Survey of Large Office Building Supply
in the 23 wards of Tokyo '06
-As of : December, 2005-
䇭䇭Since 1986, Mori Trust Co., Ltd. (head office: Minato-ku, Tokyo) has conducted a series of field surveys and questionnaires in the
23 wards of Tokyo on large office buildings with a total floor area of 10,000ট or more, covering topics such as the progress of
building project plans. The following are the findings of the latest survey.
Note: In this survey, the supply of office buildings is measured in terms of the total floor area used exclusively for offices.
As such, the floor areas used for retail stores, residences, hotels and other non-office purposes are excluded.
From provision of massive quantity to a steady supply
䌾Renewal of urban business center functions accelerates as rebuilding replaces redevelopment of underutilized
or unused large-scale sites as the primary mover䌾
Key points in the results of this survey
㪈㪅㩷Trends in supply volumes:
Supply is in a decreasing trend over the mid-term, as average annual new supply falls from 1.24
million square meters (in 2000 - 2004) to 950,000 square meters (in 2005 - 2009).
Although the volume of supply in 2006 has reached 1.64 million square meters — the third highest
figure on record — supply in 2007 appears set to return to 1.06 million square meters, a level in line with
past averages, with figures for 2008 and 2009 likely to fall below 1 million square meters. As it returns to
a level of average annual supply in the range of 1 million square meters, the market is shifting from a
period of massive quantity provision — centered on redevelopment of underutilized or unused
large-scale sites in 2000-2004 — to a period of steady supply.
㪉㪅㩷Trends in areas in which supply is located:
The trend toward tenants returning to central Tokyo is likely to continue for the time being, with
concentration in the Otemachi, Marunouchi, and Yurakucho areas in Chiyoda Ward becoming even
more pronounced.
More than 70% of supply in the period 2005 - 2009 will be centered in three of the central wards of
Tokyo (i.e., Chiyoda, Minato, and Chuo wards), with the trend toward tenants returning to central
Tokyo appearing likely to continue for the time being. Of these three wards, Chiyoda and Minato wards
in particular stand out, with each accounting for more than 30% of supply. In Chiyoda Ward,
concentration in the Otemachi, Marunouchi, and Yurakucho areas is becoming even more pronounced,
while in Minato Ward supply stands out in business districts that have seen higher concentrations of
office space recently, such as Akasaka, Shiodome, and Roppongi.
㪊㪅㩷Movement toward supply via rebuilding:
Rebuilding replaces redevelopment of underutilized or unused large-scale sites as the primary mover.
Although during the period 2000 - 2004 supply of large-scale office space through rebuilding accounted
for no more than 20% of the total, in the period 2005 - 2009 this percentage will increase to 51% —
exceeding the supply from redevelopment of underutilized or unused sites, which had been the primary
mover in the market. Furthermore, the percentage of supply from rebuilding in Chiyoda and Minato
wards, the core areas of new supply for the future, will reach 60 - 70%. These data lend support to the
market trend of office tenants returning to central Tokyo mainly through rebuilding.
For further information, please contact:
Research & Planning Section‫ޓޓޓޓ‬Miyuki Ban‫ޓޓޓޓޓޓޓޓ‬
Sales Department
Mori Trust Co., Ltd.‫ޓ‬http://www.mori-trust.co.jp
Toranomon 2-chome Tower, 3-17 Toranomon 2-Chome, Minato-ku, Tokyo 105-0001 JAPAN
Tel: +81-3-5511-2357 / Fax: +81-3-5511-2409
E-Mail: [email protected]
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Apr. 4, 2006
Future market prospects
The shift toward a supply structure focused on rebuilding that has begun to be actualized
recently is a sign that in the process of its maturing as an international business center
Tokyo is on the verge of entering a period of renewal of office stock that is no longer suited
to the times. In fact, changes in the market environment such as increased risk of a
large-scale earthquake and the appearance of asbestos-related issues have thrown into
relief the presence of inadequate stock that cannot be overlooked, leading to growing
demand for renewal of building functions through means such as rebuilding.
In Tokyo, the need for renewal is swiftly growing for a wide range of structures —
including not just office buildings but also structures such as roads built for the 1964
Tokyo Olympics, public housing, and lifeline facilities — that in about ten years will mark
the 50th year since their construction. A wide range of the social stock that makes up the
urban space was built giving top priority to meeting the quantitative needs of the growth
in population and infrastructure that accompanied Japan’s period of high economic
growth in the postwar years. It is hoped that this renewal will provide the opportunity for
future progress in quantitative and qualitative improvements in the urban stock, as well as
restructuring of the distribution of this stock, using as a yardstick for value the creation of
ample urban amenities, so essential to a mature international urban center.
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Apr. 4, 2006
Figure 1 - 1: Trends in supply volume of large-scale office buildings in the 23 wards of Tokyo
Key
Key
Completed supply
Incomplete supply under construction
Incomplete supply not yet under construction
Supply quantity
46
41
47
(Buildings)
50
49
43
40 37
29
27
23
22
17
14
12
30
24
20
20
16
12
8
250
2000 - 2004 average supply:
1,240,000 Ὦ / year
Supply volume
200
1986 - 2005 average supply:
1,020,000 Ὦ / year
Supply quantity
29
24
（10,000
Ὦ）
40
36
33
33
10
0
221
183
2005 - 2009 average supply:
950,000 Ὦ / year
164
1995 - 1999 average supply:
840,000 Ὦ / year
150
100
100
108 104
119
114 118
106
92
89
83
82
72
74
56
118
118
99
64
55
59
50
36
30
7
Supply volume (own buildings)
0
'86 '87 '88 '89 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09
61
60
40
20
7
38
32
15
17
8
12
27
11
38
32
25
23
13
22
11
19
21
17
9
0
9
13
3
0
Figure 1 - 2: Trends in average total office floor area per building (five-year intervals)
51,000 ≂ / building
27,000 Ὦ / building
29,000 Ὦ / building
（1986-1989）
（ 1990-1994）
36,000 Ὦ / building
（1995-1999）
43,000 Ὦ㩷/ building
（2000-2004）
（2005-2009）
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Apr. 4, 2006
Figure 1 - 3: Large-scale office supply volume in the 23 wards of Tokyo and individual key business districts
(2005 - 2009)
〔23 wards〕
Three central
wards
74％
Koto ward
〔Business districts〕
Higashi-ikebukuro
Other 16 wards
5%
Shinagawa ward
Shibuya ward
2%
Shinjuku ward
Koraku
7%
7%
5%
Chiyoda ward
35%
Nishi-shinjuku
Minato ward
33%
Hirakawacho
Akasaka
Jingumae
Aoyama
Chuo ward
Minato ward
Shinsen
1,590,000 Ὦ
Shinjuku ward
250,000 Ὦ
Shibuya ward
80,000 Ὦ
Toranomon
Otemachi・Marunouchi
・Yurakucho
Shirokane-takanawa
Ningyocho
Yaesu・
Nihonbashi・Muromachi
Kiba
Ginza
Shiodome
Hamamatsucho
Shibuya
280,000 Ὦ
Kinshicho
Kasumigaseki･
Uchisaiwaicho
Roppongi
Supply volume
1,660,000 Ὦ
Akihabara
Uchikanda
1,090,000Ὦ
Chuo ward
6%
Chiyoda ward
Jinbocho・
Ogawamachi
Iidabashi・
Kudan
Tsukiji
Tsukishima・
Harumi
Shinkiba
Shiba・Mita
Shibaura
Approx. supply volume
：400,000 Ὦ ∼
Shinagawa ward
320,000 Ὦ
：200,000 Ὦ
∼ 400,000 Ὦ
Koto ward
350,000 Ὦ
：100,000 Ὦ
∼ 200,000 Ὦ
Other 16 wards
220,000 Ὦ
： 10,000 Ὦ
∼ 100,000 Ὦ
Toyosu
Rinkai
Shinagawa(Konan)
Osaki
Gotanda
Figure 1 - 4: Trends in the top 10 districts in terms of large-scale office supply volume (2005 - 2009)
(10,000 Ὦ)
50
Key
2005
2006
Supply volume
40
2007
2008
2009
30
20
10
0
Otemachi
Marunouchi
Yurakucho
Shiodome
Akasaka
Roppongi
Shinagawa
(Konan)
Nishishinjuku
Akihabara
Osaki
Gotanda
Toyosu
Rinkai
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Apr. 4, 2006
Figure 1 - 5: Large-scale office supply volume in the 23 wards of Tokyo and individual key business districts
＜1995 - 1999＞
〔23 wards〕
Three central
wards
35％
〔Business districts〕
Honkomagome
・Hakusan
Gokokuji
Chiyoda ward
8%
Chuo ward
5%
Kuramae
Other 16 wards
19%
Nakano-sakaue
Minato ward
Shinagawa ward 11% 9%
13% Shibuya Shinjuku ward
ward
Iidabashi
・Kudan
Shinjukugyoen
22%
Koto ward
13%
Kinshicho
Kagurazaka
・Koraku
Jinbocho・
Ogawamachi
Kanda
Nishi-shinjuku
Yoyogi
490,000Ὦ
Hamacho
Otemachi
Shinanomachi
Hirakawacho
・Bancho
Sasazuka
Sendagaya
・Jingumae
Akasaka
Aoyama
Nihonbashi
・Kyobashi
Kasumigaseki・
Uchisaiwaicho
Toranomon
Supply volume
Chiyoda ward
320,000 Ὦ
chuo ward
210,000 ≂
Minato ward
920,000 ɜ
Shinjuku ward
360,000 Ὦ
Shibuya ward
470,000 Ὦ
Shinagawa ward
560,000 Ὦ
Koto ward
Other 16 wards
Shiomi
Kachidoki
・Tsukishima
Shibuya
Ikejiriohashi
Toyocho
Tsukiji
Ginza
Shinbashi
Kayabacho
・Shinkawa
Utagawacho
・Sakuragaokacho
Shiba
Sangenjaya
Shibaura
kaigan
Ebisu
・Hiro-o
Approx. supply volume
：400,000 Ὦ∼
Meguro
：200,000 Ὦ
∼400,000 Ὦ
530,000 Ὦ
：100,000 Ὦ
∼200,000 Ὦ
810,000 Ὦ
： 10,000 Ὦ
∼100,000 Ὦ
Rinkai
540,000Ὦ
Shinagawa
(Konan)
Osaki
Tennozu
Oi
＜2000 - 2004＞
〔23 wards〕
Three central
wards
75％
Other 16 wards
6%
Koto ward
3%
〔Business districts〕
Takadanobaba
Asakusa
Shinagawa
ward
Shibuya ward
Shinjuku ward
4%
Kagurazaka
・Koraku
6%
6%
Chiyoda ward
25%
Iidabashi
・Kudan Jinbocho・
Ogawamachi
Yotsuyasanchome
Minato ward
39%
Chuo ward
11%
Nishishinjuku
・Yoyogi
Kojimachi
・Bancho
Aoyama
Supply volume
Shibuya
Chiyoda ward
1,560,000 Ὦ
Chuo wards
670,000 Ὦ
Minato ward
2,440,000 Ὦ
Shinjuku ward
230,000 Ὦ
Shibuya ward
340,000 Ὦ
Ginza
Toyocho・Kiba
Monzen-nakacho
tsukiji
Shiodome
730,000Ὦ
Harumi
Toyosu
Shiba・
Mita
Nakameguro
Nihonbashi・Kyobashi
・Honcho
Kayabacho
790,000Ὦ
Toranomon
Roppongi
510,000 Ὦ
Hamamatsucho・
Shibakoen
Dogenzaka
・Sakuragaokacho
Kanda
Otemachi・Marunouci
Yurakucho
Nagatacho
Kasumigaseki
Akasaka
Sendagaya
・Jingumae
Kinshicho
Akihabara
Shibaura・
Kaigan
Ebisu
Approx. supply volume
：400,000 Ὦ∼
Meguro
Shinagawa ward
400,000 Ὦ
Koto ward
210,000 Ὦ
Other 16 wards
340,000 Ὦ
：200,000 Ὦ
∼400,000ᴾὮ
Shinagawa(Konan)
Gotanda
600,000 Ὦ
Rinkai
：100,000 Ὦ
∼200,000 Ὦ
： 10,000 Ὦ
∼100,000 Ὦ
Oi
Higashishinagawa
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Apr. 4, 2006
Figure 1 - 6: Percentages of large-scale office supply volume by site type
〔2000-2004〕
〔2005-2009〕
Rebuilding:
1,240,000 Ὦ
(20%)
Other:
3,360,000 Ὦ
(54%)
Underutilized or unused site:
4,950,000 Ὦ (80%)
Former Japan
National Railway sites:
1,590,000 Ὦ (26%)
Underutilized or unused sites:
2,330,000 Ὦ (49%)
Other:
2,040,000 Ὦ
(43%)
Rebuilding:
2,420,000 Ὦ
(51%)
Former Japan National Railway sites:
290,000 Ὦ (6%)
Rebuilding: Refers to land on which structures such as office buildings, hotels, and residential properties that had used the site in
its entirety have been demolished in the development or sale stage.
Underutilized or unused sites: Refers to sites such as those with scattered patches of unused land including parking facilities and
old buildings, sites with concentrations of residential properties, factory sites, rail yards, and idle land.
Figure 1 - 7: Percentages of large-scale office supply volume by site type
/ by ward (23 wards of Tokyo) (2005 - 2009)
〔Minato ward〕
〔Chiyoda ward〕
Underutilized or unused sites:
500,000 Ὦ (59%)
Underutilized or unused sites:
620,000 Ὦ (39%)
Other:
350,000 Ὦ
(21%)
Former Japan National
Railway sites:
150,000 Ὦ (9%)
Other:
480,000 Ὦ
(30%)
Rebuilding:
1,160,000 Ὦ
(70%)
〔Other wards〕
Underutilized or unused sites:
1,210,000 Ὦ (80%)
Rebuilding:
290,000 Ὦ
(20%)
Rebuilding:
970,000 Ὦ
(61%)
Other:
1,210,000 Ὦ
(80%)
Former Japan National
Railway sites:
140,000 Ὦᴾ(9%)
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