26/11/2012

Direct Station Connections and Retail Complexes,Features of Latest Tokyo Grade-A Office Buildings

mamoru masumiya 

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■Summary

  • The Tokyo office vacancy rates remained high and very large sized office building rents in the Tokyo central three wards plunged to a historic low, as several large buildings were supplied mainly in the CBD in the first half of 2012. However, the pace of new supply is slowing down in the second half, and the grade-A building rents are recovering based on relatively low prices and tenant preference for buildings well prepared for disaster-prevention and energy-saving.
  • In the first half of this year, “Shibuya Hikarie” garnered attention both as a new retail complex and a skyscraper office which secured rents as high as those in the Marunouchi area. Just like “Shibuya Hikarie,” the latest Tokyo grade-A office buildings have features such as direct station connections and retail complexes.
  • In Tokyo, more than a few stations have very convenient access and large passenger numbers as many train lines cross each other forming the world’s most advanced urban train network. Tenants in station-connected buildings can enjoy shopping, dining and other services in and around their offices. Furthermore, considering recent intensifying weather conditions, it is likely that station-connected buildings will become even more popular hereafter.
  • Recently, an increasing number of grade-A buildings has been developed in Tokyo, and those stocks have become pretty sizable. As the competition within the grade-A category becomes more intense, factors such as access to the closest station and surrounding commercial development will be increasingly important in addition to the inherent value of each station and area. Though competing against Asian super skyscrapers is tough in terms of height and size, Tokyo grade-A buildings are superior in such aspects as disaster-prevention and energy-saving, advanced transportation networks, convenience of station connections and retail store concentration. Promoting these superior qualities to global companies could be beneficial for the Asian headquarters special zone concept which the Tokyo metropolitan government is initiating.

mamoru masumiya

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