- TOKYO 23 WARDS | Supply of New Office Space 2017
- New supply in 2017 is 117,000 tsubo. This is small and equivalent to the volume in 2013 when it was 10-year low. However, a relatively large volume is expected for 2018-2020 with around 200,000 tsubo per annum.
- Average new supply in 2017-2020 is 181,000 tsubo per annum based on rentable area. This is equivalent to the 10-year average of 180,000 tsubo per annum.
- A large proportion of new supply in 2017-2020 is in the central three wards (Chiyoda, Chuo and Minato), accounting for 68% of the entire new supply.
- New supply rate (new supply in 2017-2020 versus office stock at year-end 2016) is expected to be approx. 6.0% (1.5% per annum on average).
- TOKYO 23 WARDS | Office Stock Pyramid 2017
- Office stock at year-end 2017 is 12.26 million tsubo based on the rentable area: 5.77 million tsubo (47%) in small and medium buildings and more than half or 6.49 million tsubo (53%) in large buildings.
- In the number basis, the office stock is 8,395 buildings. Of them, small and medium buildings account for more than 90% (7,672 buildings).
- Buildings' average age is 29.1 years for all the stock, 29.7 years for small and medium buildings and 22.5 years for large buildings. Aging of stock is prominent in small and medium buildings.
- By area, the central five wards have 9.30 million tsubo rentable area and 6,424 buildings, which are approx. three-fourths of the stock in all the wards, and the periphery 18 wards have the remaining 2.96 million tsubo rentable area and 1,971 buildings.
- By area, the average age of buildings is 29.6 years for central five wards and 27.3 for periphery 18 wards.