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TOKYO 23 WARDS | Supply of New Office Space 2019

Xymax Real Estate Institute (hereinafter, "Xymax REI") hereby releases a report on the Supply of New Office Space 2019 covering the Tokyo 23 Wards. The volume of new office supply, which is an aggregation of rentable areas of offices that will be newly constructed in the coming years (hereinafter, "new supply"), indicates the future direct impact of supply on the market balance. Xymax REI aggregates the rentable areas of office space in buildings that are mainly for office-use with a gross floor area of more than 3,000 tsubo completed in the Tokyo 23 Wards and Osaka City each year. The Osaka City version*1 has been released on the same day.

  1. *1"OSAKA CITY | Supply of New Office Space 2019" December 12, 2018
    https://www.xymax.co.jp/english/research/release/181212_2.html

1 tsubo = approx. 3.3 sqm

SUMMARY OF RESULTS
    • New supply of 159,000 tsubo and 237,000 tsubo are planned in 2019 and 2020, respectively, while new supply in 2021 and 2022 are currently forecast at 102,000 tsubo and 53,000 tsubo, respectively, both the smallest amounts since 2009 (Figure 1).
    • The average annual new supply in 2019–2022 is 138,000 tsubo, falling below 172,000 tsubo, the annual average annual of the past 10 years.
    • 63% of new supply in 2019–2022 is concentrated in the three central wards of Chiyoda, Chuo and Minato.
    • The new supply rate (new supply in 2019–2022 versus office stock at year-end 2018) is expected to be approx. 4.4% (annual average: 1.1%) in the Tokyo 23 Wards.
Figure 1: Tokyo 23 Wards' Supply of New Office Space (Net Rentable Area)
Figure 1: Tokyo 23 Wards' Supply of New Office Space (Net Rentable Area)
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