RESEARCH REPORTSupply of New Office Space 2024
TOKYO 23 WARDS, OSAKA CITY
January 17, 2024

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Main Findings

1 tsubo = approx. 3.33 sqm

1. TOKYO 23 WARDS | Supply of New Office Space 2024
・Supply in 2024 is expected to be 118,000 tsubo, below the 10-year average of 170,000 tsubo. 2025 is expected to see the largest
supply in the next four years from 2024 to 2027.

・Supply between 2024 and 2027 is expected to average 131,000 tsubo per year, below the 10-year average of 170,000 tsubo.

・85% of the supply between 2024 and 2027 is concentrated in the 5 central wards of Chiyoda, Chuo, Minato, Shinjuku, and Shibuya.
・Supply between 2024 and 2027 is expected to amount to 525,000 tsubo, with the percentage of supply to the office stock at the end of2023 (13.11 million tsubo) (new supply rate) expected to be approximately 4.0% (an average of 1.0% per year).

2. OSAKA CITY | Supply of New Office Space 2024
・Supply in 2024 is expected to be 99,000 tsubo, the largest in the past ten years.
・Supply between 2024 and 2027 is expected to average 38,000 tsubo per year, exceeding the 10-year average of 14,000 tsubo.
・The annual average supply between 2024 and 2027 of 38,000 tsubo is 29% of that of Tokyo 23 Wards, which is 131,000 tsubo.

・Supply between 2024 and 2027 is expected to amount to 150,000 tsubo, with the percentage of supply to the office stock at the end of2023 (2.86 million tsubo) (new supply rate) expected to be approximately 5.2% (an average of 1.3% per year).

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1. TOKYO 23 WARDS
Supply of New Office Space 2024

3
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1. TOKYO 23 WARDS | Supply of New Office Space 2024

118,000 tsubo of new office space to be supplied in 2024
・New supply in 2024 is expected to be
118,000 tsubo, below the 10-year
average of 170,000 tsubo.

Figure 1: Supply in Tokyo 23 Wards (Net Rentable Area)

・Supply between 2024 and 2027 isexpected to total 525,000 tsubo andaverage 131,000 tsubo per year, below
the 10-year average (170,000 tsubo).
・The annual average supply of mediumsized buildings with a GFA between 3,000
and 10,000 tsubo is expected to be19,000 tsubo between 2024 and 2027,below the 10-year average (21,000tsubo).
・The annual average supply of large
buildings with a GFA of 10,000 tsubo or
more is expected to be 112,000 tsubo
between 2024 and 2027, below the 10year average (149,000 tsubo).
・The new supply rate, which is thepercentage of new supply (between 2024and 2027) to the office stock at the end of2023 (13.11 million tsubo), is expected tobe around 4.0% (an average of 1.0% peryear).
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1. TOKYO 23 WARDS | Supply of New Office Space 2024

43% of 2024–2027 new supply to be in Minato Ward, 20% in Chuo Ward, 11% in Chiyoda Ward・In terms of supply between 2024 and2027 by ward, 74% of the total isexpected to be in the 3 central wards(Chiyoda, Chuo, Minato).

Figure 2: Supply by Ward (2024–2027)

・When we expand the coverage to the 5central wards (the 3 central wards plus
Shinjuku and Shibuya), 85% of the total
supply is expected to be in these areas.

(Excerpt of main areas)(Figures in brackets represent the percentage ofsupply in 2024–2027.)

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1. TOKYO 23 WARDS | Supply of New Office Space 2024

Main areas of supply: Nihombashi-Yaesu-Kyobashi, Akasaka, Shinagawa Station East Exit,Toranomon, Uchisaiwaicho-Kasumigaseki-Nagatacho
・In Nihombashi-Yaesu-Kyobashi, a large
supply is scheduled in 2026 from theTokyo Ekimae Yaesu 1-chome B district
and from the Nihombashi 1-chome
Central District Urban Redevelopment
Project district C.

Figure 3: Supply in Major Areas of Tokyo 23 Wards (2024–2027)

・In Akasaka, a large supply is scheduled in
2024 from the Akasaka Trust Tower.
・At Shinagawa Station East Exit, a large
supply is scheduled in 2025 and 2026
from TAKANAWA GATEWAY CITY
Complex I and II.

(Excerpt of main areas)

・In Toranomon, a large supply isscheduled in 2025 from the T-2 Projectbusiness building.
・In Uchisaiwaicho-KasumigasekiNagatacho, a large supply is scheduled in2027 from TOKYO CROSS PARK.

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2. OSAKA CITY
Supply of New Office Space 2024

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2. OSAKA CITY | Supply of New Office Space 2024

99,000 tsubo of new office space to be supplied in 2024
・New office space of 99,000 tsubo will besupplied in 2024.

Figure 4: Supply in Osaka City (Net Rentable Area)

・Supply between 2024 and 2027 is
expected to total 150,000 tsubo andaverage 38,000 tsubo per year,
significantly above the 10-year average(14,000 tsubo), accounting for 29% of theannual average of 158,000 tsubo in theTokyo 23 Wards between 2024 and 2027.
・The new supply rate, which is thepercentage of new supply (between 2024and 2027) to the office stock at the end of2023 (2.86 million tsubo), is expected tobe around 5.2% (an average of 1.3% peryear), higher than the new supply rate
for the Tokyo 23 Wards.

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2. OSAKA CITY | Supply of New Office Space 2024

Main areas of supply: Umeda, Yodoyabashi, Honmachi
・In Umeda, a large supply is scheduled in2024 from Grand Green Osaka ParkTower and JP Tower Osaka.

Figure 5: Supply in Major Areas of Osaka (2024–2027)

・In Yodoyabashi, a large supply isscheduled in 2025 from the Yodoyabashi
Station West District Urban
Redevelopment Project Type I.

(Excerpt of main areas)

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Survey Overview

Survey period

December 2023

Coverage

23 wards of Tokyo, city of Osaka

Target properties

Properties with a gross floor area of 3,000 tsubo or more that are used mainly as office space (excludes owner-occupied buildings)

Target data

Net rentable area for offices (tsubo)

Survey method

Mostly based on publicly available information such as newspaper articles, with some field surveys and interviews with business
operators

Remarks●●●●This survey targets the areas of buildings to be newly supplied. Note that this is not a complete survey.
Published rentable areas are used in the study, if available. If not, the study uses the area estimated by a statistical methodfrom gross floor area.
The amount of new supply in this survey is an estimate at the time of the survey. The figure of new supply fluctuates as
information is added and updated on a daily basis.
The sum figures may not match due to rounding.

The contents of this report are as of the time of writing. Xymax Real Estate Institute does not guarantee their accuracy or completeness.
This report may not be reproduced, cited, transmitted, distributed, or reprinted without prior permission of Xymax Real Estate Institute.
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