Survey of Large-scale O ce Building Market in Tokyo's 23 Cities
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Detailed Market Trend Survey
April 16, 2019
Survey of Large-scale Office Building Market in Tokyo’s 23 Cities
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 office 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 floor space provided per property is trending upward. In 2023, the supply
and the percentage of total supply of large-scale office buildings of 100,000m2 or more are expected to be greatest
since this report was first 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 significantly more competitive due to several large-scale development projects.
General Trends in Demand
– Demand for office space expected to remain firm
The percentage of companies that intend to lease more office 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 office 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 office space is forecast to remain firm.
Vacancy rate
– Vacancy rate at the end of 2018 falls to 1.9%, the first 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 first 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 office space. At the end of
2020, it is forecast to rise slightly on account of the large supply.
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 office buildings that were constructed in Tokyo’s 23 Cities since 1986
(hereinafter referred to as “large-scale office buildings”). Through a diverse analysis of the results of this survey, we are also
able to develop forecasts of future office market trends. We are pleased to present you with the results of our survey in the
following report.
“Survey of the Large-scale Office Building Market in Tokyo’s 23 Cities” Framework
Research area: Tokyo’s 23 Cities
Research Subject Buildings: Office buildings with gross floor 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 office floor space of all large-scale office buildings completed since 1986 (including properties owned
and used by the same company) but excluding floor space reserved for non-office uses such as retail, residential, hotel, etc.
For more information & inquiries, please contact:
Mr. Shinji Takeda, Mr. Satoshi Hasegawa or Mr. Masayuki Fujimoto, Strategic Planning Unit, Office Business Department,
Mori Building Co., Ltd. Roppongi Hills Mori Tower, 6-10-1 Roppongi, Minato-ku, Tokyo 106-6155 TEL 03-6406-6672Detailed Market Trend Survey
1-1 General Trends in Supply Volume
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).
Figure 1: Large Office Building Supply Trend in Tokyo’s 23 Cities
46 47 Supply – No. of Properties
41 44 42
40 37
36
32 31 32
29 30 28 28 26 29
24 25 26 26
21 19 19 21 16 19 22 21 19 21
12 15 14 16
12 11 9
216
Average from2019
1,020,000/year
183 Supply (planned)
175 172
Supply (actual) (10,000m2) (10,000 )
154
141
132
125 121
Historic Average 114 118 119 119 117
108 104 109
1,030,000/year 100 99 97 99
92 91 87
83 86 85
74 72 77
65 69
56 55 58 57
50
36
’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 ’22 ’23
1986 2018 2019 2023
Properties 907 Properties 79
Gross Floor Space 34,050,000m2 Gross Floor Space
5,090,000m2
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
2018.4 Market Trend Survey 2019.4 Market Trend Survey
Supply – No. of Properties
27 27 26 26
21 21
Supply Volume (10,000m2) 172 12 11
168 10 9
146 6
141
132
99 1,010,000/year 99 1,020,000/year
52 57 50
43
Not
announced
’18 ’19 ’20 ’21 ’22 ’23 ’18 ’19 ’20 ’21 ’22 ’23Detailed Market Trend Survey
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.
Figure 3: Trend in Average Supply per Property
Average supply per property (10,000 m2 per property) 5.5 5.5 5.4
5.1 5.0
4.7 4.5 4.5 4.6 4.6
4.2
3.7 4.6
3.6 3.4
Approximation curve 4.0 4.0
3.6 3.7
3.2 3.2 3.3 3.1
2.7 2.8 2.6 2.7
2.3 2.5 2.4 2.5 2.5
'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
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 4: Trend in Supply of Properties with 100,000 m2 or More of Gross Office Floor Space
1986 2018 100,000 m2 or more Less than 100,000 m2
2019 2023 100,000 m2 or more Less than 100,000 m2 Unit(10,000m2) 91
69 68
Percentage of 100,000 m2 or more (%)
53 56
51 47 49
41 42 45
40 37 36 40
24 23 24 42
37 33
14 11 29
9 28 23
20
12 216 11
0 0 0 0 0 0
183
175 172
154
137 141 54
132
111 125 121
118 119 119 117 105 12
114 43
108 104 109
100 99 97 99
92 91 109
52 86 85 87
83 72
74 77
48 72 68 69
82 91 108 65 89 50
54 58
56 55 86 93 103 118
68
46 118 57
50 120
27 83
81
36 52
49
85 47 98
74 79 47
73 67 70 27
55 58 43
51 53 45 47
36 38 41 41 41
30 26 27 28 28 23 22
13
'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 '22 '23Detailed Market Trend Survey
1-3 Supply Volume Trends by Area
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.
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%.
Figure 5: Shifts in Large-scale Office Building Supply Volume by Area
2009 2018 Central 3 Cities Other 20 Cities
2019 2023 Central 3 Cities Other 20 Cities Unit (10,000m2)
175
172
2009 – 2018
Average Supply 48
in the Central 3 Cities: 141
670,000m2/year 78 132
30
117
24
109
97 99
31 2019 – 2023
86 85 87 Average Supply
27 in the Central 3 Cities:
81 17 43 730,000m2/year
21 69
49 58 17 123 57
4 110 50 108
97 16
15
78
65 70 70
54 52 56
37 41
36 35
'09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23
Figure 6: Large-scale Office Building Supply Volume Share by Area
2009 2018 Central 3 Cities Other 20 Cities
2019 2023 Central 3 Cities Other 20 Cities Unit (10,000m2)
'09 '18 (670,000m2/year) 35%(350,000m2/year)
'19 57%(560,000m2/year) 43%(430,000m2/year)
'20 (1,230,000m2/year) 28%(480,000m2/year)
'21 (410,000m2/year) 27%(160,000m2/year)
'22 (350,000m2/year) 30%(150,000m2/year)
'23 (1,080,000m2/year) 18%(240,000m2/year)Detailed Market Trend Survey
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.
Figure 7:Main Business Areas of Focus Figure 8:Supply Share by Major Business Areas
for the Years 2019 – 2023
Marunouchi-
Otemachi
Nihonbashi- Outside Shimbashi-
2018 – 2022
Yaesu- the top 5 areas Toranomon
Kyobashi 1,420,000m2 Total Supply Volume 1,380,000m2
28%
5,080,000m 2 27%
2019 – 2023
Shimbashi- Total Supply Volume
Toranomon
Shibuya 5,090,000m2
Shibuya Shinagawa-
390,000m2 Tamachi-
8% Hamamatsucho
740,000m2
Shinagawa- 14%
Tamachi- Marunouchi-Otemachi
Hamamatsucho 700,000m2
14%
Nihonbashi-
Yaesu-Kyobashi Top 5 areas
460,000m2 Total Supply Volume 3,670,000m2
9% Supply Share 72%
Figure 9: Supply Volume by Major Business Areas for the Years 2019 – 2023 Unit (10,000m2)
0 20 40 60 80 100 120 140 160
23
Shimbashi-Toranomon
138
Shinagawa-Tamachi- 54
Hamamatsucho 74
133
Marunouchi-Otemachi
70
Nihonbashi-Yaesu- 68
Kyobashi 46
14
Shibuya
39
For each area referenced, the upper bar displays the data for 2014-2018,
and the lower bar displays the data for 2019-2023.Detailed Market Trend Survey
2-1 Tenant Office Needs
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.
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.
Figure 10: Future Plans to Lease New Office Space Figure 11: Plans for Expansion vs. Reduction of Space
over time
Yes,we have plans No plans Expansion No change Reduction
0% 50% 100% 0% 10% 20% 30%
2014 20% 413 80% 1,641 2014 12 240 6 113 3 54
n=2,054 n=2,054
2015 22% 482 78% 1,727 2015 13 285 6 130 3 65
n=2,209 n=2,209
2016 22% 446 78% 1,622 2016 14 287 6 114 2 45
n=2,068 n=2,068
2017 24% 484 76% 1,551 2017 14 285 7 139 3 59
n=2,035 n=2,035
2018 27% 449 73% 1,237 2018 17 289 7 113 3 45
n=1,686 n=1,686
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.
Figure 12: Trends in the Reason for Plans to Lease New Office Space
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
No. 1 No. 1: To Expand Business / To Accommodate an
Increase in Employees
No. 2 No. 2: Better Location
No. 3 No. 3: More Floorspace per Floor
No. 4 No. 4: Higher Grade Facilities
No. 5 No. 5: Anti-seismic Design
No. 6 No. 6: Superior Security
No. 7 No. 7: Lower Rent / Lower-Priced Building
No. 8 No. 8: Disaster Prevention Systems / Backup SystemsDetailed Market Trend Survey
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.
Figure 13: Changes to Employee Numbers Over Figure 14: Outlook for Employee Numbers
Previous Year
Decreased greatly Increased greatly Decrease greatly Increase greatly
1(24) 6(102) 0(4) 4(70)
Decrease slightly
Slightly 3(58)
decreased
11(180)
44% 45%
Increase
Slightly No change slightly
increased 51(859) 41(700)
No change 38(645)
44(738)
( )Number of Responses ( )Number of Responses
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)
(1) When absorption capacity is positive
Stock at the end of last year Occupied Floor Space Vacant Floor Space
Absorption
Capacity New Supply Volume This Year
Stock at the end of this year Occupied Floor Space Vacant Floor Space
(2) When absorption capacity is negative
Stock at the end of last year Occupied Floor Space Vacant Floor Space
Absorption
Capacity − New Supply Volume This Year
Stock at the end of this year Occupied Floor Space Vacant Floor Space
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).Detailed Market Trend Survey
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)
Projected Values
Vacancy rate(%) 8.1 7.8
6.7 6.3 6.9 6.2
5.3 5.9
3.8 4.3 3.9
3.6 3.2
2.4 2.8 2.5 2.6 2.3
1.9 2.0
1.2
216 224
Supply Volume (10,000 )
175 172
Absorption Capacity (10,000 ) 161 157
154 157
142 139 139 141
125 121 119 122 117 119
115 109 114
99 97 99 96
88 91 86 85 91 87 85
72 77 69
65 69
54 58
44 48
36 34 31
'99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20
Figure 17: Supply Volume, New Demand (Absorption Capacity), and Vacancy Rate Trends by Area
Central 3 Cities Other 20 Cities Central 3 Cities
Supply Volume Supply Volume (10,000m2) Vacancy Rate (%)
9.3 Central 3 Cities Other 20 Cities Other 20 Cities
8.0 8.4
New Demand New Demand (10,000m2) Vacancy Rate (%)
6.1 6.6
5.2 4.5
6.5 5.9 3.4 3.1
5.6 5.0 5.7
1.9
3.5 3.6
2.8
1.8 1.8
30
78
33 30
61
31 39 48
81 38 17 27
21 30
4 17 131
49 19 70 110
97 106
78 70 78 75 70 71
65 50 54 61 52 55
35 36 37
21
'09 -4 '10 '11 '12 '13 '14 '15 '16 '17 '18Detailed Market Trend Survey
Major Large-Scale Office Buildings to be Completed in the Future (includes some completed projects)
Floor Area
Name of Project (Name of Building) Lead Project Developer(s) Location
(m2) (Tsubo)
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, 180,700 54,662 Albero Grande (Tokyu Land Corporation, Kajima Corporation) Kaigan, Minato-ku
Architectural Plan
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 57,400 17,364 Haneda Mirai Specified Purpose Company Haneda Airport, Ota-ku
Development (Stage 1)
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-kuDetailed Market Trend Survey
Floor Area
Name of Project (Name of Building) Lead Project Developer(s) Location
(m2) (Tsubo)
2021
World Trade Center Building, Kajima Corporation,
World Trade Center Building, South Building 95,200 28,798 Hamamatsu-cho, Minato-ku
Tokyo Monorail Co., Ltd., East Japan Railway Company
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, 289,800 87,665 Redevelopment Association (Mitsui Fudosan Co., Ltd.) Yaesu, Chuo-ku
Districts A-1 and A-2
Nishishinjuku Gochome North Area Disaster Protection Disaster Protection District Development Project Association
134,900 40,807 Nishi Shinjuku, Shinjiku-ku
District Development Project (Sumitomo Realty & Development Co., Ltd.)
Nakano Nichome Area Redevelopment 96,200 29,101 Redevelopment Association Sumitomo Realty & Development Co., Ltd. Nakano, Nakano-ku
2023
Toranomon and Azabudai District 864,100 261,390 Redevelopment Association Mori Building Azabudai, Minato-ku
Urban Redevelopment Project
Toranomon 1&2-chome District 253,100 76,563 Redevelopment Association Mori Building Toranomon, Minato-ku
Urban Redevelopment Project
Mita 3&4-chome District Redevelopment Project 225,000 68,063 Redevelopment Association Sumitomo Realty & Development Co., Ltd. Mita, Minato-ku
Toranomon 2-chome District 181,000 54,753 Urban Renaissance Agency Toranomon, Minato-ku
Redevelopment Project Business Building
* 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.You can also read
