Signs that people are moving away from Tokyo, as telecommuting becomes the norm for many businesses amid the COVID-19 pandemic, have put property investors on edge and pushed Japan's real estate investment trust (REIT) index to five-month lows.

Although Japan's total population has been dropping since 2009, the capital has defied the trend, attracting young workers from all over the country.

But data from the Tokyo Metropolitan Government shows the city's population dropped by around 10,700 in October to 13.971 million, its fourth decline in five months.