RESEARCH REPORT

Office Stock Pyramid 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 | Comparison of Small & Medium Buildings and Large Buildings
・ The office stock at the end of 2024 is 13.13 million tsubo on a net rentable area basis, with large buildings accounting for slightly more than small &medium buildings at 7.09 million tsubo (54%) compared to the latter’s 6.04 million tsubo (46%).

・ The stock in terms of number of buildings is 9,410 buildings, of which 8,644 (92%) are small & medium buildings and 766 (8%) are large buildings.
・ The average building age is 34.0 years for the total office stock, 34.8 years for small & medium buildings, and 25.5 years for large buildings. The
office stock is particularly aging among small & medium buildings.

2. TOKYO 23 WARDS | Comparison of 5 Central Wards and 18 Peripheral Wards
・ The office stock of the 5 central wards (Chiyoda, Chuo, Minato, Shinjuku, and Shibuya Wards) consists of 6,848 buildings with a total net rentablearea of 9.81 million tsubo, accounting for 75% of the total in terms of net rentable area and 73% in terms of the number of buildings, while the officestock of the 18 peripheral wards consists of 2,562 buildings with a total net rentable area of 3.31 million tsubo.
・ The average building age is 34.0 years in the 5 central wards and 34.0 years in the 18 peripheral wards.

3. OSAKA CITY | Comparison of Small & Medium Buildings and Large Buildings
・ The office stock at the end of 2024 is 2.97 million tsubo on a net rentable area basis, with large buildings accounting for slightly more than small &medium buildings at 1.55 million tsubo (52%) compared to the latter’s 1.42 million tsubo (48%).

・ The stock in terms of number of buildings is 1,793 buildings, of which 1,595 (89%) are small & medium buildings and 198 (11%) are large buildings.
・ The average building age is 35.3 years for the total office stock, 35.9 years for small & medium buildings, and 30.9 years for large buildings.
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1. TOKYO 23 WARDS
Comparison of Small & Medium Buildings andLarge Buildings

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1. TOKYO 23 WARDS | Comparison of Small & Medium Buildings and Large Buildings<Net rentable area> Tokyo 23 Wards’ 2024-end office stock 13.13 million tsubo,
average age 34.0 years
Figure 1: Tokyo 23 Wards Office Stock Pyramid 2024 (Net Rentable Area)
・The office stock of the Tokyo 23 Wards asof the end of 2024 is 13.13 million tsubo
on a net rentable area basis.

・The stock of small & medium buildings
with a GFA between 300 and 5,000 tsubo
is 6.04 million tsubo (46%), while that oflarge buildings with a GFA of 5,000 tsubo
or more is 7.09 million tsubo (54%).

・The average building age of the total
office stock is 34.0 years. The averageage of small & medium buildings is 34.8
years, and that of large buildings is 25.5years.

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1. TOKYO 23 WARDS | Comparison of Small & Medium Buildings and Large Buildings<Number of buildings> 9,410 in Tokyo 23 Wards: small & medium 8,644; large 766
・ The office stock of Tokyo 23 Wards inFigure 2: Tokyo 23 Wards Office Stock Pyramid 2024 (Number of Buildings)

terms of number of buildings is 9,410
buildings, of which 8,644 (92%) are small& medium buildings and 766 (8%) arelarge buildings.

・ Of small & medium buildings, 7,509 areaged 20 years or older, while 1,135 areaged less than 20 years.

・ Of large buildings, 478 are aged 20 years
or older, while 288 are aged less than 20years.

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2. TOKYO 23 WARDS
Comparison of 5 Central Wards and 18
Peripheral Wards

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2. TOKYO 23 WARDS | Comparison of 5 Central Wards and 18 Peripheral Wards<Net rentable area> 5 Central Wards’ 2024-end office stock 9.81 million tsubo, averageage 34.0 years
・ The office stock of Tokyo’s 5 Central

Figure 3: Tokyo 5 Central Wards Office Stock Pyramid 2024 (Net Rentable Area)

Wards as of the end of 2024 is 9.81
million tsubo on a net rentable areabasis, 75% of the total stock of Tokyo 23Wards (13.13 million tsubo).
・4.43 million tsubo (45%) are small &medium buildings, while 5.38 million
tsubo (55%) are large buildings.

・ The average building age of the total
stock of the 5 central wards is 34.0 years.
The average age of small & medium
buildings is 34.7 years, and that of large
buildings is 26.0 years.

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2. TOKYO 23 WARDS | Comparison of 5 Central Wards and 18 Peripheral Wards<Number of buildings> 6,848 in 5 Central Wards: small & medium 6,291; large 557
・The office stock of Tokyo’s 5 Central

Figure 4: Tokyo 5 Central Wards Office Stock Pyramid 2024 (Number of Buildings)

Wards in terms of number of buildings is
6,848 buildings, 73% of the total stock ofTokyo 23 Wards (9,410 buildings). 6,291(92%) are small & medium buildings, and557 (8%) are large buildings.

・ Of small & medium buildings, 5,333 areaged 20 years or older, while 958 areaged less than 20 years.

・ Of large buildings, 339 are aged 20 years
or older, while 218 are aged less than 20years.

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2. TOKYO 23 WARDS | Comparison of 5 Central Wards and 18 Peripheral Wards<Net rentable area> 18 Peripheral Wards’ 2024-end office stock 3.32 million tsubo,
average age 34.0 years
・The office stock of Tokyo’s 18 Peripheral

Figure 5: Tokyo 18 Peripheral Wards Office Stock Pyramid 2024 (Net Rentable Area)

Wards as of the end of 2024 is 3.32
million tsubo on a net rentable areabasis, 25% of the total stock of Tokyo 23Wards (13.13 million tsubo).

・ 1.61 million tsubo (48%) are small &medium buildings, while 1.71 million
tsubo (52%) are large buildings.

・ The average building age of the total
stock of the 18 Peripheral Wards is 34.0
years. The average age of small &medium buildings is 34.8 years, and thatof large buildings is 24.2 years.

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2. TOKYO 23 WARDS | Comparison of 5 Central Wards and 18 Peripheral Wards<Number of buildings> 2,562 in 18 Peripheral Wards: small & medium 2,353; large 209
・ The office stock of Tokyo’s 18 Peripheral

Figure 6: Tokyo 18 Peripheral Wards Office Stock Pyramid 2024 (Number of Buildings)

Wards in terms of number of buildings is2,562 buildings, 27% of the total stock ofTokyo 23 Wards (9,410 buildings). 2,353(92%) are small & medium buildings, and209 (8%) are large buildings.

・ Of small & medium buildings, 2,176 areaged 20 years or older, while 177 areaged less than 20 years.

・ Of large buildings, 139 are aged 20 years
or older, while 70 are aged less than 20years.

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3. OSAKA CITY
Comparison of Small & Medium Buildings andLarge Buildings

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3. OSAKA CITY | Comparison of Small & Medium Buildings and Large Buildings<Net rentable area> Osaka City’s 2024-end office stock 2.97 million tsubo, average age
35.3 years
・ The office stock of Osaka City as of theFigure 7: Osaka City Office Stock Pyramid 2024 (Net Rentable Area)

end of 2024 is 2.97 million tsubo on anet rentable area basis, 23% of the total
stock of Tokyo 23 Wards (13.13 milliontsubo).

・ The stock of small & medium buildings
with a GFA between 300 and 5,000 tsubo
is 1.42 million tsubo (48%), while that oflarge buildings with a GFA of 5,000 tsubo
or more is 1.55 million tsubo (52%).

・ The average building age of the total
office stock is 35.3 years. The averageage of small & medium buildings is 35.9
years, and that of large buildings is 30.9years.

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3. OSAKA CITY | Comparison of Small & Medium Buildings and Large Buildings<Number of buildings> 1,793 in Osaka City: small & medium 1,595; large 198
・ The office stock of Osaka City in terms ofFigure 8: Osaka City Office Stock Pyramid 2024 (Number of Buildings)

number of buildings is 1,793 buildings, ofwhich 1,595 (89%) are small & medium
buildings and 198 (11%) are largebuildings.

・ Of small & medium buildings, 1,442 areaged 20 years or older, while 153 areaged less than 20 years.

・ Of large buildings, 148 are aged 20 years
or older, while 50 are aged less than 20years.

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Survey Overview
Survey period

December 2023

Coverage

23 wards of Tokyo, city of Osaka

Target properties

Office buildings with a gross floor area of 300 tsubo or more as of the end of 2024, completed (or scheduled to be completed) inand after 1946 and used mainly as office space (excludes owner-occupied buildings)

Target data

Number of office buildings and net rentable area (in tsubo) for offices of small & medium and large buildings
Large buildings: Gross floor area of 5,000 tsubo or more
Small & medium buildings: Gross floor area between 300 and 5,000 tsubo

Survey method

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

Remarks

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The data on reconstructed or demolished buildings have been collected and reflected to the extent possible. Therefore,
the overall stock volume and stock volume for a certain building age may decrease from the previous year’s survey.
The sum figures may not match due to rounding.
The figures contained in the survey were aggregated at the time of the survey. Since information is added and updated ona daily basis, any differences from figures released in the previous year are not necessarily due to new construction ordemolition.
The office stock for 2024 includes buildings whose scheduled completion date was known in December 2023.
Published rentable areas are used in the study, if available. If not, the study uses the area estimated by a statisticalmethod from gross floor area.
In this report, buildings completed in and before 1981, when the Revised Seismic Design Method of 1981 was enacted,
are aggregated as “old seismic standard” buildings.

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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