Xymax Reall Estate Instiitute

RESEARCCH REPO
ORT

Supply oof New Office
OSpaace 2016
6 (Tokyo & Osakaa)
Decembber 24, 2015
5
Xymax Real Estate Institu
ute is releasin
ng the Supplyy of New Offfice Space 20016 of Tokyo 23 Wards an
nd Osaka Cityy.
The volume of new supp
ply makes a directd
impact on market balance.
b
Xymax compiled the data of the rentableoffice space in major buildings (over 3,000 tsubo** = approx. 9,9009sqm) ex
xpected to bee constructed in Tokyo 23
3Wards and OOsaka City in the coming years. * 1 tssubo = 3.3 sqm

1. Tokyyo 23 Wards
WThe new suppply in Tokyoo 23 Wards inn 2016-2019 is 186,000 tssubo per year on averagee (Figure 1), slightly
exceed 180,0000 tsubo in the previouss survey*1 covvering 2015--2018. Consid
dering the po
ossibility of additional
aprojects, thee average new
w supply perr year for the next four yeears is expectted to increa se even furth
her from theaverage in 2006-2015.
The new suppply of large buildings witth over 10,0000 tsubo in gross floor are
ea is expecteed to see an increaseifromm
139,000 tsub
bo per year ono average inn the past to 168,000 tsub
bo in 2016-2019. The yeaars 2018 and 2019, inparticular, arre expected tot have a largge volume off new supplyy: over 200,00
00 tsubo eacch year.
*1

Supply of N
New Office Spacce Survey 2015 (released on Feb
bruary 9, 2015)

https://wwww.xymax.co.jp/english/reseearch/images//pdf/20150202
2.pdf

Figure 1: New
N
Supplyy in Tokyo 23
3 Wards (Reentable Areaa)

Supply of Neew Office Spacce 2016 (Tokkyo & Osaka)
All the contents aare as of the date ofo this report. Xymmax Corporation ddoes not guarante
ee the accuracy or completeness of the information herein.
hCopying, quotingg, forwarding, disttributing, reprintin
ng or any other u se of this report is not allowed witthout prior permiission from Xymaxx RealEstate Institute Coorporation.
5 Xymax Real Estatte Institute Corporation. All rights reeserved.
Copyright © 2015

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RESEARCH
H REPORT
T｜Xymax Reeal Estate Innstitute
New Suupply by Area
A
Similar tto the resultss of last year's survey, thee area-by-are
ea analysis foound that aboout 65 % of thet new
supply in 2016-2019
9 will be in To
okyo's centraal three wards: Chiyoda, Chuo
Cand Minnato. Provide
ed below areethe trennds in major officeoareas (Figure(2):akucho in cen
ntral Tokyo has
h the largesst volume of new supply in Tokyo withhMaarunouchi-Ottemachi-Yuraappprox. 120,000
0 tsubo. This area is enjoyying a wave of redevelop
pment projeccts in which oldo buildings
aree being replaced with neww buildings oone after anoother. A sizab
ble supply is eexpected to continue.

Shiibaura-Kaigan is expected
d to have neww office spacce from largee redevelopm
ment projectss in the area
where used to beb dominate
ed by non-offfice buildings.

Alsso in Nihonba
ashi-Yaesu-K
Kyobashi, thee area adjacent to Maruno
ouchi-Otemaachi-Yurakucho acrossTokkyo Station, newn
office sp
pace from larrge redevelop
pment projec
cts is expecteed to continu
ue.

Figure 2: Supply
Sof N ew Office Space 2016-2
2019 by Areaa

Supply of Neew Office Spacce 2016 (Tokkyo & Osaka)
All the contents aare as of the date ofo this report. Xymmax Corporation ddoes not guarante
ee the accuracy or completeness of the information herein.
hCopying, quotingg, forwarding, disttributing, reprintin
ng or any other u se of this report is not allowed witthout prior permiission from Xymaxx RealEstate Institute Coorporation.
5 Xymax Real Estatte Institute Corporation. All rights reeserved.
Copyright © 2015

2RESEARCH
H REPORT
T｜Xymax Reeal Estate Innstitute

2. Osakka City
The new suppply in Osakka City in 2016-2019 is 117,000 tsubo
o per year on
n average (FFigure 3), sliightly exceedd15,000 tsuboo per year ini the previo
ous survey*2 covering 20015-2018. Th
his is roughlly a half of the ten-year
average of 3
30,000 tsubo per year in 2006-2015.
2NNo new supply is expected in 2016.
The new suppply of large buildings wiith over 10,0 00 tsubo in grossgfloor area is expectted to decrea
ase to 17,000
0per year on aaverage in 20016-2019 fro
om 21,000 tsu
ubo in the past.
As a referennce, we compared the neew supply in Osaka City and Tokyo 23
2 Wards. OOsaka City's average neww
supply per yyear in 2016-2019 is less than one ten
nth of Tokyo 23 Wards' 186,000 tsuboo per year.
*2

Osaka City New Supply of Office Buildingss & Office Stockk Pyramid 2015 (released on July 10, 2015)
https://wwww.xymax.co.jp/english/research//images/pdf/200150710.pdf

Figure 3: New Supp
ply in Osakaa City (Rentaable Area)

New Supp
ply by Areea
The area-by-area analysis found tha
at the new ooffice space will
w be in Ossaka City's mmajor office areas
asuch asUmeda, Dojiima-Nakanosshima, Osakaa Business Paark and Namba (Figure 4).
4
Figure 4: SupplySof N ew Office Space 2016-2
2019 by Areaa

Supply of Neew Office Spacce 2016 (Tokkyo & Osaka)
All the contents aare as of the date ofo this report. Xymmax Corporation ddoes not guarante
ee the accuracy or completeness of the information herein.
hCopying, quotingg, forwarding, disttributing, reprintin
ng or any other u se of this report is not allowed witthout prior permiission from Xymaxx RealEstate Institute Co
orporation.
5 Xymax Real Estatte Institute Corporation. All rights reeserved.
Copyright © 20153

RESEARCH REPORT｜Xymax Real Estate Institute
Survey Overview
PeriodNovember 2015

Area

Tokyo 23 Wards and Osaka City

Buildings
DataOwner-occupied buildings are excluded.
Rentable office space in tsubo (1 tsubo = 3.3 sqm)

Data Source

3,000 tsubo or larger gross floor area. Primarily used as office space.

Compiled based on publicly available sources such as newspaper articles. On-site
inspections and interviews with developers were conducted for some of the buildings.

The size of space in new buildings is the subject of this survey. Please keep in mind that this is not a completesurvey.

If the size of the rentable area is publicly available, that size is used; if not, the rentable area is estimated based on
the gross floor area of the building with the formula Xymax Real Estate Institute jointly developed with thelaboratory of Dr. Naoki Katoh, Professor of Kyoto University Graduate School of Engineering.

The new supply in this survey was estimated as of the date of this survey. Actual new supply changes as new
information becomes available.

For questions on this report, please contact us.
Xymax Real Estate Institute
PHONE: +81 3 3596 1477 FAX: +81 3 3596 1478 info-rei@xymax.co.jp

Supply of New Office Space 2016 (Tokyo & Osaka)
All the contents are as of the date of this report. Xymax Corporation does not guarantee the accuracy or completeness of the information herein.
Copying, quoting, forwarding, distributing, reprinting or any other use of this report is not allowed without prior permission from Xymax RealEstate Institute Corporation.
Copyright © 2015 Xymax Real Estate Institute Corporation. All rights reserved.

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