survey of large-scale o˜ce building market in tokyo’s 23 ... · figure 2: comparison of shifts...

Detailed Market Trend Survey

April 16, 2019

Survey of Large-scale O�ce Building Market in Tokyo’s 23 Cities

Since 1986, Mori Building Co., Ltd. (Minato-ku, Tokyo; President & CEO Shingo Tsuji) has regularly conducted market surveys of

supply and demand trends for 10,000m2-class or higher o�ce buildings that were constructed in Tokyo’s 23 Cities since 1986

(hereinafter referred to as “large-scale o�ce buildings”). Through a diverse analysis of the results of this survey, we are also

able to develop forecasts of future o�ce market trends. We are pleased to present you with the results of our survey in the

following report.

■ “Survey of the Large-scale O�ce Building Market in Tokyo’s 23 Cities” Framework

For more information & inquiries, please contact:

Mr. Shinji Takeda, Mr. Satoshi Hasegawa or Mr. Masayuki Fujimoto, Strategic Planning Unit, O�ce Business Department,Mori Building Co., Ltd. Roppongi Hills Mori Tower, 6-10-1 Roppongi, Minato-ku, Tokyo 106-6155｜ TEL 03-6406-6672

Research area: Tokyo’s 23 CitiesResearch Subject Buildings: O�ce buildings with gross �oor area exceeding 10,000m2 and a construction completion date of 1986 or later.

※“Supply volume” is calculated based on publicly available information, and on-site and “interview” research undertaken in January and February 2019.

※This is a tabulation of gross total o�ce �oor space of all large-scale o�ce buildings completed since 1986 (including properties owned and used by the same company) but excluding �oor space reserved for non-o�ce uses such as retail, residential, hotel, etc.

General Trends in Supply – The Shimbashi-Toranomon area, which has seen a major increase in supply volume as well as growth

in size of properties, is expected to become more competitive due to several large-scale develop-ment projects including a new metro station.

■ In Tokyo’s 23 cities, there is expected to be abundant supply of large-scale o�ce buildings in 2020 and 2023 while that supply will be low in 2021 and 2022. The average over the next 5 years is forecast to be about the same as the historic average. In addition, the average amount of �oor space provided per property is trending upward. In 2023, the supply and the percentage of total supply of large-scale o�ce buildings of 100,000m2 or more are expected to be greatest since this report was �rst released, which shows that properties are growing in size.

■ Broken down by area, the three central cities will account for at least 70% of yearly total supply from 2020 through 2023, surpassing the historical average. In particular, the Shimbashi-Toranomon area, which has seen a marked increase in supply, is expected to become signi�cantly more competitive due to several large-scale development projects.

General Trends in Demand – Demand for o�ce space expected to remain �rm■ The percentage of companies that intend to lease more o�ce space is trending upward every year. 45% of companies

"expect to increase the number of workers." Among the reasons why companies intend to lease new o�ce space, positive reasons for moving have been trending upward. For example, "to expand business or to accommodate an increase in employees" is the top reason for the sixth consecutive year. There is strong desire among companies to expand and demand for o�ce space is forecast to remain �rm.

Vacancy rate – Vacancy rate at the end of 2018 falls to 1.9%, the �rst time in 18 years, since 2000, that it declines to

the 1% level■ The vacancy rate at the end of 2018 fell to 1.9%, the �rst time in 18 years, since 2000, that it declined to the 1% level. At

the end of 2019, it is expected to remain at the low level of 2.0% due to strong demand for o�ce space. At the end of 2020, it is forecast to rise slightly on account of the large supply.


‒ 1 ‒

1-1 General Trends in Supply Volume

Fig. 2 compares the 5-year forecast for supply data from last year’s survey (released April 27, 2018) with survey results from this year. There have been no major changes in overall trends indicated in the supply graph for 2018–2022, which proves the supply is developing as predicted. The forecast supply for each year between 2020 and 2022 rose slightly, primarily because of small-scale projects of 10,000–20,000 m2 coming to light.

Figure 2: Comparison of Shifts in Large-scale Office Building Supply Volume with Previous Years

○ In 2018, the supply of large-scale office buildings in Tokyo’s 23 cities was at a high level, surpassing the historical average.○ Supply will be low in both 2021 and 2022.○ Supply volume for the next 5 years is expected to be on par with the average of past years.

The supply of large-scale office buildings in Tokyo’s 23 cities rose to 1,410,000 m2 in 2018,surpassing the historical average of 1,030,000 m2/year. Although there is expected to be abundant supply in 2020 (1,720,000 m2) and 2023 (1,320,000 m2), supply is forecast to be low for two consecutive years, 2021 (570,000 m2) and 2022 (500,000 m2). Supply volume for the next 5 years will be on par with the average for past years, with an average of 102,000 m2/year. (Fig. 1).

12

2432

4136

15 14 16 1928

4237

1928 26

2125

31 29 32

1626 26

21

11129

21 1919 22

44 46 47

29 3021

40

216

Supply – No. of Properties

56 55

83

100 99

36

72

91

125 121

77

154

119

65

86 85

117

175

58

8797

109

69

141

99108 104

114 118

183

92

119

74

Historic Average1,030,000/year

Average from20191,020,000/year

Supply (planned)(10,000㎡)

172

132

5057

’93’92’91’90’89’88’87’86 ’94 ’95 ’96 ’97 ’98 ’99 ’00 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 ’20 ’23’22’21

1986～2018① Properties 907② Gross Floor Space 34,050,000m2

2019～2023① Properties 79② Gross Floor Space 5,090,000m2

Supply (actual) (10,000m2)

Figure 1: Large Office Building Supply Trend in Tokyo’s 23 Cities

Supply Volume (10,000m2)

146

99

57 50

132

99

168

52 43

1,020,000㎡/year ▼1,010,000㎡/year ▼

Supply – No. of Properties

’18 ’19 ’20 ’21 ’22 ’23

2727

21

106

2018.4 Market Trend Survey 2019.4 Market Trend Survey

172

2621

12 11 9141

’18 ’19 ’20 ’21 ’22 ’23

26

Notannounced


‒ 2 ‒

1-2 Supply Volume Trends by Office Building Scale

○ Average floor space per property is trending upward, which indicates office buildings are growing in size.○ In 2023, supply provided by properties of 100,000 m2 or more is expected to account for the largest percentage of total supply since this report was first released.

Fig. 3 shows the trend of annual average supply per property. Around 1990, the average supply was 20,000 to 300,000 m2 per property. However, in recent years, it has become more common for the average supply to exceed 50,000 m2 per property. Even in 2018, the figure was 540,000 m2 per property. The increasing trend for average supply volume per property is clear from the approximation curve. The conclusion is that the scale of office buildings being supplied is increasing.

Fig. 4 shows the supply trends shown in Fig. 1 dividing properties into those with gross office floor space of 10,000 m2 or more and those with less than 10,000 m2. For properties with gross office floor space of 10,000 m2 or more, supply for 2023 (1,200,000 m2) is expected to be the highest figure since the study began. In 2023, properties with a gross office floor space of 100,000 m2 or more are expected to account for the largest percentage of supply (91%) since this report was first released. In addition, properties with gross office floor space of 100,000 m2 accounted for much of the supply both in absolute terms and as a percent of total supply in 2018 (980,000 m2, 69%). This is forecast to be true in 2020, too (1,180,000 m2, 68%).The proportion of supply of large-scale office buildings with 100,000 m2 or more is large and it can be said that the amount of floor space of large-scale office buildings is increasing.

Figure 3: Trend in Average Supply per Property

Figure 4: Trend in Supply of Properties with 100,000 m2 or More of Gross Office Floor Space

Average supply per property (10,000 m2 per property)

'86 '87 '88 '89 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18

Approximation curve

4.7

2.3 2.5 2.42.7 2.8

2.5 2.5

3.2 3.22.6

3.3 3.1

3.4

2.7

3.6

3.7 3.6 4.0 4.0

4.64.54.2

4.5 4.6

5.55.1

5.5

3.7

4.6

5.05.4

Percentage of 100,000 m2 or more (%)

Less than 100,000 m2100,000 m2 or more Less than 100,000 m2100,000 m2 or more

'86 '87 '88 '89 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '23'22

3014 26 11 10

73

1127

51

2038

53

79

1428

4567

18 18 28

70

41 41 47

2341

13

27

55

83

8682

93 103 118

111

81

91

74

48

36

52

54

72

137

108

49

109 52

4768

85

89

105

58

4668 50

47

43

57

54

43

12

56 55

83

108100 104

114 118

183

92

119

74

99

36

72

91

125

216

121

77

154

119

65

86 85

117

175

58

87

10997

69

141

99

172

57

132

22

27

50

53

1424

11 9

40

12

23

51

2841 42

11

3637

29

56

2820

0 0

24

4047

37

49

3342

23

45

0 0 0 0 0

69 68

91

12011898

1986～2018

2019～2023 Unit(10,000m2)


‒ 3 ‒

1-3 Supply Volume Trends by Area

The supply volume of large-scale office space in the three central cities (Chiyoda, Chuo and Minato Cities) over the next 5 years is expected to average 730,000 m2/year, exceeding the 670,000 m2/year average of the past decade (Figure 5). In particular, supply is expected to exceed 1,000,000 m2 in 2020 (1,230,000 m2) and 2023 (1,080,000 m2), greatly exceeding the historical average. The three central cities will account for at least 70% of total supply in each year from 2020 through 2023, surpassing the 10-year average of 65%.

○ The supply in the three central cities will exceed 1,000,000 m2 in both 2020 and 2023, greatly surpassing the historical average.

○ Between 2020 and 2023, at least 70% of supply will be in the three central cities.○ The Shimbashi-Toranomon area, which has seen a marked increase in supply, is expected to become more competitive.

Figure 6: Large-scale Office Building Supply Volume Share by Area

Figure 5: Shifts in Large-scale Office Building Supply Volume by Area

175

2009 – 2018Average Supplyin the Central 3 Cities:670,000m2/year

117

2019 – 2023Average Supplyin the Central 3 Cities:730,000m2/year

'09 '10 '11 '12 '13 '14 '15 '16 '17 '19 '20 '21 '22 '23

78

21

86

49

85

81

65

36 37

54

974

58

70

17

87

78

31

109

70

27

97

52

17

69

'18

30

141

56

43

99

48

172

41

16

57

35

15

50

24

132

'09～'18

'19

'20

'21

'22

'23 18%(240,000m2/year)

30%(150,000m2/year)

27%(160,000m2/year)

28%(480,000m2/year)

57%(560,000m2/year) 43%(430,000m2/year)

35%(350,000m2/year)

Other 20 CitiesCentral 3 Cities2009～2018

Other 20 Cities Unit (10,000m2)Central 3 Cities2019～2023

110123

108

(670,000m2/year)65%

(1,230,000m2/year)72%

(410,000m2/year)73%

(350,000m2/year)70%

(1,080,000m2/year)82%

Other 20 CitiesCentral 3 Cities2009～2018

Other 20 Cities Unit (10,000m2)Central 3 Cities2019～2023


‒ 4 ‒

Figure 7 shows the five main business areas that Mori Building is focusing on. Figure 8 gives the amount of supply and the percentages of total supply for each area for the 5-year period 2019–2023. The 5-year average supply in Tokyo’s 23 cities is 5,090,000 m2. These 5 main areas account for 3,670,000 m2, which is 72% of that supply.Driven by various projects, including massive development projects underway in areas around Toranomon Hills, the Shimbashi-Toranomon area is the source of the greatest supply (1,380,000 m2, 27%).Figure 9 gives a comparison of the supply for the period 2014–2018 and the period 2019–2023 for each area. Looking at change in supply between the two periods, there will be a decline in supply in the Marunouchi Otemachi area (1,330,000 m2→ 700,000 m2), which boasts the largest supply over the past 5 years, and the Nihombashi-Yaesu-Kyobashi area (680,000 m2→ 460,000 m2). On the other hand, supply will grow in the Shimbashi-Toranomon area (230,000 m2→ 1,380,000 m2) and the Shibuya area (140,000 m2→390,000 m2). There has been a particularly marked increase in supply in the Shimbashi-Toranomon area. It is projected that the competitiveness of the whole area will increase dramatically because of the renovation of urban functions and concentration of companies on account of various major development projects, including the construction of a new metro station.

2018 – 2022

Total Supply Volume：

5,080,000m2

Figure 9: Supply Volume by Major Business Areas for the Years 2019 – 2023

Figure 8:Supply Share by Major Business Areas 　　　 for the Years 2019 – 2023

Figure 7:Main Business Areas of Focus

Shimbashi-Toranomon

Shinagawa-Tamachi-Hamamatsucho

Marunouchi-Otemachi

Nihonbashi-Yaesu-Kyobashi

Shibuya


460,000m2

9%

0 20 40 60 80 100 120 140 160

138

14

74

70

46

39

Shinagawa-Tamachi-

Hamamatsucho740,000m2

14%

Shimbashi-Toranomon1,380,000m2

27%

Shibuya390,000m2

8%

Outsidethe top 5 areas

1,420,000m2

28%

2019 – 2023

Total Supply Volume：

5,090,000m2

Marunouchi-Otemachi700,000m2

14%

Figure 7:Main Business Areas of FocusFigure 7:Main Business Areas of Focus

Figure 9: Supply Volume by Major Business Areas for the Years 2019 – 2023

23

54

133

68

Top 5 areasTotal Supply Volume： 3,670,000m2

Supply Share： 72%

※For each area referenced, the upper bar displays the data for 2014-2018, and the lower bar displays the data for 2019-2023.

Shimbashi-Toranomon

Shinagawa-Tamachi-Hamamatsucho


Shibuya

Marunouchi-Otemachi

Unit (10,000m2)


‒ 5 ‒

2-1 Tenant Office Needs

In the following section, we would like to present our views on future demand trends, drawing on the results of the “Survey of Office Needs in Tokyo’s 23 Cities” (taken in October 2018), a survey conducted by Mori Building Co., Ltd. since 2003 that targets the top 10,000 companies (based on capital) who have their head office in one of Tokyo’s 23 Cities. When companies were asked about plans to lease new offices, 27% answered yes. This percentage is increasing year by year (Figure 10). In addition, companies that expect to lease new office were asked if they plan to increase or decrease office space. The percentage that answered that they plan to increase office space is also increasing year by year (Figure 11). There is strong desire among companies to expand, which proves demand for office space is forecast to remain firm.

○ Among the companies who intend to lease new office space, "to increase office space" is soaring year by year as their main reason.

○ For the sixth consecutive year, the number one reason was ‘To Expand Business/To Accommodate an Increase in Employees’.

○ 45% of firms indicated plans to increase employee numbers.

Among the reasons for planning to lease new office space, ‘To Expand Business/ To Accommodate an Increase in Employees’ was 1st for the sixth consecutive year. (Fig. 12). The top five reasons were the same as for the last year, which shows that the trend toward actively changing offices is continuing. In addition, "lower rent/lower priced building" fell to the 7th position, making it the second consecutive year it has fallen and the lowest rank for this reason since the survey was first conducted.

No. 1: To Expand Business / To Accommodate an Increase in Employees

No. 2: Better Location

No. 5: Anti-seismic Design

No. 6:

Lower Rent / Lower-Priced Building

Superior Security

No. 4: Higher Grade Facilities

No. 7:

No. 8: Disaster Prevention Systems / Backup Systems

No. 3: More Floorspace per Floor

Figure 10: Future Plans to Lease New Office Space

2014n=2,054

Yes,we have plans No plans

0% 50% 100%

2018n=1,686

2017n=2,035

2016n=2,068

2015n=2,209

20%（413）

22%（482）

22%（446）

24%（484）

78%（1,727）

78%（1,622）

73%（1,237）

80%（1,641）

76%（1,551）

27%（449）

Figure 11: Plans for Expansion vs. Reduction of Space （over time）

Expansion No change Reduction

2014n=2,054

0% 20%10% 30%

2018n=1,686

2017n=2,035

2016n=2,068

2015n=2,209

12％（240）

13％（285）

14％（287）

14％（285）

6％（130） 3％（65）

6％（114） 2％（45）

7％（113） 3％（45）

6％（113） 3％（54）

7％（139） 3％（59）

17％（289）

Figure 12: Trends in the Reason for Plans to Lease New Office Space

No. 1

No. 2

No. 3

No. 4

No. 5

No. 6

No. 7

No. 8

2009 2010 2011 2012 2013200820072006200520042003 2014 2015 2017 20182016


‒ 6 ‒

Vacant Floor Space

Vacant Floor SpaceOccupied Floor Space

Occupied Floor Space

AbsorptionCapacity (−) New Supply Volume This Year

Stock at the end of last year

Stock at the end of this year

2-2 Absorption Capacity and Vacancy Rates

The next section examines new demand trends using the concept of “absorption capacity”. As shown in Fig. 14, the concept of “absorption capacity” is newly occupied floor space for the current year [(vacant floor space at the end of the previous year) + (newly supplied floor space) – (vacant floor space at the end of the current year)] in all large-scale office buildings as defined in this survey (over 10,000m2 and completed since 1986).

Figure 14: Concept of New Demand (Absorption Capacity)

Vacant Floor Space

Vacant Floor SpaceOccupied Floor Space

Occupied Floor Space

AbsorptionCapacity (＋) New Supply Volume This Year

Stock at the end of last year

Stock at the end of this year

(1) When absorption capacity is positive

(2) When absorption capacity is negative

When asked about the number of employees in the current office compared with last year, 44% of companies answered that it had ‘increased’ (Fig. 13). Subsequently, when asked about the prospects for the future, 45% of companies said they ‘expect an increase’ (Fig. 14). It is clear that the ‘expected increase’ is much greater than the ‘expected decrease’, indicating that the number of employees is on an upward trend.

※Total Floor Space (gross) is calculated by dividing the effective leasable space ratio for a typical large-scale office building (65.5%) to the leasable floor space (net).

Figure 13: Changes to Employee Numbers Over Previous Year

Figure 14: Outlook for Employee Numbers

n=1,689 n=1,691

45%

Slightly decreased11％(180)

Decreased greatly1％(24)

Increaseslightly

41％(700)

44%

No change44％(738)

Slightly increased38％(645)

Increased greatly6％(102)

No change51％(859)

Decrease greatly0％(4)

Decrease slightly3％(58)

Increase greatly4％(70)

( )Number of Responses ( )Number of Responses


‒ 7 ‒

○ The vacancy rate in Tokyo's 23 cities at the end of 2018 fell to 1.9%, the first time in 18 years, since 2000, that it declined to the 1% level.

○ The vacancy rate at the end of 2019 is forecast to remain low with 2.0% because of firm demand for office space.○ The vacancy rate at the end of 2020 is expected to increase slightly to 2.3% due to the increase in supply.

In Tokyo’s 23 cities in 2018, the vacancy rate fell from 2.6% to 1.9% (Figure 16), the first time it has declined to the 1% level in 18 years, since 2000, because the amount of new floor space absorbed (1,610,000 m2) exceeded the supply (1,410,000 m2). A breakdown by area reveals that the decline in the vacancy rate in the three central cities drove the overall fall (Figure 17). The vacancy rate in the three central cities declined by 1.2 percent (3.1%→1.9%) while that in the other 20 cities remained unchanged (1.8%→1.8%).

Current demand for office space remains firm. Many companies are giving positive reasons for moving, including "to expand business or to accommodate an increase in employees," " to move to a better location," and "wanting more floor space per floor." The percentage of companies that plan "to increase floor space" and "increase in the number of workers" is trending upward year by year. Although there are concerns about the risk of secondary vacancies*as a result of the increase in supply, it will have a limited impact due to strong demand. * Vacancies in existing buildings as a result of tenants moving to new buildings

It is also becoming more important to create easy-to-work-in environments because of the recent labor shortage and work-style reforms. Companies moving to the city center to improve office location and an increase in shared offices and co-working offices are leading to a decrease in vacancies, particularly in the three central cities.

In 2019, demand is expected to still be firm as in 2018 and the vacancy rate at the end of 2019 is expected to remain low at 2.0%.

Demand in 2020 is forecast to continue to be strong thanks to not only the Tokyo Olympics and Paralympics but also Japan’s continuing gentle economic recovery. On the other hand, the vacancy rate in 2020 is forecast to increase slightly to 2.3%because of the abundant supply, which will surpass the historical average.

Figure 16: Supply Volume, New Demand (Absorption Capacity) and Vacancy Rate Trends (Tokyo’s 23 Cities)

Figure 17: Supply Volume, New Demand (Absorption Capacity), and Vacancy Rate Trends by Area

Vacancy rate(%)

'00'99 '18'06 '07 '08'04'03'02'01 '05 '09 '10 '11 '12 '13 '16'14 '15 '17

2.41.2

3.6

8.16.7

5.33.2 2.8 2.5

3.85.9 6.3 6.9 6.2

4.3 3.9 3.2 2.6 1.9

7.8Projected Values

'19 '20

Central 3 CitiesNew Demand

Other 20 CitiesNew Demand (10,000m2)

Central 3 CitiesVacancy Rate (%)

Other 20 CitiesVacancy Rate (%)

Central 3 CitiesSupply Volume

Other 20 CitiesSupply Volume (10,000m2)

'09 '10 '11 '12 '13 '14 '15 '16 '17 '18

5.0

8.0

5.7

8.4

6.5

9.3

6.65.2

2.8

3.13.41.9

3.5 3.6

4.5

1.8

5.9

6.1

65

21

35

-4

36

49

5037

81

21

70 97

78

78

61

4

54

38

6178

31

7570

17

106

33

39

19

70

27

71

48

30

30

17

52 55

11013130

2.0 2.3

36

7291

125

216

121

77

154

119

6586 85

117

175

58

87109

97

69

141

172

99

44

88

54 48

224

142

115

157

122

34 31

6991

139

99

139

114 119

85

161

96

157

5.6

Supply Volume (10,000㎡)

Absorption Capacity (10,000㎡)

1.8

‒ 8 ‒


Major Large-Scale Office Buildings to be Completed in the Future (includes some completed projects)

Name of Project (Name of Building)Floor Area

(m2) (Tsubo)Lead Project Developer(s) Location

2019

Shinagawa HEART 39,500 11,949 HATO BUS Co., Ltd., Urban Renaissance Agency Konan, Minato-ku

Abema Towers 37,900 11,465 Sumitomo Realty & Development Co., Ltd. Utagawacho, Shibuya-ku

Nihonbashi Muromachi Mitsui Tower 168,000 50,820 Redevelopment Association (Mitsui Fudosan Co., Ltd.) Nihonbashi-Muromachi, Chuo-ku

DaiyaGate Ikebukuro 49,700 15,034 Seibu Railway Co., Ltd. Minami-Ikebukuro, Toshima-ku

Shibuya Solasta 47,000 14,218 Dogenzaka 121 (Tokyu Land Corporation) Dogenzaka, Shibuya-ku

Nittetsu Nihonbashi Building 27,400 8,289 Nippon Steel Kowa Real Estate Co., Ltd. Chuo-ku, Nihonbashi

Park 24 Head Office Building 17,000 5,143 Park 24 Nishi Gotanda, Shinagawa-ku

S5 Project 19,500 5,899 Yodobashi Holdings Shinjuku, Shinjuku-ku

New Japan Sports Association & JOC Hall 19,100 5,778 Japan Sports Association / JOC Kasumigaokamachi, Shinjuku-ku

The Okura Prestige Tower 180,700 54,662 Hotel Okura Co., Ltd. Toranomon, Minato-ku

Yamato Group Shin-Konan Building Project 19,600 5,929 Yamato Transport Konan, Minato-ku

Museum Tower Kyobashi 41,800 12,645 Nagasaka Sangyo Kyobashi, Chuo-ku

Urbannet Uchisaiwaicho Building 36,100 10,920 NTT Urban Development Corporation Shimbashi, Minato-ku

Jimbocho Kita Tokyu Building 11,400 3,449 Tokyu Land Corporation Misaki-cho, Chiyoda-ku

Shinjuku South Exit Project 43,800 13,250 Mitsubishi Estate Co., Ltd., Nippon Flour Mills Co., Ltd. Sendagaya, Shibuya-ku

Sumitomo Fudosan Akihabara First Bldg. 26,200 7,926 Sumitomo Realty & Development Co., Ltd. Sotokanda, Chiyoda-ku

Sumitomo Fudosan Akihabara Ekimae Bldg. 30,800 9,317 Redevelopment Association（Sumitomo Realty & Development Co., Ltd.） Kanda Neribeicho, Chiyoda-ku

Sumitomo Fudosan Central Park Tower 60,500 18,301 Sumitomo Realty & Development Co., Ltd. Nishi Shinjuku, Shinjiku-ku

Sumitomo Fudosan Ikebukuro Higashi Building 16,100 4,870 Sumitomo Realty & Development Co., Ltd. Higashi Ikebukuro, Toshima-ku

Udagawacho Area 14-15 Redevelopment Project 63,900 19,330 Parco Co., Ltd., Hulic Co., Ltd. Udagawacho, Shibuya-ku

WING New Building Expansion 14,800 4,477 LIXIL Oshima, Koto-ku

Shibuya Fukuras 59,000 17,848 Redevelopment Association (Tokyu Land Corporation) Dogenzaka, Shibuya-ku

Konami Creative Center Ginza 22,500 6,806 Konami Real Estate, Inc. Ginza, Chuo-ku

BOATRACE Roppongi 13,400 4,054 Boat Race Promotion Association Roppongi, Minato-ku

Shibuya Scramble Square East Building 181,000 54,753 Tokyu Corp., East Japan Railway Company, Tokyo Metro Co., Ltd. Shibuya, Shibuya-ku

Toranomon Hills Business Tower 173,200 52,393 Redevelopment Association (Mori Building, Nishimatsu Construction） Toranomon, Minato-ku

2020

CO･MO･RE YOTSUYA 139,600 42,229 Urban Renaissance Agency, Mitsubishi Estate and others Yotsuya, Shinjuku-ku

Nippon Koei Building 17,600 5,324 Nippon Koei Co., Ltd. Koji-machi, Chiyoda-ku

OH-1 Project 358,500 108,446 Mitsui & Co., Ltd., Mitsui Fudosan Co., Ltd Otemachi, Chiyoda-ku

msb Tamachi Tamachi Station Tower N 152,800 46,222 Tokyo Gas Co., Ltd. Shibaura, Minato-ku

Kanda Nishikicho 2-chome Project 85,400 25,834 Sumitomo Corporation Kanda Nishikicho, Chiyoda-ku

Tokyo World Gate Kamiyacho Trust Tower 195,200 59,048 Mori Trust Toranomon, Minato-ku

D Tower Nishi Shinjuku 39,500 11,949 Daiwa House Industry Nishi Shinjuku, Shinjiku-ku

Kita Aoyama 2-chome Project 22,900 6,927 MEC Urban Development No. 6 (Mitsubishi Estate Co., Ltd.) Kita Aoyama, Minato-ku

Toyosu Bayside Cross Tower A, Tower C 185,800 56,205 Mitsui Fudosan Co., Ltd. Toyosu, Koto-ku

Waters Takeshiba 102,600 31,037 East Japan Railway Company Kaigan, Minato-ku

Takeshiba District Development Project, Architectural Plan

180,700 54,662 Albero Grande (Tokyu Land Corporation, Kajima Corporation) Kaigan, Minato-ku

Hareza Tower 68,600 20,752 Tokyo Tatemono Co., Ltd., The Sankei Building Co., Ltd Higashi Ikebukuro, Toshima-ku

Haneda Airport Former Site Zone 1 Development (Stage 1)

57,400 17,364 Haneda Mirai Specified Purpose Company Haneda Airport, Ota-ku

Kao Sumida Workplace Central Building Expansion 12,600 3,812 Kao Corporation Bunka, Sumida-ku

Toranomon Station Area Redevelopment 47,300 14,308 Redevelopment Association (Nomura Real Estate Development, Tokyo Metro) Toranomon, Minato-ku

Sumitomo Fudosan Kojimachi Garden Tower 48,000 14,520 Sumitomo Realty & Development Co., Ltd. Koji-machi, Chiyoda-ku

Marunouchi 1-3 Project 181,000 54,753 Mitsubishi Estate, Mizuho FG, Japanese Bankers Association Marunouchi, Chiyoda-ku

Marubeni New Head Office Building 80,600 24,382 Marubeni Corporation Otemachi, Chiyoda-ku

Toyosu Bayside Cross Tower B 72,600 21,962 Mitsui Fudosan Co., Ltd. Toyosu, Koto-ku

‒ 9 ‒

Name of Project (Name of Building)Floor Area

(m2) (Tsubo)Lead Project Developer(s) Location


* The supply volume figure provided by Mori Building is calculated from the actual office floor area, and does not agree with the total floor area figures shown in this chart (which includes retail and residence floor areas)

* Projects that are have only been published for the supply financial year are recorded, in principal, as supply for the end of the financial year.* In the column “Lead Project Developer(s)", the companies and organization in brackets ( ) are major enterprises that are participating as an association member, investor in the special purpose

company (S.P.C.), specified constructor, partner or joint venture party.

2021

World Trade Center Building, South Building 95,200 28,798 World Trade Center Building, Kajima Corporation, Tokyo Monorail Co., Ltd., East Japan Railway Company

Hamamatsu-cho, Minato-ku

Ochanomizu Project 12,700 3,842 Sumitomo Realty & Development Co., Ltd. Yushima, Bunkyo-ku

Nihonbashi Kabutocho, 7-district Development Plan 39,400 11,919 Heiwa Real Estate Co., Ltd., Yamadane Fudosan, Chibagin Securities Co., Ltd. Nihonbashi Kabuto-cho, Chuo-ku

Shibaura 3-chome Project 13,000 3,933 Sumitomo Realty & Development Co., Ltd. Shibaura, Minato-ku

Shimbashi Tamuracho Area Redevelopment 105,600 31,944 Redevelopment Association (Mitsui & Co., Ltd. Urban Development) Nishi Shimbashi, Minato-ku

Toyosu District 4-2 block Development Plan 88,000 26,620 Shimizu Corporation Toyosu, Koto-ku

Tokyo Station Area Tokiwabashi Project, Building A 146,000 44,165 Mitsubishi Estate Co., Ltd. Otemachi, Chiyoda-ku

Kanda Izumicho Project 10,300 3,116 Sumitomo Realty & Development Co., Ltd. Kanda Izumi-cho, Chiyoda-ku

Fukuda Denshi Hongo Office New Construction 13,700 4,144 Fukuda Denshi Co., Ltd. Hongo, Bunkyo-ku

Nippon Express New Head Office Building 42,600 12,887 Nippon Express Kanda Izumi-cho, Chiyoda-ku

2022

Yanmar Tokyo Building New Construction 22,300 6,746 Seirei Kosan Co., Ltd. Yaesu, Chuo-ku

Toranomon 2-chome Project District B 26,200 7,926 Toyo Kaiji Kogyo Toranomon, Minato-ku

Tokyo Station Area Tokiwabashi Project, Building D 30,000 9,075 Mitsubishi Estate Co., Ltd. Otemachi, Chiyoda-ku

Kyodo Printing Head Office Refurbishment 33,000 9,983 Kyodo Printing Koishikawa, Bunkyo-ku

Shibuya-ku Dogenzaka 2-chome Development Project 41,000 12,403 Pan Pacific International Holdings Corporation Dogenzaka, Shibuya-ku

Kudanminami 1-chome Project 68,500 20,721 Nove Grande (Tokyu Land Corporation, Kajima Corporation) Kudan Minami, Chiyoda-ku

Yaesu 2-chome North Redevelopment, Districts A-1 and A-2

289,800 87,665 Redevelopment Association (Mitsui Fudosan Co., Ltd.) Yaesu, Chuo-ku

Nishishinjuku Gochome North Area Disaster ProtectionDistrict Development Project

134,900 40,807 Disaster Protection District Development Project Association Nishi Shinjuku, Shinjiku-ku

Nakano Nichome Area Redevelopment 96,200 29,101 Redevelopment Association（Sumitomo Realty & Development Co., Ltd.） Nakano, Nakano-ku

2023

Toranomon and Azabudai DistrictUrban Redevelopment Project

864,100 261,390 Redevelopment Association（Mori Building） Azabudai, Minato-ku

Toranomon 1&2-chome DistrictUrban Redevelopment Project

253,100 76,563 Redevelopment Association（Mori Building） Toranomon, Minato-ku

Mita 3&4-chome District Redevelopment Project 225,000 68,063 Redevelopment Association（Sumitomo Realty & Development Co., Ltd.） Mita, Minato-ku

Toranomon 2-chome DistrictRedevelopment Project Business Building

181,000 54,753 Urban Renaissance Agency Toranomon, Minato-ku

(Sumitomo Realty & Development Co., Ltd.)

survey of large-scale o˜ce building market in tokyo’s 23 ... · figure 2: comparison of shifts...

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