyNDIOR4XTqzmzgXjqB3BZs2OpM3Sbf28tD1Bx4CNoQWD9HwpmdAQ5uoZdVwxrYa66KlpuFWc+qg+IBVC5lNDls6+ij/QESyd1TRwHUQoijH2LMzZC7FmXYPeNKnSIZ80PF9ScH3yTrAVHJ9c8XK24JO1PTK2R872SRc88o5Pzinu7aLocHxcb1CMuL7E8Xx8n0NLBSUvhm7iawa+FAjpEfYyxL0EjU4HzfYBWpxWRtvtNDid1Pv9hGUO3XcQ4SrQTIR0Cfs5BLJYjZBIzSDva3ii6J8wLERRHJT3kWq0WH1Q4ojWFTMW1YhIHBEuHpvhwNCpjdwPu1OVRM7lhy+0sWZvqtzZ9IY5DdxxWQvGcHCbHgeSOZcVO5Is29bP7p48AtBEIMxGVVtcPjWYxDtGGVYVx4gSICcT6ePuW09h47ODS2el/86lszOvwjrrWozxc99pKBgG+BIKro/t+hRcScEJjgPh4JMtBPtARHhBpsL2yBbFQ9b2cDyJ4/rB3pPYnsT1ApOnlINJBDkkmzDURzmkcjHk3MAHoQnQtOJeCISAkKERMjQsQxAyNAzTwDRMQuEQ4ZBJlaVRY3qMMtK0iH5anDbCPW+Re+XXMNCJE2lgo3U2GasB24yTlDGq6xtYdN5EapsbkGYcaVUNKZGc5mWyYcDenhz/vqSNfb15TD1Y6XPbJaP5yDmn5+wix5O8umeA57f0seVABtcL+ojYrqQmYnDBpDjXzqxnRosaOKl4bygBchLwunZjb30Be9MS3ANbkIUswjCD2r+UaDWjg6Wzc67DnHJJ8K36FGDtvhQrtyeY2BhmzrgqCu5gBiIQC15wXPDJ2qXrPQquxC4KENsrChAv8DD4xRRukMoFiUSUlnEeusrzHQICiotGyvtAPBi6wNID8WDpAtPQsHRB1NKJWhqR8l4jaupEQ8HlqKUH11k6IV1gmRqh0v28x4ZMbusGvF0v451xHk9kZvHY+l56Mx7hkIEAJtZb3DK3gSsnqjT1cOK1PQPc+2I7A7mgCV51ROdLV43loknVFY7s1GD9/jRLtvbxxr40GdsLOqx6krCpcc64KhbOquO88fHyPBqF4nAoAXKC8NN9OG8FLdGdPWvxM33B0lpKU2drgqmzZy3CnHlVRSaAur4kZ/sksg49aZf+jEN32qE7ZdOTdnirM0um4GNoEDY1fBmUR3wfPCnxpSx3gCgJiHLmocQQATFUZJTQhcDUBYY+uDc0QcQcFA0RMxAKYVMjFtKJFQVFtHgcMgVho7TXCJkalqFVpO1ax4DNo+u6eGl7Esfz0YTAk5Jzx1Vx6wXNzGqJVSAqxbHw+PoefrW6Awi+9U9sCPNXC89gYqPKWr2dPT05lmzt5+WdSfoyLqYu8HyJpgmmjYqwYEY9l51ZQ8Qc/r1fFMcfJUCOI9K1cXe/hr3xj9jbVwZTZxFBzw7PASOEMXo65qxrsGYvxDjBA7ikhJwTCIz+7BCBMeDQlwmuS2Rdso43JEsxmGUIGVrwhiIDofL2jIQQYGgCvbgZGuhaUMIIWxphIxANpS0W0olaOrFi1qGUgYgMOSdi6oQtDUMLhMgwrEABsKk9w8PrunhzfxpdF/i+xNI1rpxey0fnNdGsJpKecjie5OerDvJ00Wyad3wunFTNndeMVZ1Bj0LngM2LbyV4aXuC9kQBXQuaAfpSMr4hzFXTa5l/Zi2NVSoTqBhECZDjgHtgK/am57C3LMXr2H7o1Fkh0OrPwJo+PxgAN+n84gqX40PB9UnmXAZyHr1ph65i9qI349KXdkhk3WKpJCiJDO0/NfSzvVQOMbQgCxE2NCSBAS1q6ZwzroraqFEua8RCOhFTO0RERIrHlh4IF1MPhMnpzAtb+/n9G93s7ysQMoJ6eX2VyUfOaeBDZzUQVt8MTwn6sy4/XNrG2iFm0xvnNHDH5S2n/Wv4WEgXPFbuSLJkax+7u4OeL5oI5s40VplcNrWGa2fVM65OGVYVSoC8b4Kpsy9ib/wjbuvhls4Wp86edR3WtMsR73MwmuNJUnmXVN6jJ+3QnXLoy9j0pF160g7JnEum4JHOB8ZNv+izKGUxSjWRUn8kXQveEEKGRlVYJx7WqY0YNMZNGqtMGmImjXGLxiqTguuzqT3DGXUhzlETM9836bzHH9b38NyWXpK5YBBYwZVMaQ7zp+c1c2kFJ6YqYHd3jrtfGDSbaiIwm3747NPTbHo8cDzJ2r0DPL+ln00HMjiuXzasVkd0LphYzYKZdcweo0qSpzNKgBwDspDB2bGKwpvP4u5aXZw6G4wWx7MRoRj6GWdjzb42WDrbcPSfqedLsrbHQC4QGH0Zpyw0etIOA3m3LDIcL1hSeojAgHdkNUqrOkolj/qYQUNRXDQVhUZd1KQ6YlAT0dU3vJPE/r48j6zr5uWdyfLv0Jdw/sQ4Hzu/manNw7dJ13Bl9e7AbJrOu0igNmLyP64Zy/kTRtBsoAqzqT3D81v6WLcvRTrvYRqBYTVkaJw1NsaiWfWcPzGu3odOQ5QAORpS4ux7fXDqbNfu8tJZ4TkI3cQYNYXI7Gswzl4Eo+e8/b+Td4IyScl30ZN26Bqw6cs4JHIu/RmXjO1hu0H/C/k2gQGHLjvVRGAKLYmM+phBbdSkPmbQHLdoipvURg3qoiY1EV2N2D7FeL01xSPrutlyIIOpC1xPErE0Fsys5+ZzG2lQdfKTwh/W9/BA0Wxqe5JJjWHuWngGExuU2fREsK83zwtb+1m1K0lPysHURdHIDlNHRblmRh2XTa2hKjSMW8oqjgklQI6A17Ube/OSYOpsezB1VjctTE1iCIleOwamXAqzFuGPv5ABM0oiDX3JDN3JPN0pm76MS1/WoT/jki32uyg4/qHLSoccF6diowmwigbQqpBObdSgNmrQEDNprjZprLKoiwWX42GdiKkPW7Pm6YrnS57b0sfj63s4kLAJGUFZZlS1xU3nNrJodj3madLo6mTjeJKfrTzAs5v6ymbTiyZX8+Wrldn0ZNCdcli+vZ/lbyXY318oZz48XzKuLsSV0+q4anotTXElxEc6RxUgnZ2djBo1CoBUKsXGjRuZPn06DQ0NJBIJtmzZwsyZM6mre38eh1MJP9WDs30F9sY/lpfOarpJyNQwcUmJOPurZtLeciWJMZeSiJ5BT9qhP5kmncuTyXvlDIYvB8shJWTR6KmJYIWHqQuqwgbxsE5NxKCxyqQxXvJhmDTGTKrCOlUhVSYZqfRnXP6woZvnt/STLXhBndyTzBgV5WMXNHOeKgUcV/oyDj9Y2s7r+wbNph85u5HPXDZa9aw4yeRsn5U7E7ywtZ8dXTmkDN4bHS8wrF4ypZqFM+vV8ucRzBEFSKFQ4L777mPr1q3ce++9pFIpfvSjH3HOOeewfft2rrvuOp588klmz57N1q1buf3224eVCPEl5A48B14SPdeMWP8Uzvbl+P1tgafDimBoAkcz2W9OYkP0At6IXkRbeDK2COMVsgivcMQMhihmMUp9K2qjRYFRZdJQZdJUZVJfFWQwqsOG+rZ7mrO7O8fD67p5bc9AuZeKAC6eXM1Hz2tiUqPyh3xQdnbluPuF/ezvKxTNpoJPXTqaG+Y0VDq00xrPl6zdm2LJ1j42tmUoFA2rjiupCuucPzHOZVNqMA2NiQ1haqMqSzVSaG1tPfw0XNM0ufzyy+nu7gZg48aNhEIhFi1aRCaT4ac//Slnn302ixYtor29nddff50FCxac1OA/CLlt38Fq/TaaAelEI1v23IgZnk1o7DRMv4Du2XQYLbwWuZQtobNJ6jXo0kP3HUIyha9rWKFwubtmXcygPmZSFzWGGD0Dk2dtREPpC8W7Mbkpwt9eP541e9M8sq6L7Z05TA1W7kyyYX+aRbPrWXxuoyoRvE9e2TXAvcvbyRQ8dE1QEzH58jXjmHuGWoVRaXRNcNHkai6aXM1bnTme29LP2r0pBnyHgit5aXuCVUXj9tjaEBdMjFMTMYK+QcVGhSHz0H5CpR5GejHTrDh1Oew7mqZpjB49GssKGiZls1kixVHasViM3t5eotGg538kEiGXyx31gfL5PP39/YhKGhaEjldIUdf+75TGcdSM6iFvjmJ9+kNE9AS6dBBSkhchqiXMl9vxJbhSx0XHkRqu1KmJhWiuCdMQD1EVtqiKmIRDJpqmo2sawtbxHI3elAChIYRACA1N0w75GcjiQBMp5TuO5dBhJ0POVYw8NCGYXq3x1UvCLNnm8tI+l95s0OvlkXXdrN6T4rrpUS4eF7z55hwP9XI4MoYu0IXg2R02v39zAKSPL2Fctcanz48wJZahsyP1rsOJFScPTQhGm4Lbzja4dHSYVXskb3ZJ+rNBEz9EsdPw692HtFc2yo0Qgx5GpaaIYVMPBEmxMWLIEMF1OlgGhA0IG4KQDmEdTB0snWCcQ+m42FxR1wRa6ViU+hvJctYbBmdUyeKoidKxL4ecM/TV9rYxEyMN3/epr68nHH73EtoRv1IZhlH+wGtqamLt2rUAdHR0MGvWLDo7OwHo6elh0qSjT2u1LIu6urrKChAErhNBhiZBoR+K3dHn19xNxE+yJfUhfK+AwMMUWTQoCgcIC4LLxUFmfl6SzkLywOCLDiHKAkPTArGh6zqWZWGaJqZplo9DoVD5cmkzDKN8nmEYGIZRvr/SpmnBqpbDCZbDHSuGF9G44FNjmrk+6fKHDX0s29aPpkm6Bgr87JUcK5ssbj2/ifMn1IAA21W/47dj6oKc7fHTFR0s3Z4ibOnkXZ9LptTyhfmjqI8Ept+QSoCccgjgvNo6zpsp6En5PLSum6fe7C02RwyaJZb6HfkyGFQpvMONhHCCOzzMB/3Q80oY2uCma2CIYB8pCplDuzYXR0WYwUiISPH2qBWsOgzpwTyp8ngIQztkAOaQgVaDDKqUYsxFIfOO48NTEkXFmZ0VR0qJaR7dSHxYD0g+n+eRRx7hlVde4bbbbuOCCy7gwQcfxLZtTNPk5ptv5rHHHsNxHCzL4tZbb31PD3aqUOh/E++trxPxNiDynVDsIbbL+VN6a7+N5znY+RSO41AoFHBdF8/z8DwP13VxXRffL01nfeeHfUlkvV1svf2c0la6bBgGuq6XxYeu62WxUhIuRxIwpf9T+n+VFXqK48VbHVkeXtvFutYUuhCAQNcFl0+t4aPnNTGmRrV1fzt9WY8fvNDGG62pYgdan8XnNvLpS0erv4thhi8lv3qlk60HM8wdH2diY7g8PTtre+QdvzhRe3AfTNQOpmnbrsTxglETdnGRwCEf6gx+9pdeGqKoTkTRkPX26duSotePwYnapQGZpnH44ZjhYrfoaFGsDBUxkaEdpYuXSyshreL/P1o3BdsLxNNw8lIf0YTq+z7JZJJQKITrulRXB1Mge3t7aWgYNG29/fJwwgc0uxO2fxE6/hDkgjSg5eNw5k+AwRUInufhOE5ZfDiOg+M42Lb9jm3obaXjknjxfb98XOLdshSlN8uh55THyg/JjJSyLaXMydAMylDxcjghUzrWdR1N0zCMICnmui49PT1UVVVRVaU6oVaalTuSPLKuiz09+eBD1ZPURgxuOLuBG+c0EFP9EwDY0ZXjniX7aesvYBTNpp++dDQfUmbT0wrHC/oqFRw/2LuSguORd2V5onfe9sg6PplCsIIxXxQwg6LGw/VluQlk6djx/EPESOngsC0W3iYIhr7dSykPyYzoxWMhAvESKvpZQkbQvdoqzteKDpnwHQ/p5F3JyzuTgOT2S1s4d5h0rlZ9QIAg9fG3sO//Bi8WD6g9F2b9GqKzP9A9lwRHSYi8m3gpFArl24aeW8q2DN0+aGmlJFiGbiUxUhIk2WyW3t5eIpEI8+bNY8yYMWXfj6IyZG2Ppzf28dSbPfRn3XJb94kNYf5kXhNXTa+tdIgV5eVdSX60/ACZvIcE6qIGd14zlrnj1XJmxbHh+RLPD0o8eScQJSWRki/2dCoJmVzxOBAykrzjFc+XFByfnOMVBczg/brFrZx9KT3wkTIYcshtbxM/QgTelbzjM6kpwvc+OmVYzJlSAmQoHT+Dt74MXiH4zYaaYNbPof7Gkx5KSWiUxMvhMislwTJUvAwVLUNLRVLK8v5w4uVwmZZSKcjzPKSURCIRqqqqaGhooKGhgdraWmpqasoZE8XJ40DC5nevd7FiRxLHk2gieGM7d3ycj53fxMyW08/c8Ojr3fzm1U60oi9m6qgIdy0Yxxn1qo+EojK4nsTxg4yJ48pyiSjvekHJyPbJu4F4KV3OOoGQsd1BAWN7flHY+MVxHBJPSnw/KFFBMH6j4Eqa4yb/9vEziVpKgAw/Esth6+2QbS0V+GDqv8K4r1U6svdMya9S2g8tDR2pZFQoFA7xt7iuS6FQQAhRFi5DRYoQAtM0icViVFdX09DQQH19PbW1tVRVVak6+0li84EMD67pYmN7GkMIPCmxDI2rptVyy7wmmqtHvj/Edn1+suIgz23pI2Jo5ByfS6dU8z+uHkc8rMpSiuGLlAx6WYoeFseTZcGSL2ZednXnefGtfgTw6ctaWDBzePTkUgLkcOT3wNZPQu/LwSoZHzjji3DmPSBG7hu6lPKQ7Mm+ffvYs2cPtbW1aJpGf38/6XSaQqFwiCAp/d/Sap94PE5dXR0NDQ3U1dVRU1NDKKTGb58opIRlb/Xz6Lpu2voL5bbujVUmHz67gRvmNBAaBunY90Nv2uGeF9pYvz9N2NSwXZ+b5jbyqUta1HgCxWnFwaSNoQuahtEsKSVAjoSfhe1/CW2/DESIBzReA7N+BdaYSkd30hgqNHzfZ2BggEQiQW9vL319fQwMDJDL5XCcYMnb20s5pmkSiUSoqakpi5La2lri8Ti6rr6dHk8G8h5PbujhmU29pPJe2R8ydVSEj85r4tIpNZUO8bjyVkeWH7zQRnuiUO7/8OlLW7j+rPpKh6ZQKN4DSoAcjX3/BLu+GRz7QNWUwJxafXFFwzpVKBQKJBIJEokEPT09JBIJUqkUtm3jed47siRCCEKhELFYjLq6Ourr62loaKCmpqbc6E7xwWjty/PI2m5e3p1E+sFoZSnhwklxbj2/mSlNw//nvHJnkvuWHyBrB/6k+pjJndeM5dwzlNlUcfrR2dnJ+vXr0XWduXPnDpuVqUqAvBe6H4Ztnwc7GVw2q2DGvdD8ycrGdQoipSSTydDX10d/fz+9vb0MDAyQyWRwHOewXhJd1wmHw8Tj8XLZpqGhgXg8rgyuH4DX96V4eF0XWw9mMXWB60mils41M2v5k7lN1MeGT6p2KI+s6+a3r3WiCUHB9Zk2OsJdC85gXJ0q8ylOL3zfp62tjdWrV5NOp/F9n5aWFq6//vphkWFWAuS9kn4DNn8CUtuCkowEJn8LJv6/lY7slMdxHFKpVLls09fXRyqVIp/Pl/uhHM7gWlVVRXV1NY2NjdTV1VFXV0c0GlUG12PA9SXPb+7jsfU9dCTtsj9kdLXF4nMbuf6s+mEzabng+vx0xUGe29xXbEXvc9nUar581TiqlNlUcRpRKBTYt28fO3fupLu7u9xx23VdwuEwN998c3mMyqmMEiDHgtMFWz8DXU8P+kLGfBym/xj06kpHN6zIZDIMDAyURUkikSCdTmPb9hENrqFQiHg8Tm1tbVmU1NTUDIs/tEqTyLr8/o1ulmzpJ2t7wbRRTzKzJcZH5zVx/sRTu3TRk3a4e8l+3mzLEDI1XM/n5rlNfPLi0cOq86NC8UFIJBLs2rWLffv2MTAwcMj7pBACKSXz5s1jzpw5FYzyvaMEyLEiPdj1Ndh3T9A11QPqLgh8IZFplY5u2OJ5HgMDAySTSXp6eg4xuLquC7zT4GpZFpFIhOrqaurr62lsbKSmpoZ4PF6el6M4lN3dOR5a28WavangisAiwiWTq7n1gmbGn4I9M97qyHLPC20cSBTK000/c3kLi2Yps6ni9ODgwYPs2LGD9vZ28vk8uq7j+z5CCJqampgyZQrxeBzLsmhsbKx0uO+ZYxIgXV1dbNu2jTFjxjB16lQAVqxYQU1NDWefffaJjvXU4sB/wva7wHeDckykBWbeD3XXVjqyEUPJ4FrykpSWAR/J4Kpp2mENrvF4XHVwfRurdyV59PVutnfmsIwgGxIP6yyaVc/NcxuJh08N782KHQl+/NIBcraPLyUNMZM7rxnHOcOk1bRC8X6xbZvW1tZymcXzPDRNw/M8QqEQY8eOZcqUKYwdO3bYlqXfswDZu3cvv/71r7nlllt49NFHueWWW9i4cSPhcJje3l6mTp3KlVdeeZLCPkVIvgBbbofcgeCypsGZd8PYOysb1wgmnU6TSCTo6+ujt7eXZDJJNpt9h8G19O2gZHAtNUsrGVxjsdiwGp54InB9eHpjL09s6KEn7WDqgoLjM64uxE1zG1k4s76i5Y2H13bx4JpONE3DdiXTR0e5a+EZjKk5vX9vipHNwMAAu3fvZs+ePSSTyfK8L9/3icfjTJgwgalTp1JbO/zHLrS2tvKevupYllVeYjl69Ghs22b79u18+9vfZu/evTz88MNHFSC+75f7RQx/BMQWwMznEFs/iZVZD8KHbV+B3HbcCf+CRxj8QqUDHTFomkYkEiEWizFu3Dhc1yWfzzMwMFA2t/b19ZUFie/7uK5LJpMhk8lw4MCBYMiTZRGLxaipqSmLkrq6OkKhUHmKcKkN/pFa148EDE2w+Owazhsb4ndvdLNiZwpd0+hK2dy7rJ0V2xPcen4zZ48JAxLb8Y84Cvx4ETI00o7k5y93sWRLPxFTI2t7XDwxyl9eNZq6aJAZUyhGAqUZXK7r0tvby86dO9m/fz+5XK68ikVKSTweZ8qUKf9/e3ceHVWdJ/z/XXtVUkkqeyoL2SHsCggoIihtd+PSbWtzGu3FfuxNu3uesc/M48zvec55Zp7+zfxm+jf+ema0W+1puz2KYCMqgiiLCsiqyBYgJISslb2SSu171b2/P4q6EAKCbJWE7+ucnGPAXL73VqXu536/n+/nQ3l5OZmZmciyrOTLjWU6ne6Sy+GXFYBotVoqKirYv38/DQ0NLF68WHnaTE4LXUokEsHpdI7b6aILkdUVaCrfIcf+DNrBtxJ5IZ3PExmqx13yEipjKcT9qR7mhJR8MjAYDBQXF1NcXKz0xQkGg/h8Pvx+Py6XC7/fr/zCJkvQO51O2tvblQRXo9Go9LvJzMwkMzMTk8mEVqtVeukkg5KJxKRV8fjcdG4rM7DtdJijXX40ahUnewP80/ud3FKk4f6paVTmGYmc6Qp6XcahU9PqCvPnz720DEsYdWqiEnxzloVvTDUghbz0+yfWtRduThqNBo1GQzAYpKenh/7+fjweD9FoVAk8NBoNJSUlFBUVkZOTg9FoJBqNYrfbUzz6yyNJkjLuL3JZAciBAwcIhUL87d/+Lb/97W/ZsWMHJpOJUCjE0NAQGRmX5706AQAAIABJREFUzqI3Go1YrdbLG/24UglF66DjH6Ht/4AK0gK7SOt/BKathvRbUz3Am1osFsPr9Y4oluZ2u5UE13g8TjAYJBQK4XK5gETknpaWRlZWlpJLkuxzM1EtzIGFdfBJs4v1hwdpHwqhUcPBnhgtziD3zUzj/lm5mHTX5wGi2R7ihc+66XVJaFWJNkxPLbHyFZFsKkwwgUCA9vZ22tracDqdwNnkeqPRSHl5OdXV1eMqofRKXVYOiNfrZc2aNWRmZuJ2u1m5ciUdHR3s3r0bnU7HAw88QGlp6Q0a8hg2sAZO/RRi/kRyqj4L6v4I+StSPTLhHMFgELfbfcEE12T+SNK5Ca5msxmLxUJubi55eXloNBqcTqcSoEwUwajEpvohPjjuwBmIKWXdK/KMPDInn7smX9tz/aTZxR8/6SUUSySb5pkTyaazSiduwCfcfAYHB2lpacFmsxEIBFCr1UrgkZOTQ1VVFZWVlaSn3xzdrL/0NlyXyzXig9bn82EwGG76hL4RvJ9Bw3fB13q2aFn1P0H5/0r1yISLkCRJSXBN1iZJJrjGYrELVnDVarWo1WrC4TAmk4n58+dTVlY2oX4Xel1h3jk8yK7TbmJxGbUK4rLMnEkZrJhbQJ316ncXrf3czpsH7WhUEI7J1FnT+O/LSimxiMqmwvgXj8fp7u6mpaWFvr4+ZZklHo+j0+koKiqiurqasrKym67ys6gDcr1EeuHk4zD00dmOuiXfg9qXQHNzRLfjXSQSwe12jwhKvF4v4XBY2Qas0+lQqVRKbkhmZib5+fkUFRVRUFBwWUuT48Gxbh9vHxrkWLcPrUZFXJLRa9QsrbPw8Jx8CjK+fDG4UFTiD5/0sr1pGKNOQygqcddkC08tLSFNL+q4CONbIBCgra1NWWZJPrhIkkRaWhplZWXU1NRQUFCQ6qGmjAhAricpDC1PQ9dLZ4uW5dyRKFpmrEz16IQvSZZlAoGAEpAMDg7S3d09Iik1+QGjUqkwGo1kZ2djtVqVRLLx/IQjy/BxY6Kse9dwWCnrnmfW8Y1b8vja9ByMussLHAY8EZ77uJsTPX6MukQdkofnFPC9hYXX+SwE4foaHh6mpaWFzs5OfD6fsgtElmUsFguVlZVUVVVNmIeTqyECkBuh+z/g9N+ALJ0pWlYG01dB1k1WN2UCamxspKenh6ysLPx+P3a7nWAwiCRJyvquLMtotVoyMjLIz8/HarVSUFAwbhNavaE4G48OsqVhGG8oruSH1BSYWDGvgIVVX9yWoLHPz3Mfd9PvjqBRq9BrVPxocTHLpmbfoDMQhGtLkiR6eno4ffo0fX19RCIRpVqpRqOhoKCAmpoaJk2aNKGWaK+WCEBuFMf70PgEhO2gAjR6mPw7sP4k1SMTrqFAIIDdbmdgYICBgQFla925xYRUKhUmk4nc3FwKCwspKioiOzt73M2OdDpCvH3Izv42D5KceFvLwG0VGXx7bgE1BaZRP7PzlIs/7uolHJOIyzIFGXr+6p5SZpTc3MuSPT09aDQaioqKUj0U4UsIhUJ0dHTQ2tqKw+FQHjzi8Tgmk4mSkhJqamom6O7PqycCkBvJ3wCN3wfXkbN5IRV/A9XPpnpkwnUQj8dxOp309/fT39+vFElL7qpJzo7odDold6S4uJi8vLxxlQV/qNPLWwftnOwLoNeqiMVlTHoN907N5pu35pGTnnji+8uBAdYdtKPRqAhHZaYWp/HXy8qwZt2czQQjkQgul4vGxkba2tpQq9XU1dVRU1NDZmameFIew5xOp9IUzuv1jkhQz8zMpLKykurqajIzRZPSLyICkBst5oKmJ6B//dmOukXfgLo/gzY31aMTriOfz8fg4CD9/f3Y7Xa8Xu+o2ZFktdfc3FyKioooLCwkJydnzDfXi8ZlPjw5zIajQ/S7I0p+SGm2gUU1WfS4wuxvcaPTqglFJZZMtvDk0mLS9JpUD/2GkCRJabaYTGj2eDwEAgHi8bgy+xWLxdBqtaSlpWGxWEbUoElPT59QRRzHo56eHlpaWujp6SEcDivLLGq1WmkKV15ejsEgdnBdDhGApEr7/4S2fzmbnJo140zRspusqd9NKhaLMTw8rMyOOJ1OgsHgqNkRvV5PZmYmBQUFWK1W8vLyxnRjvWF/lA1Hh/jo5DCBqIReoyYSk1CfyfWIxGUemZPPYwsmdrJpIBDA4/EwNDSE0+nE5XJdss5M8jU/v+uzWq3GaDRiNpvJyckZ0WRR3Oiuv3A4TGdnJ62trQwODo5YZjEajRQXF1NbW4vVahUB4pckApBU6n8FTv0c4qHE4rkhD6a+DLnfTPXIhBvM5/Nht9vp6+tjcHAQr9dLLBYbNTuSnp5OTk4OVquVwsJCLBbLmJwdabUHWXvQzuFOLwadGuTEttsf32Vl+YyJNdMXjUbx+XxKQbvk7EYwGFRaVJxfQ0an0yn9iLKzs3E6nWi1Wsxm84gmi8nt3ReqQXNupd7kV3p6+ph8P4xHHo+H1tZW2tvb8Xg8IxpdZmRkUFFRQXV1NdnZInn6SokAJNXce+Dk9yHQkcjiU6mg5jdQ9j9SPTIhRaLR6IjZkeHhYcLh8AVnR7KyspRE1vz8/Ev2XbjR/p/3O9l12oUKmFuRwT89VJXqIV0VWZaV/kLJjswejwefzzeqI3NyBkOj0Sg9hs7tyJyRkXHRPI9QKITX61VmUJxOp1KD5lKVerOyssjLyyM7OxuLxTLm3hNjXV9fH62trXR1dREKhZRlFpVKRV5eHtXV1VRUVIjreg2IAGQsCHfCyR+AY9fZ5NTSH0Ht70At3uQ3O7fbreysSc6OJAuhnT87kpeXp+SOWCyWlE8Je0NxNh0bIhqTeWB2rpKQOl4ki9E5nU6lj9D5xeiSksFHsttysstyXl4eWVlZV7V0JssyXq8Xt9utBCXJWZJIJAIwKvDRarWYTCaysrKwWCzk5+djsVjIyMhQGp4JCdFoFJvNRktLCwMDA8TjcaVaqV6vp7i4mJqaGkpLS1P+OzWRfKkApKenh23btlFUVMTy5cux2Wxs3rwZs9nMgw8+KDJ+r4YUhOZfQPcrZ5NT85bC1FfBIIJDISEajTI0NERfXx8DAwO4XC6lPb1KpVJuPsnZkaKiIoqKisjLyxP5ApcgyzIej0cpNHfuTT4ajQJffJNPzmxkZ2djNpuv+7bqaDQ6qp+R1+slFApdNDgyGAxKgmtubi65ublXHRyNZ16vV2kK53K5RiyzmM1mKioqqKqqIjd3Yi0bjhWXHYB4vV5eeukl7rvvPqZOnYpareYf//Ef+dGPfkRzczPd3d08/vjjN2jYE1jvs9DydxCXEkGIuTKRnJp5e6pHJoxBfr+fgYEBent7GRoawu/3K3kHsiwrhZCS0//JgCQrKyvFI0+9QCCA1+tVdqUkE0XPXeZIfgGjGhImlzmysrLGzJbZUCikLNk4HA5cLpcyS5IMmpLvCzi7PJSZmUl2draS4Go2m8fMOV0PdrudlpYWurq6CAQCyoyQWq0e0RROBO3Xl81m47LC9MbGRpqamqiurmb79u088MADqFQqysrKkGWZzz///JLHSE5niimsi1BpIO2vURXlktnz1+jUXgi0w9FlRCr/E0/GDyEeADma6pEKY4BarVa2/+Xk5OD3+3E4HNjtdtxut7KrRpIkvF4vHo+H9vZ2DAYDFouFoqIiLBYLZrMZvV6vZPZLkqTcoMYjtVqNSqVCo9EoS1TRaJRQKKTsTjk/UfRCiZ4ajQa9Xj9iB8r51yvZxFCSpBEl+W+0ZKCUXIozm80UFxcruSTJoCQQCBAKhYhGo0iSRDwex+/34/f76e3tHZUgmwxG0tLSMBgMI65p8iuV530pyWui1WqJRCI4nU46Ojro7+9XmsIlr11mZiZlZWWUlJRgMpkIBAL4fL4xfX5jWbImyqWCuMsKQLxeL/PmzePhhx9mzZo1bN68ecS03eUEFcknCBGAXJxMGEr/G+TPgJYfgvskxINom36KoegkcsU/o1IZQY6keqjCGKLRaJRp9bq6OmKxGIFAgKGhISV3xO/3I0kS4XCYgYEB+vv7UavV6PV6JSDJz88nKysLvV6PLMtKQDKWJQOxZIJuJBIhEAgo21+HhoaUWYBYLAaMXkrRaDQjAo3k0oTJZEKr1SqJiOffdJP/7lik0WjIyMggKyuL5Ax38vUPBoMMDw8zPDyM0+nE7/cric7RaBSXy4XL5aKjo0PZdZNMpD135sdoNCpLTcn3yli5YWu1WlQqlRJ02Gw2gsHgiPuP0WikrKyMyspKsrKyUKvVSjLxeKtMPNYkc9Mu5bKWYPr6+njxxRd57LHH2LlzJ/Pnz+ezzz7j1ltvpaurC51Ox0MPPXStxi4ARIeg6b/BwKZEmCgB1hWJomWq8dlHREiNUCik5I4kZ0jC4bDyhJhkNBqVYMRqtZKbmztmb7BJ8Xh8RC6Ey+XC4/GMyoVIzgadmyh6frEvk8l00z0gxeNxfD7fiETb5AzauYXyzr0uOp0Ok8mExWJRcl+Ss0NjhdPppKWlBZvNht/vV2ZuZFkmOztbWWYZS2O+2XypJNSWlhYOHjzI5MmTmTNnDj6fj/fffx+LxcJXvvIVkVl9XcjQ8jfQ+e9ni5ZZbk101E2blurBCeOQJEm4XC76+/sZGBhQZgi+qIFeYWEhhYWFKe/gmdwNktwGm8zdCAQCxGKxC26DTT69J/MccnNzycnJuSGJouNVOBzG5XKNCErOz49JOn8b8LkJrhkZGZhMo3sCXS/xeJzu7m5aW1tHNIVLVpstLCxUmsKJ1z71xDbc8aLvv+DUL0GKJoqWGQth6iuQszzVIxPGuWAwqJSITzbQi0QioxroGY1GcnJyRpSIv96JisFgEI/H86VvhMltsMldKcnlFOHKSJKE3+9XCq2dWyztQoFfMocmuUMoJydHeT3MZvM1f1gNBoMjmsIl3wvJpnBlZWVUV1eLZn9jjAhAxhPXjkTRsmBPomiZWgO1v4WS/57qkQkThCRJIxroORwOgsHgRWdHCgoKKC4uJj8//6ob6MViMWUp4Nx+KcFg8IK5GxeqCHruUsBYXzoa7yKRiLKLKPl6+f1+ZekLRr5earUanU43qlhadnb2FQeHw8PDI5rCJV9zWZbJysqiqqqKqqqqlM/cCRcmApDxJtia6Kg7vP9s0bJJP4eafwfVzdlVVLh+/H7/iNwRj8czqoGeSqUiLS2N7OxsZZtvTk7OJZ9yA4HAiIqiLpcLv9+vbBk9f3bj3ETRZIEvi8WiJM0KqSXLsvKantsD59xtwOe/plqtFqPROGJ5LPmaXmyJRJZlpSlcb2/vqKZwBQUFSlM48b4Y20QAMh7FfdD8JPSsPlu0LP9emPoa6MUUo3B9xONxHA4HAwMDDAwMKLMj55eI1+l0ZGZmKiXikztHMjMzlQZtw8PDI4pmwejZDb1eP6IrbHIaPy0t7aZLFB2votGosg04uYSWTBC+2KzW+a97fn4+sizj8/mIx+N0dHRcsClcSUmJ0hROGB9EADKedf7f0Pq/E8sxccA8Gaa/Dhm3pXpkwk3A7/djt9uVImher3fU7Mi5yyDJuhnn5m6cny+QkZExornaRC+IdTNKzpKcu2sp2Uvn/PcGoNTqOD9QTQa1lZWVVFVVYbFYUnNCwhUTAch4N/gmNP4Eop7E9zoz1P0RClamdlzCTSUWi41qoBcKhZQiUJCYQUl2+E0miiYriubk5JCZmXnTlgS/mcXjcWVn07mzY8luwJDY9ntuAbRzm8KJaqXjlwhAJgLv53Dye+BtTizJyED1/4Hy/53qkQk3KY/Hg91up7GxEbvdjkqlIisri8rKSmWdPyMjQySKChcUCoXweDw4HA76+/vp7OxU2grccccd1NTUiGW4CUAEIBNFZAAafwCD287mhZQ8BpP/ABpRaEdIjUAgwPHjx4nH48ycOVPsRhCuSFNTE/39/VRUVFBRUZHq4QjXiAhAJhI5Bi2/AtvvzhYty14A01aBqTbVoxMEQRAEhc1mQ8yBThQqLdQ+D3XPgUqdCEJcn8GRu8H1capHJwiCIAgjiABkoin5K5j9ARgKE9+HeuDofdD3UmrHJQiCIAjn+FIByJEjR/j9738PQGtrKy+88AKvvvoqLpfrugxOuELZX4Nbd0LWnESxMjkCJ5+C1l+BHE/16ARBEATh8gOQgYEBXn75Zdra2pBlmVWrVvHwww9TUVHBO++8cz3HKFyJtDqYuxNKv5P4Xg20/weceAiigykdmiAIgiBcVktAl8vFm2++yZNPPsmBAweIxWLE43GKioqIRCLs37//kscIh8O43W6xfepGUuuR8/6IPphH5vDvUWsA+yYILcVX9gcChjtQxYZJ7N0VBEEQhKsnSRIWi+WSdVouKwD5+OOPGRwcpLm5md27d7Nw4cIRFQovJ6hIVjsUAcgNptKhmvo7cN4Gp38Bsh+8JzGc/Dpy1R9QFT4GUhBkKdUjFQRBECaAZP+mS7msAOTBBx9kyZIldHZ2kpOTQ3l5OTk5OezatYuenh6mT59+6X/oTAdNIUWsj0P6ZDj5XfC1o9P40XV+H7Q9UPpMqkcnCIIg3GS+VB2QaDRKc3Mz06dPJxgMsmXLFiwWC0uXLhUzG+NFuDvRUXdo59miZaU/hMkvgPrK2mILgiAIwpchCpHdrOQwNP8VdP/xbNGy3Dth6iowikqDgiAIwvUlCpHdrFQGmPJfMPn/TXyvBob3JIqWuXendGiCIAjCzUEEIDezsv8BszaCPjfxfbADjn4V+l9J7bgEQRCECU8EIDe73Afh1h2QOStRtEwKwcknoO3vE/8tCIIgCNeByAEREmIOaPoR9G9IJKfKQMY0yP4K5H+bxB8KI7h2wPAOsMyHnAdSPZqxJ+aE/pchFoOKv4OsO1M9IkEQxgiRhCqcR4bWv4POf0vMjUmJPxLzZBdxbukUcY1Gk898SYDJApW/hpz7wVSV4oEJgpBqIgARLqz9/4KWfwU9iRtILNUDGqM0nA3URIud0VScrTQknfnSp0PmHZB7P+R8LdEyQBCEm44IQIQLiw7CkcXgPgUGHeR8HdRfXFL3puTaCf4hSMsCyzJQiWmQESIDMHxmV5WKRJCm5uzMiN4AWbdD7jchZzmkTUnZUAVBuLFEACJcXNQOwx9B2mTImJfq0YxNoTZw7YPMeeJJ/mKGtyTqzqCBoQ0wvA2CtsRsSDIYAdAZIesOyP3GmWBkcurGLAjCdScCEEEQbqyYC9x7EsGIcxsEzgtGZEBvgqxFkPtAYvZNzIwIwoTzpQKQnp4eHA4HkydPxmg0AtDQ0EBmZiZlZWXXe6yCIEw0MQ+4d4FjY2JmJNCZCEaSXR2SyzSZCyHvQcheDunTUjhgQRCulcsOQBwOB2+99RalpaUcO3aMX/7yl+zYsYPh4WGCwSALFixgzpw5N2jYgiBMOHFfIhgZ2nhmZqT9bDCizIzoIPP2RO2a3PsgTQQjgjBe2Wy2y+uGa7FY+NnPfgbAoUOHaGlp4ciRI/zDP/wDLS0tbNiw4ZIBiCzLSJJo+S4IwvlUoDZDzn2Jr4gb3PuUmRF1sA2VCohFwbELhnaB/n8lgpGc+yF3OXL6DOKcmTyRAFlsSxKEVFKr1ZdsUntZAYhGkyhC9emnn2IymaipqSEeT/yCGwwGotHoJY8RDodxOByo1WKngCAIX0ClA/USyF2KbO5HH/wMc2gbxsDOxMxIHIhGwPEJDH0C+v9FzDQPv3EZQdM9yOZZqDRmkMIgBRlZsEUQhOtNkiRycnIwmb64w/plBSAAR44cYfv27TzzzDNotVol6PB6vUpOyBcxGo2UlJRc7j8nCIIAVCJTCaw8s0yz+2zOiL8tsTQTjaKL7cfi2Y9F+5tEzkjuA4ndNOaZqT4BQRAu4rJyQPr7+/nFL37Bww8/TE5ODrNmzeLUqVO0tLQQi8W45557qKsT2xAFQbhB4n7w7AfHe+DYAoHmC9QZ0ULG/DPByH1gnp3aMQuCoLjsJNRoNIrL5SIcDhONRikoKCA9PZ3u7m7S09PJzs6+QUMWBEE4jxRKBCNDG8Cx+cLBiE4NGQsSwUju/SIYEYQUE3VABEGYWKQguPeeKXq2BQItnM1O5UwwokkEI3nfSAQj6TNSOGBBuDmJAEQQhIkrHji7TDO8BfynLhCMaCFzfmKJJnc5mEU5AUG4EUQAIgjCzUEKn12mGd4C/qYLBCOAed6ZOiP3Q8bc1I1XECY4EYAIgnDzkSJngpH3YPgD8DdeJBi57UzOyAOQIWZGBOFaEgGIIAg3t2Qw4tgEjvcvHIxo1YmGjLn3i2BEEK4REYAIgiAkSWHwfHqmzshm8F0oGFEllmZy7z+zTDPvnP9BEITLJQIQQRCEC5EjiWBkKBmMnLxAMAJk3HpmmeZBEYwIwpcgAhBBEIRLkaPgOQCOD84s09RDjAsHIznJmZHbQKVJ3ZgFYYwTAYggCMKXIcfB89mZCqybwH/iwsGI+ZbEzEjeNxLBiCAII4gARBAE4UrJ0TPByMZEBdaLBSMZc87UGXngzMyIaMgpCFcVgAQCARobG5kyZQpms/k6DE8QBGGckGPgPZAIRBybwHf0IjMjsxNN8nLvh8wFic6/gnATuuIAxOPx8PLLLzN58mTa29v5wQ9+QFZW1nUapiAIwngig/fgma29m8B3eGQwInEmGJmeyBlBBSotFH0fNOJzdJThLeD+HHLvgcxFqR7N2BO1Q/9roNJD6dOgL0j1iC7LFQcgn3zyCSdPnuSpp57iT3/6E1VVVdx9991f+DOyLBOPx69mvIIgCGOfSptohKcCYlHwfg5Dm2D4fdT+Y6jlM/+fxNmgREWiR40kPiNHUGshHkvsQNIAajXIUqpHNbaoVBCVE9fI+jViU989M7MmX+onryuNRoNKdfFdYTabDe2VHNjr9ZKeng5Aeno6fr//kj8TDocZHh7+wgEJgiBMKCotqGeBZS6y+a/QBY9iDm/HFDkEcR94Pk8EHzKJ4CNrAYk7rQBAoAHi7kRl2jigLwRjZapHNXZIQfAcSVwfDUiunTjsbcQ1+ajkWOqGJUnk5ORgMpm+8P+7ogAkPz+f06dPAzA8PEx5efklf8ZoNFJcXHwl/5wgCMIEYAWsyCw/870ER+6Awc8S3076HtStStXgxqahd6D+EYgCBj3MfA/MokfPCEcXw8AeUIG68CEKS+pITMGNfVe0BBOJRHj99dfR6XRIksTKlSsxGAzXaYiCIAgTVNQOvX8CjQmKfwrqtFSPaOxxvAeufZB/P2TemerRjD3RIej9I2iMYP0ZaMbHe+iqt+H29vaKWQ1BEARBEL4Um812dfM0IvgQBEEQBOFKjI+FIkEQBEEQJhQRgAiCIAiCcMNd0S6YiczpdGK321GpVBgMBkKhEABms5mSkpIUj25sCYVCynUSzorFYrS1tSHLMgaDgWg0iiRJqFQqKisr0elE9cukeDxOKBRStvULZ/X29uL1etFqtajVaiKRCJDYhZiTk5Pi0Y0tgUAAg8GARiO2MJ/L5/PR09MDJHaiJu9nRqPxsnavXm+aX/3qV/84UaqYHjx4kPXr11NfX4/VasVsNvPuu++yZ88e4vE4JSUluFwu1qxZg9lsJjc3l46ODjZs2MCnn36q3Biam5tpbW1l3bp1FBQU4HA4UKlUWK3WFJ/h1fH5fKxZs4Zjx47R3d3N5MmTaWtrY+3atTQ2NlJRUYHBYODw4cNs376dWbNmEY/H2bJlC7t372ZoaIjq6mrleOvWrWN4eJjKyomzL39oaIjXX3+d+vp6PB4PFRUV1NfXs2HDBtrb25Xz37VrF0ePHqWuro5gMMjGjRvZt28f4XAYq9XKkSNHcDgcvP7668RiMcLhMG63m7KysnEfgOzYsYOPPvqI+vp6ysvLUavVrFu3jr1795Keno7FYmH16tXU19fT2dnJlClTsNlsvPHGGzQ0NDBp0iSlPkB3dzerVq3i9ttvT/FZXTuyLPP++++zb98+Tpw4QU1NDYFAgL/85S989tlnFBUVoVaree211zh27BgOh4OqqioaGhp45513aGlpobKyEpvNhs1mY+/evezfvx+z2czw8DAZGRlkZ2en+jSvSm9vL6tWreLw4cNAIp9w3759bN26lZ6eHqZMmcLevXvZvHkz9fX1lJaWkp6ezsmTJ9m0aRO33HLLiJpSzz33HBUVFWRmZqbqlK655uZm/vKXv3DkyBEyMzPJzc1l27Zt7NixA5fLRWVlJZs3b2b37t0cP36ciooK9Ho9n332GXv27GHGjBk4nU4aGhqw2+28+uqr5OXl4XQ6iUQipLoHnNvtnlgBiN/vZ9GiRcTjcT7++GM0Gg3Nzc18//vf5/XXX2f69On09fXxxz/+kVtuuYWysjKeffZZ7r77bm6//XZefvllHnnkEWpra6mpqWHfvn389Kc/ZfLkyeM++IBEMTiLxcLdd9/Na6+9RklJCW+//TaPPvoo4XCYAwcOMGPGDNavX8+hQ4d44IEH2LNnD83NzTz++OOsX78es9lMUVERAEePHqWhoQFIFKcrKBgfJYC/SCAQoKSkhCVLlvDCCy9QU1PDm2++yc9+9jOam5vp7u6mtLSUtWvX0t3dzT333MOGDRuIRqN85zvf4dVXX2Xy5MnMmTOH2tpaTp48yaxZs1i2bBk1NTXjPviQZZlwOMzixYvp7u6

Ⅱ.取引利回り

1.利回り推移

次に、2016年下期~2021年下期の当社取り扱い物件について、オフィス・賃貸住宅の半期ごとの取引利回り(NOI、以下同じ)の推移をみていきます。

【オフィス】

<img src="data:image/png;base64,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

Ⅲ.まとめ

以上より、東京都内の収益物件の取引利回り推移については、オフィス、賃貸住宅ともにやや下落傾向という結果となりました。

新型コロナウイルスが収束したとは言えないものの、抑えられていたニーズが戻り始め、マーケットが回復しつつあると考えられます。一方でコロナ禍を経て不可逆的に変化したものもあり、このまま元通りになると考えるのは早計でしょう。今後不動産マーケットはどのように動いていくのか、引き続き注視していく必要があるでしょう。

以上

提供:法人営業本部 リサーチ・コンサルティング部

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