H
IS
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RENTDATA 2014
Office Rent Data
Sanko Estate Co., Ltd.
TOKYO
COMPANY OVERVIEW
RENT DATA 2014
CONTENTS
Company Name: Sanko Estate Co., Ltd.
FEATURE
Established: May 17, 1977
Major Urban Developments
President: Mitsuhiro Taneda
Capital ¥100,000,000
Employees: 250 (as of December, 2013)
Head Office:
Ginza Sanwa Bldg., 4-6-1 Ginza,
Chuo-ku, Tokyo International Department:
Tel: +81-3-3564-8051
Fax: +81-3-3564-8060
E-mail: [email protected]
Sapporo Office:
Sapporo Kita-Sanjo Bldg. 3-1 Nishi,
Kita 3-jo, Chuo-ku, Sapporo-shi
〈 Area〉Hokkaido
Sendai Office:
Aoba-Dori Plaza, 3-2-1 Chuo,
Aoba-ku, Sendai-shi
〈 Area〉Miyagi, Aomori, Akita, Iwate
Fukushima, Yamagata
Nagoya Office:
Sakura-Dori Otsu Daiichi Seimei Bldg.,
3-4-6 Nishiki, Naka-ku, Nagoya-shi
〈 Area〉Aichi, Mie, Gifu, Shizuoka, Nagano
Fukui, Ishikawa, Toyama
Osaka Office:
Midosuji Mitsui Bldg., 4-1-3 Bingo-machi
Chuo-ku, Osaka-shi
〈Area〉Osaka, Kyoto, Hyogo, Shiga, Nara,
Wakayama, Okayama, Hiroshima, Shimane,
Tottori, Kagawa, Tokushima, Kouchi, Ehime
Fukuoka Office:
Hulic Hakata Bldg., 1-5-1 Hakata-ekimae,
Hakata-ku, Fukuoka-shi
〈 Area〉Kyusyu, Okinawa, Yamaguchi
COMPANY SERVICES
Office leasing services, Due diligence services,
Consulting services
LICENSE
Real estate agent:
License authorized by Minister of Land,
infrastructure, Transport and Tourism(9) No. 3105
License of Construction authorized by Guvernor of
Tokyo (Special-24) No.139281
PROFESSIONAL AFFILIATIONS
Tokyo Real Estate Brokers Association,
National Real Estate Guarantee Association,
Japan Facility Management Association,
The Tokyo Chamber of Commerce and
Industry
British Chamber of Commerce in Japan
The American Chamber of Commerce in Japan
Iidabashi
2 Development Map
(Tokyo, Osaka, Nagoya, Sapporo, Sendai, Fukuoka)
5 Tokyo (Shinagawa, Shinjuku, Otemachi)
7 Osaka (Abeno, Dojimahama)
8 Nagoya (Meieki)
10 Sapporo / Sendai / Fukuoka
11 List of Urban Developments
6
Akihabara
10
Shinjuku
16 →P6
14
20
→ P6
13
Yotsuya
2
1
5
Office Market Data
13 Tokyo
13 Chiyoda Ward
14 Chuo Ward・Minato Ward
15 Shinjuku Ward・Shibuya Ward
16 Sapporo
16 Sendai
17 Osaka
18 Nagoya
18 Fukuoka
12
21 8
Tokyo
15
3
19
Yurakucho
18
4
7
Shimbashi
17
19 Change in Office Rents and Economic Trends
21 The Sanko Process
23 Important Terms
11
Shibuya
Hamamatsucho
Survey period:
From July 1 to December 1, 2013
Surveyed buildings:
Office buildings marketed for tenants within the survey period
Restricted to office buildings having at least 3 stories (standard floors)
Retail buildings and warehouses are excluded.
Number of buildings surveyed:
22,103
Building size (net leasable area /Floor)
Large-scale buildings: 200 tsubo or more
Medium/large-scale buildings: 100 to less than 200 tsubo
Medium-scale buildings: 50 to less than 100 tsubo
Major Urban
Developments
DEVELOPMENT MAP
9→P5
Cover design
Work of Satoshi Minagawa, a prominent Japanese photographer. This photo depicts the streets around Tokyo
station at dusk. It was taken from the rooftop garden of KITTE in Marunouchi, Tokyo. KITTE is Japan Post Co., Ltd.’
s
first commercial facility.
It was built through the preservation and revitalization of part of the former Tokyo Chuo Post Office building.
Shinagawa
※See List of Urban Development → P11-12
1 Sanko Estate
1 tsubo = 3.3 sqm = 35.58 sq feet
Sanko Estate 2
23
OSAKA
Osaka
NAGOYA
SAPPORO
Tenmabashi
Umeda
28
Nagoya
29 →P7
22
24
32
34→P9 →P8
36→33
P10
26
Marunouchi
35
Yodoya
bashi
Fushimi
Sapporo
Sakae
31
Kitahama
30
37
39 →P10
38 →P10
Honmachi
40 →P10
27
※See List of Urban Development → P11-12
※See List of Urban Development → P11-12
Shinsaibashi
Yotsubashi
Nagahoribashi
SENDAI
FUKUOKA
Namba
Sendai
Hakata
41 →P10
43
42
→ P10
25→P7
※See List of Urban Development → P11-12
3 Sanko Estate
Tennoji
※See List of Urban Development → P11-12
1 tsubo = 3.3 sqm = 35.58 sq feet
※See List of Urban Development → P11-12
Sanko Estate 4
Tokyo - Shinagawa
Tokyo - Shinjuku
Large-scale mixed-use central Tokyo development
with 3.5 hectares of lush greenery
Shinagawa Season Terrace, coming February 2015
The new Shinjuku landmark
JR Shinjuku Station New Southgate Building
The East Japan Railway Company (JR East) has begun construction
of the provisionally named “JR Shinjuku Station New Southgate
Building” on the former site of JR Shinjuku Station southgate station
building. The new structure is scheduled for completion in spring
2016. This mixed-use facility will be comprised of an office building
with high specifications and advanced environmental performance,
commercial space with fashion-related shops and restaurants, and
multipurpose facilities including event halls to promote cultural
exchange. The structure is designed to encourage freer, less congested
foot traffic in the area surrounding Shinjuku Station, improving the
flow of pedestrians and making the Shinjuku Station area more
attractive overall. The building will be directly connected to Shinjuku
Station, one of the world’s largest public transit stations, and provide
excellent accessibility for business commuters and shoppers.
Large office space will occupy the 9th to 33rd floors, with an
area of up to 690 tsubo per floor and a ceiling height of 3 meters.
The pillar-free, regular-shaped layouts will provide tenants with
comfortable, flexible working spaces.
A double-skin structure using highly insulated “Low-E multi-layered
glass” will make up the exterior wall of the building. This energy-saving
measure will be incorporated with other equipment including LED
lighting, solar power generators, and zoned air-conditioning systems
to maximize energy conservation. Rooftop greening and green areas
in corridors will add to this already environmentally friendly building.
Materials provided by NTT Toshi Kaihatsu
Large-scale office building with 1,500 tsubo per floor
in one of Tokyo’s central business districts
Shinagawa provides excellent access to the larger Tokyo metropolitan area: the Tokaido Shinkansen station, providing smooth
transportation to Haneda airport and the terminal station for the
Linear Chuo Shinkansen coming in 2027. Shinagawa Season
Terrace is a large-scale office and commercial building complex
being constructed in concert with the Tokyo Metropolitan
Government’s rebuilding of the Shibaura Water Reclamation
Center. This sewage facility located in the northeast of Konan
(East) Gate of Shinagawa Station, conducted by the Tokyo
Metropolitan Government Bureau of Sewerage. Having a vast
3.5 hectares of valuable, landscaped greenery in central Tokyo,
Shinagawa Season Terrace is an environmentally-friendly,
large-scale mixed-use development that will serve as a rich
international business hub.
Office floors offer a spacious 1,500 tsubo per floor with a ceiling
height of 2.9 meters. In addition, the space accommodates
flexible layouts according to tenants’ needs. The building will
be equipped with various state-of-the-art equipment with
advanced energy-saving functions such as LED lighting with
human-detecting sensors, high function Low-E double-glazed
windows and sun-tracking electric blinds.
to set up a disaster-response room with videoconferencing
systems, projectors and dozens of computers.
Highest environmental performance
in Japan coexisting with nature
Shinagawa Season Terrace is one of the most environmentally
friendly buildings in Japan. Energy-saving systems that
efficiently use light, wind and water will be available in
common areas. For example, the Skyvoid Atrium is designed
to recycle water and take in fresh outdoor air and natural light.
The building has obtained the AAA (Level3) Building Energy
Performance Certificate rank, the highest available, from the
Tokyo Metropolitan Government. This rank is in recognition of
both the building’s Perimeter Annual Load reduction rate (PAL
reduction rate) and Energy Reduction Ratio for all installed
systems (ERR). It ranks second among buildings with superior
environmental performance in Tokyo, and boasts the top
ranking among rental office buildings (according to the Nikkei
Real Estate Market Report). Shinagawa Season Terrance has
also received a platinum rating, the highest possible, from the
DBJ Green Building Certificate system, and plans to obtain an
S rating in Comprehensive Assessment System for Building
Environmental Efficiency (CASBEE).
Extensive Business Continuity Planning (BCP)
to safeguard against disaster
Shinagawa Season Terrace will also come equipped with the
extensive BCP capabilities. The complex is a seismicallyisolated structure, uncommon for office buildings of this size
(32 stories with a total floor area of 200,000m2).
The vast green space adjacent to the building will offer a rare
open area with seasonal changes including a cherry blossom
promenade in the spring, vibrant fall foliage, and marsh gardens
along the water. Moreover, it will provide a “wind path” that
allows the wind from the ocean pass through the complex and
into the larger Yamanote area to alleviate the heat-island effects
of central Tokyo.
Emergency power generators and water tanks will allow tenants
to maintain building functions for 72 hours after an emergency.
This includes post-earthquake power outages and disruptions in
the water supply. Up to 49,700VA of electricity per floor is available not only to the common-use areas but also to the exclusive
tenant areas. In the event of an emergency, tenants will be able
Office buildings of this scale and with this level of environmental
awareness, disaster preparedness, and luxury amenities are rare
in central Tokyo. The project has already gathered attention not
only from companies looking to establish their headquarters but
also from Kansai- and Tokai- based firms seeking to establish
themselves in Tokyo and companies from overseas.
5 Sanko Estate
1 tsubo = 3.3 sqm = 35.58 sq feet
The building also incorporates a seismic vibration damping structure
to ensure the safety of people inside the building during even strong
earthquakes.
For realizing freer movement of people, the connecting pathways
between the east and westgates of Shinjuku Station are being
expanded in conjunction with preparing a pathway to allow free passage between the east and west sides by relocating the gates.
Directly connected to a major transport terminal and an already-thriving
business, commercial, and cultural center, the New Southgate Building
is poised to become the latest landmark in Shinjuku.
Materials provided by JR Higashinihon
Tokyo - Otemachi
Providing a business environment appropriate for the center of
Japanese economic activities Otemachi 1-1 Project
Mitsubishi Estate Co., Ltd. will rebuild the “Risona Maruha Building” and
“The Bank of Tokyo-Mitsubishi UFJ Otemachi Building” using
harmonized development planning.
This project has four primary goals. The first is to create a building with
the latest technology and specifications suitable for Otemachi, a center of
Japanese economy. A number of global companies are concentrated in
the Otemachi area, with unparalleled accessibility to five subway lines.
will come equipped with dual fuel gas turbines that can be operated
on medium pressure gas or heavy oil, and a large-capacity oil tank,
to prepare for power outages or limited provision of electricity during
disasters.
The project is an integral part of redevelopment of Marunouchi, known
as the most interactive town in the world, and is being carried out by
Mitsubishi Estate Co., Ltd.
The second goal is to prepare a wide range of business-support facilities
to grow Otemachi as an international business center. Approximately 120
units of serviced apartments with business support amenities, as well as
an overall comfortable living environment, will accommodate mid- and
long-term visitors staying mainly on business on the upper floors of
building B.
The third goal is to offer the most advanced, environmentally friendly
facilities and technologies. This development will see the public and
private sectors working jointly to establish a water purification facility
and a large water reservoir facility to improve the water quality in the
Imperial Palace’s outer moat. Together they will also provide a 2,800m2
community square with abundant water and greenery.
The fourth goal is to incorporate advanced urban anti-disaster functions
that will support business continuity in an emergency. The development
1 tsubo = 3.3 sqm = 35.58 sq feet
Materials provided by Mitsubishi Estate
Sanko Estate 6
Osaka - Abeno
Nagoya - Meieki
Japan’s tallest super high-rise complex
Abeno Harukas open
Transforming the face of Nagoya Station
The new Dai Nagoya Building
At 300 meters tall, Japan’s tallest super high-rise complex, Abeno
Harukas, will open March 7, 2014. The building is located in Tennoji,
one of three core areas of Osaka along with Umeda and Namba. The
building will provide necessities of business and life, from offices, a
hotel, department store, museum, observation deck, and public transit
station. Kintetsu Corporation is developing the property.
The building is located above the Osaka-Abenobashi Station on
the Kintetsu Line, offering excellent access to the rest of Osaka and
Japan. The station is a 15 minute ride from JR Osaka (Umeda) Station
and a little more than 20 minutes from Shin-Osaka Station. It is only
30 minutes to Kansai International Airport and Osaka (Itami) International Airport.
be 35 tsubo, allowing the building to accommodate a wide range of
tenants’ needs. A ground-level portico will allow smooth entry to the
office section of the building.
The building is made with the most advanced earthquake-resistant
technology, minimizing damage during earthquakes of up to 7 on the
Shindo scale. In addition, a dual fuel emergency power generator,
operable on both city gas and heavy oil, storage batteries, and other
resources equipped to ensure business continuity, providing 15VA /
m2 of electricity for about 72 hours in emergency situations.
“Abeno Harukas” is almost fully occupied even before its completion,
and will continue to draw companies to the Abeno/Tennoji area in the
future.
Retail spaces on the first basement floor to 4th floor are zoned separately from the office spaces for security reasons. On the “rooftop” of
the retail floors, which is equivalent to the 5th floor, a “sky garden”
will offer a rare green space for relaxing in front of Nagoya Station.
This floor will also serve as the business support floor for tenants,
offering facilities such as rental meeting rooms, an exclusive lounge
for workers, and a convenience store.
The building will also be equipped with the latest anti-disaster
measures. Dai Nagoya exceeds the earthquake resistance performance required by the Building Standards Act by 50%. It also comes
with a tide-prevention panel 1 meter high at the entrance on the
ground floor as an anti-flooding measure. Additional safety measures
include three power generators, two of which are installed on the 6th
floor in case of tsunami. The generators are dual fuel type that can
operate on both medium-pressure A gas, a kind of city gas known to
have high earthquake resistance, and heavy oil A, which is stored
in an oil tank and is available if the generators are required to operate
for long periods of time. The generators will deliver electricity to
tenant-exclusive areas, as well as common areas, to preserve
business continuity.
Dai Nagoya also incorporates the latest technology in sophisticated
energy-saving and comfort, including an air flow system and suntracking blinds with automatic angle adjustment.
Out of 60 floors total, offices occupy the lobby space on the 17th
and 18th floors as well as the 21st through 36th floors. Each floor
has approximately 730 tsubo of pillar-free space and can be divided
into seven sections of 72 to 126 tsubo each. Leasing by section is
possible according to tenants’ needs.
The center of the building is left open to take in natural light and outdoor air, contributing to the reduction of lighting and air-conditioning
costs in common areas. State-of-the-art equipment provides both
comfort in office spaces and a reduction of energy consumption. The
building is equipped with LED lighting on all floors, a double-skin structure
with air flow windows and Low-E multi-layered glass that reduces the airconditioning load, and a variable airflow device (VAV) for efficient
air-conditioning and “eco-information” to visualize energy usage.
Materials provided by Kinki Nihon Tetsudo
Osaka - Dojimahama
A new landmark tower in the center of Osaka’s business area
New Shin-Daibiru Building
The new Shin-Daibiru Building will emerge from the large reconstruction project currently being undertaken in Dojimahama in Kita-ku, the
business center of Osaka. The new, large-scale office building will have
33 floors total (which includes two underground levels) and a leasable
floor area of 23,000 tsubo. The building boasts excellent accessibility
with eight different public transit stations within walking distance that
provide speedy access to all areas of the city.
Materials provided by Mitsubishi Estate
Dai Nagoya Building evokes the image of a large tree on a
green hill, growing toward the sky.
The original structure was completed in 1965 based on the latest
anti-earthquake and fire-resistant learning from the Ise-wan
Typhoon. With its prime location in front of a station and with its
well-known name, the building had been popular for a long time
as a face of the city of Nagoya. The aging of building had become
more and more conspicuous, and there was a concern that natural
disasters could harm this landmark and its tenants. The reconstruction, planned for completion in 2015, will address these concerns
and preserve the face of Nagoya. The new building, at the request
of many who were fond of its predecessor, will keep the name “Dai
Nagoya.”
The building exterior features large stone-clad eaves, 3.2 meters on the
east and west sides and 1.8 meters on south and north sides. These
eaves shield the building from the sun and reduce the air conditioning
load while still providing excellent views of the surrounding area.
The renovated building will offer office space on the 5th to 31st floors.
Pillar-free, regular shaped floors with a standard floor space of 487
tsubo allow tenants to have flexible, efficient, and tailored office
layouts with no dead space. The ceilings are at a comfortable height of
2.8 meters.
Environmental awareness and emergency preparedness are essential
parts of the renovation. The New Shin-Daibiru Building will offer
approximately 1,000 tsubo of green space around the building,
called the “Forest of Dojima.” BCP measures are also in place. With a
vibration-damping structure, the building absorbs more vibration than
the average earthquake-resistant structure, providing an even higher
level of earthquake resistance and safety. In addition, the building is
equipped to provide electricity to both important functions such as
anti-disaster facilities, lighting and toilets, and to tenant rental spaces
(15VA/m2). A 72-hour operational emergency power generator will
take over in case of grid power outages. A sump pit will make
restroom facilities available even in emergency situations.
This new landmark will open in the center of Osaka’s business district
in March 2015.
7 Sanko Estate
The Dai Nagoya Building’s glass façade is decorated at random
intervals with 20cm and 40cm vertical fins to evoke the trunk,
branches and leaves of a large tree. The fins are not only an aesthetic
consideration, but also placed so as to shield the building from sun
and reduce the thermal load, while being strategically placed so as to
not obstruct tenants’ views. An automatic window cleaning function
using gondolas is also incorporated.
Sky Garden
Contributing to the community with the cooperation of Nagoya City.
In a rare move for any city in Japan, the Dai Nagoya redevelopment
removed an underused city road, making effective use of the land. In
addition, the complex will incorporate facilities that contribute to the
larger Nagoya community, such as pedestrian networks in line with
the flow of the surrounding areas and underground bicycle parking
space that can accommodate 960 bicycles, a first of its kind in
Chukyo area.
Zoning office floors and retail floors
“Interactive zones” bridge the gaps in between
Office spaces on the 7th to 33rd floors are easy-to-use, pillar-free
areas with about 734 tsubo per floor. The minimum leasing area will
Materials provided by Dai building
1 tsubo = 3.3 sqm = 35.58 sq feet
1 tsubo = 3.3 sqm = 35.58 sq feet
Sanko Estate 8
Nagoya - Meieki
Nagoya - Meieki
Sapporo
A building for the modern office worker
JP Tower Nagoya
The highly-convenient new
JR Gate Tower
Three large office buildings
stand along Odori in the
center of Sapporo.
Central Japan Railway Company and JR Central Building Co., Ltd.
JR Tokai are erecting “JR Gate Tower” to stand adjacent to the
Nagoya landmark JR Central Towers. Completion is slated for the
end of 2015.
The first is Sapporo Odori-nishi 4 Building, completed in April
2013. The building has 14 floors total, which includes two
basement floors. Each floor offers pillar-free space of approximately
139 tsubo. The massive, elegant façade and neo-classic design
gives the property an unmistakable presence.
Regular-shaped office spaces allow for easy layouts, with an
area of 717 tsubo per floor. The floor space can be divided into
sections as small as to 65 tsubo, according to the needs of the
tenants. In addition, business continuity measures are in place
to ensure offices can remain safe and continue functioning in the
event of a disaster: Earthquake-resistant capabilities allow the
structure to withstand an earthquake up to an intensity of Shindo
7. Anti-disaster measures keep the building autonomous in case
city utilities are disrupted, and include water sealing panels, a
power reception system using two lines, power reception equipment on the upper floors of the building in case of flooding, and
an emergency power generator that can provide electricity for up
to 72 hours.
Also in the works is the Nagoya City Terminal Station of the
Linear Chuo Shinkansen Line, and part of this terminal station
will utilize Nagoya Station New Building’s underground space.
This gives the structure unparalleled access to Nagoya and Japan
overall, and attract other business and commerce with the regular
flow of people.
Wall greening
The second is the provisionally named Sapporo Mitsui JP
Building, scheduled for completion in August 2014. It is a largescale mixed-use building with 23 floors, including three below
ground, with a total floor area of more than 20,000 tsubo. Offices
occupy the 6th to19th floors. Each floor is approximately 560
tsubo in size with a ceiling height of 2.8 meters. As the space has
no pillars and faces out on three sides, tenants can enjoy bright,
spacious, flexible, and efficient office layouts.
The third building is the Meiji Yasuda Seimei Sapporo Odori
Building, scheduled for completion in January 2015. This building
is currently undergoing development at the intersection of Odori
and Sapporo Ekimae-dori. One of its most appealing features is
the outstanding accessibility. Directly connected to the Odori Station
subway, tenants are ensured trouble-free pedestrian access even
in inclement weather.
When completed, the Meiji Yasuda Seimei Sapporo Odori Building
will have 15 floors total, including one basement floor, with a
total floor area of approximately 2,500 tsubo. Placing priority on
tenants’ safety and the peace of mind, the building will incorporate a high-grade vibration-damping structure equipped with an
oil damper. This is in addition to a basic structure with 1.25
times the earthquake resistance required by the Building
Standards Act.
Tenants’ Common area
Materials provided by Nihon Yubin
Outstanding accessibility with direct connection to
Nagoya Station and the larger Nagoya area.
An office building with the motto “Nagoya the first” is currently
under construction in front of Nagoya Station and will open in fall
2015. For Japan Post, the real estate business is their “fourth business,”
and JP is making company-wide efforts to develop this branch so
that it can support its three main businesses of postal services,
savings and insurance.
The concept of the building is “for the modern office worker.” Its
accessibility is a huge appeal. Workers can access the building
directly via a pedestrian deck from the second floor of JR Nagoya
Station. Direct access from underground passages connecting to two
subway lines and from a newly prepared bus terminal will also be
available. Furthermore, it will stand adjacent to the Nagoya Station
of Linear Chuo Shinkansen scheduled to open in 2027.
Tenants’ common area provide strong support to
office workers
Offices will occupy the 5th to 39th floors of the 40-story building.
The easy-to-use, pillar-free, regular-shaped floors have an area
of approximately 700 tsubo and the minimum leasable area is 39
tsubo. The goal is to accommodate not only the needs of large-scale
operations but also small-scale needs. This motivation toward
flexibility and accommodation comes from Japan Post’s management
policy, which focuses on the public good.
Two rooms for relaxing and multi-function toilets with accessible
facilities, will be placed on each floor. The core functions of the
building such as elevators are positioned on the west end, and the
layout is designed to contribute to energy-saving by reducing the
effect of sunlight while securing an unobstructed view on the east side,
from which Nagoya castle and other landmarks can be seen.
9 Sanko Estate
Particularly noteworthy is the tenants’ common area on the 13th
floor. The floor includes a cafeteria for tenants to eat lunch, a lounge
where they can rest and relax, a café that can be used for quick
meetings, various types of rental meeting rooms, and a convenience
store.
“Meieki 1-1-1” contributes to the growth of tenants
The new building has a full array of anti-disaster measures, to
answer concerns over the Tokai and Tonankai earthquakes. A
vibration-damping structure is incorporated in the construction, as
the building is horizontally long therefore potentially susceptible to
winds. The building is also highly secure against earthquakes as a
result. In addition, the electrical control room is placed on the 4th
floor as a measure against flooding, and an electrical water shielding
panel of about 60cm in height is installed at the entrance and exit of
the building. In emergencies, the water shielding panel will deploy
automatically more speed and accuracy than if done manually.
In order to create a rich and comfortable space in front of Nagoya
Station, rooftop greening and wall greening will be incorporated for
the parking building. A step garden and an avenue garden with
abundant greenery will also be incorporated into the premises.
Altogether the new Nagoya Station-facing development will include
three buildings. It promises to be one of the most modern, in-demand
business hubs not only in the Tokai area but on a global scale will be
established.
Out of the three properties, Meieki 1-1-1 will be the flagship building
and providing sophistication and convenience. A model office,
complete with fixtures, has been set up to give tenants a concrete
image of their facilities before they move in. Tenants with the “Meieki
1-1-1” address will be able to enhance their corporate image and
performance.
1 tsubo = 3.3 sqm = 35.58 sq feet
Sendai
Fukuoka
Sendai Station, a gateway to
Tohoku. Reorganizing and
revitalizing the east gate area
Sendai Station East Gate
Development
Redevelopment in front of
Hakata Station
Two new properties emerge
East Japan Railway Company (JR East) is redeveloping the
Sendai Station east gate, with a planned completion in fiscal 2016
or 2017. The project will expand the passageway connecting the
east gate and the west gate of the station. New buildings housing
retail facilities and railway facilities will populate both sides of the
passageway. A south building with six floors and a north building
with five floors total, one below ground, are scheduled to be
completed in spring 2016. A hotel building with 15 floors total,
including one basement floor, is scheduled for completion in
spring 2017. This project utilizes the valuable space above the
railroad tracks and the land on the east side to create a lively
business and commercial center, improving pedestrian traffic
between the east and west gates. Expectations are running high
for the improved convenience of Sendai Station, a gateway to
Tohoku.
Construction of two new buildings has begun in front of the
Hakata Station, scheduled for completion in spring 2016.
One is a co-development by Kyushu Railway Company and Japan
Post Co., Ltd. This building offers 16 floors total, which includes
three basement floors. It will have offices, shops, restaurants and
parking. The second building is being developed by Japan Post
Co., Ltd. and will have 14 floors total, which includes three
basement floors, and incorporate retail facilities and parking.
Situated in a prime location in front of the bustling Hakata
Station, the new buildings are guaranteed to draw attention.
1 tsubo = 3.3 sqm = 35.58 sq feet
Sanko Estate 10
List of Urban Developments
2013
Jan
Akasaka Center Bldg.
Minato Ward/MotoAkasaka1
Feb
WATERRAS TOWER
Chiyoda Ward/Kanda Awajicho2
2014
Scale 1Floor
20
41
420
Jan
1
710
Jan
29
530
2
Ochanomizu Sola City
Chiyoda Ward/Kanda Surugadai4
23
920
Jan
Mar
Tokyo Square Garden
Chuo Ward/Kyobashi3
24
1040
3
Aug
Otemachi Tower
Chiyoda Ward/Otemachi1
38
930
4
ARK Hills South Tower
Minato Ward/Roppongi1
20
570
Lazona Kawasaki Toshiba BIdg.
Kawasaki /Saiwai Ward
15
TKS Musashikosugi Bldg.
Kawasaki /Nakahara Ward
11
Feb
Kabukiza Tower
Chuo Ward/Ginza4
Mar
Mar
May
May
TOMOS MITO Bldg.
Mito/ DaikuMachi 1
Sep
WESTRIO Chiba Fukoku
Seimei Bldg.
Chiba / Chuo Ward
Feb
Daibiru Main
Osaka/Kita Ward
Mar
Grand Front Osaka A/B/C
Osaka/Kita Ward
22
Kinki area
23
Kyushu, Okinawa area
11 Sanko Estate
Feb
Shinagawa Season Terrace
Minato Ward/Konan1
32
1500
Mar
*Jimboucho PJ.
Chiyoda Ward/Kandanishikicho3
17
630
*Tokyo Panasonic Bldg. 1 PJ.
Minato Ward/Shibakoen1
20
9
10
24
270
Kyobashi Trast Tower
Chuo Ward/Kyobashi2
21
490
Apr
*Nishi Shimbashi 1chome PJ.
Minato Ward/NishiShimbashi1
22
530
*Nihonseimei Marunouchi
1chome PJ.
Chiyoda Ward/Marunouchi1
22
June
Iidabashi Grand Bloom
Chiyoda Ward/Fujimi2
30
June
Tranomon Hills Mori Tower
Minato Ward/Toranomon1
Aug
Nihonbashi Daiya Bldg.
Chuo Ward/Nihombashi1
June
5
360
6
350
7
180
8
Aug
*Toyosu 3-2 PJ.
Koto Ward/Toyosu ３
11
*Kitashinagawa 5 chome PJ.
A-1/C-1
Shinagawa Ward/Kitashinagawa5
21
440
300
580
31
/20 /440
60
760
Mar
*Seiwa Umeda Bldg.
Osaka/Kita Ward
21
220
Oct
Ujiden Bldg.
Osaka/Kita Ward
13
320
Mar
Shin-Daibiru Bldg.
Osaka/Kita Ward
31
470
Oct
*ORE Hakuromachi 3 chome
Bldg.
Osaka/Chuo Ward
180
July
*Hanwa Kogyo Osakahonsya
Bldg.
Osaka/Chuo Ward
14
260
28
29
30
JP Tower Nagoya
Nagoya/Nakamura Ward
40
700
20
300
12
130
Jan
Meijiyasuda Seimei Saporo
Odori Bldg.
Sapporo/Chuo Ward
14
110
Mar
*Shin Kushiro Dogin Bldg.
Kushiro/KitaOdori
6
250
Mar
Avanza Chifune
Matsuyama /Chifune
Mar
Kochi Denki Bldg.
Kochi/honmachi
Sep
Dai 3 Myojyo Bldg.
Fukuoka/Chuo Ward
10
270
8
300
8
150
33
34
20
550
Aug
*Eastern Bldg.
Sendai/Aoba Ward
9
270
July
*Kyubancho MG Bldg.
Wakayama/Kyubancho
6
160
Mar
42
*TERASO 2
Fukuoka/Hakata Ward
820
2017 *Toyosu 2 PJ. A
May Koto Ward/Toyosu2
35
1010
Nov
*Otemachi 1-1 PJ. B
Chiyoda Ward/Otemachi1
29
1000
2017 *Matsuzakaya Ueno PJ.
Taito Ward/Ueno3
Sep
23
300
Nov
*Toyosu PJ. 2-B
Koto Ward/Toyosu2
22
650
2017 *Fujibiru PJ.
Chiyoda Ward/Marunouchi3
Oct
25
1000
Dec
*Nittetsu Nihonbashi Bldg. PJ.
Chuo Ward/Nihombashi1
17
300
2018 *Toranomon 4 chome PJ.
Minato Ward/Toranomon4
Jan
40
970
33
640
2018
Jan/
Dec
2017
Dec
Nov
180
32
2018 *Otemachi 2 chome PJ. A/B
May Chiyoda Ward/Otemachi2
450
7
*Kyobashi 2 chome West PJ.
Chuo Ward/Kyobashi2
1390
15
Shinmachi Cube
Aomori /Shinmachi
Oct
10
2017 *Tokyo Gas Shibaura PJ. A/B 40/40 800
Mar Minato Ward/Shibaura1
/600
2018 *Shibuyaeki South PJ.
Mar Shibuya Ward/Shibuya3
Nagoya Tokyo Kaijyo Nichido
Bldg.
Nagoya/Naka Ward
Oct
850
21
June
460
35
300
730
14
2017 *Shin Hibiya PJ.
Chiyoda Ward/Yurakucho1
Apr
18
34
NTT Higashinihon Sendai
Aobadori Bldg.
Sendai/Aoba Ward
1850
430
Dai Nagoya Bldg.
Nagoya/Nakamura Ward
May
13
25
Abeno Harukasu
Osaka/Abeno Ward
Sapporo Mitsui JP Bldg.
Sapporo/Chuo Ward
*Ginza 6 chome PJ.
Chuo Ward/Ginza6
*Ueno 2 chome PJ.
Taito Ward/Higashiueno2
Apr
Aug
Aug
Dec
390
39
1600
1030
Oct
Sapporo Odori Nishi 4 Bldg.
Sapporo/Chuo Ward
OdoriNshi4
24
52
350
Mar
2017 *Osaki PJ.
Mar Shinagawa Ward/Nishishinagawa1
20
14
38
800
830
FujiFilm Nagoya Bldg.
Nagoya/Naka Ward
Nigata Nipposha Mediaship
Nigata/Chuo Ward
38
22
Apr
Jan
*Okubo 3chome West PJ.
Shinjuku Ward/Okuba3
*Otemachi 1-1 PJ. A
Chiyoda Ward/Otemachi1
250
32
780
May
17
Nov
1590
27
37
2017 *Hamamatsucho 2 chome PJ. 42/26 500
Mar A3/B
/530
Minato Ward/Hamamatsucho2
1000
800
11
650
40
19
20
26
20
2017 *Akasaka 1 chome PJ.
Mar Minato Ward/Akasaka1
*Roppongi PJ.
Minato Ward/Roppongi3
710
14
840
/830
/510
1010
40
*Tunabacho Business Center
Fukuoka/Hakata Ward
250
1 tsubo = 3.3 sqm = 35.58 sq feet
June
35
36
Jan
41
Jan
8
*Shin Dai 2 Toyota Bldg.
Nagoya/Nakamura Ward
JR Gate Tower
Nagoya/Nakamura Ward
*Kita 2 jyo Nishi 3 chome PJ.
Sapporo/Chuo Ward
25
390
46
710
13
300
35/33 1000
/700
*Nihonbashi 2 chome PJ. A/C 26/31 370
Chuo Ward/Nihombashi2
/750
*Omiyaeki East Daimoncho
2chome PJ.
Saitama/Omiya Ward
18
400
2017 *Nakanoshima festival
May Tower (West)
Osaka/Kita Ward
41
820
2019 *Nankaikaikan PJ
Mar Osaka/Chuo Ward
29
800
2019 *Osakaeki PJ./ Umeda 3 chome
PJ.
Apr
Osaka/Kita Ward
40
900
-
-
28
330
2017 *Global Gate
Nagoya/Nakamura Ward
37
2017 *Shimin koryu Fukugo Shisetsu
PJ.
Jan
Sapporo/Chuo Ward
*Sendai Station Eastgate PJ.
260
Mar
43
1 tsubo = 3.3 sqm = 35.58 sq feet
Scale 1Floor
2017 *Shinseiginko PJ.
Chiyoda Ward/Uchisaiwaicho2
Jan
May
26
16
36
1270
690
*Tekko Bldg.
Chiyoda Ward/Marunouchi1
13
31
33
Oct
12
*Kioicho PJ.
Chiyoda Ward/Kioicho1
2017 ∼
Scale 1Floor
*JR Shinjuku Station New
Southgate Bldg.
Shibuya Ward/Sendagaya5
18
510
*Otemachi 1 chome PJ. 3rd
Phase A
Chiyoda Ward/Otemachi1
Mar
720
*Omiya Sakuragicho 1 chome
PJ.
Saitama/Omiya Ward
38
/38
/33
15
30
Sep
25
Mar
*Futako Tamagawa East 2-A PJ.
Setagaya Ward/Tamagawa1
Yokohama I Mark Place
Yokohama/ Nishi Ward
380
14
June
Mar
22
Mar
16
10
Tohoku area
Shikoku, Chugoku area
550
*Keiojuki Bldg.PJ.
Shibuya Ward/Sasazuka1
Yodoyabashi Mid Cube
Osaka/Chuo Ward
31
Hokkaido area
11
22
2016
Scale 1Floor
Jan
Dec
24
Chubu, Tokai, Hokuriku area
7
2000
Muromachi Furukawa Mitsui
Bldg.
Chuo Ward/Nihombashi
Muromachi2
310
Apr
Apr
Tokyo metropolitan area
17
Osaki Wiz Tower
Shinagawa Ward/Osaki2
Feb
Aug
2015
Scale 1Floor
Muromachi Chibagin Mitsui
Bldg.
Chuo Ward/Nihombashi Muromachi1
*Hakataekimae PJ.
Fukuoka/Hakata Ward
12
-
* Provisional name
- Abbreviations are used in some part.
- Scale refers to the number of floors above ground, and
one floor refers to the standard floor area in tsubo.
- Building names, completion times, structure, etc. may
change depending on the progress of future work.
Sanko Estate 12
OFFICE MARKET DATA
OFFICE MARKET DATA
Rent (¥/tsubo)
Office Market
Data
Large-scale
Medium/large-scale
Medium-scale
30,000
Large-scale 18,500
Medium/
Large-scale 16,800
Medium-scale12,855
25,000
18,597
16,285
13,774
20,000
15,000
10,000
SHINJUKU
Chuo
Ward
Higashi-Nihombashi,
Shinkawa
Large-scale
Medium/
Large-scale
Medium-scale
16,610
12,731
11,138
Kyobashi,Yaesu,
Nihombashi
5,000
0
TOKYO
Nihombashi-Honcho,
NihombashiMuromachi
35,000
Large-scale
Medium/
Large-scale
Medium-scale
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
22,000
19,667
17,375
HATCHOBORI
Vacancy (%)
Large-scale
Medium/large-scale
Medium-scale
15.0
12.5
CHIYODA
10.0
9.76%
5.79%
5.74%
7.5
CHUO
5.0
Ginza
Large-scale
Medium/
Large-scale
Medium-scale
Tsukiji,Shintomi,
Kayabacho
18,000
22,676
20,227
Large-scale
Medium/
Large-scale
Medium-scale
19,620
14,717
12,263
2.5
SHIBUYA
0.0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
MINATO
150,000
120,000
90,000
Building size (net leasable area/floor)
Large-scale buildings:
200 tsubo or more
Medium/large-scale buildings: 100 to less than 200 tsubo
Medium-scale buildings:
50 to less than 100 tsubo
1 tsubo = 3.3 sq m = 35.58 sq feet
TOKYO
Rent (¥/tsubo)
Uchikanda,
Kajicho
Chiyoda
Ward
Large-scale
Medium/
Large-scale
Medium-scale
Iidabashi,Kudan
Large-scale
Medium/
Large-scale
Medium-scale
19,350
15,932
13,545
15,303
13,053
Sotokanda,
Iwamotocho
Large-scale
Medium/
Large-scale
Medium-scale
14,750
14,005
12,521
17,740
16,331
14,782
YURAKUCHO
Marunouchi,
Otemachi
Large-scale
Medium/
Large-scale
Medium-scale
39,167
-
27,800 29,700
30,000
0
35,000
30,000
30,000
2010
20,700 23,400
2011
2012
2013
Large-scale
2014
2015
Medium/large-scale
2016
Medium-scale
Large-scale
Medium/
Large-scale
Medium-scale
15,000
5,000
0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Large-scale
Medium/large-scale
15.0
15.0
12.5
12.5
10.0
10.0
8.96%
6.61%
4.27%
5.0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Large-scale
Medium/large-scale
Medium-scale
7.5
7.09%
6.03%
5.0
0.0
23,000
16,296
14,609
Roppongi,
Azabu
Large-scale
Medium/
Large-scale
Medium-scale
16,800
15,200
13,522
HAMAMATSUCHO
TAMACHI
9.84%
2.5
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Shimbashi,
Toranomon
Large-scale
Medium/
Large-scale
Medium-scale
Vacancy (%)
Medium-scale
7.5
23,213
16,898
17,306
10,000
0
Vacancy (%)
19,315
15,169
14,733
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Rent :¥/tsubo (CAM charge inclusive)
Shibaura,
Kaigan
Hamamatsucho,
Takanawa
Large-scale
Medium/
Large-scale
Medium-scale
17,239
14,924
13,884
Large-scale
Medium/
Large-scale
Medium-scale
12,663
11,788
11,122
SHINAGAWA
Rent :¥/tsubo
bo (CA
((CAM charge inclusive)
Supply (tsubo)
Supply (tsubo)
150,000
150,000
120,000
90,000
82,300
97,300
80,200
31,500
30,000
2010
2011
2012
2013
2014
44,100
60,000
35,600
30,000
2009
64,200
54,700
49,500
37,400 37,900
120,000
90,000
70,500
60,000
0
13 Sanko Estate
TOKYO
Minato
Ward
Akasaka,
Aoyama
20,000
5,000
2.5
The rents which peaked at the end of 2008, immediately after the
global financial crisis, have continued on a downward trend and
have yet bottomed out. The vacancy rate decreased again in largescale office buildings after increasing in 2012 due to a large supply,
recording a year-on-year decrease in all sizes of office buildings.
Since the new supply in 2014 will be half that of the previous year,
further improvement in the supply and demand balance is expected.
As is the case with Chiyoda Ward, the rents continue on a downward
trend for all sizes of office buildings after peaking at the end of 2008,
immediately after the global financial crisis. While the vacancy
rate for medium/large-scale and medium-scale office buildings
continues on a downward trend after peaking in 2010, the vacancy
rate for large-scale office buildings has remained almost flat since
2011 affected by a large new supply. The new supply is expected to
peak in 2015 surpassing the level of 2013.
25,000
20,136
15,519
13,360
20,000
0.0
2009
37,400
33,500
Rent (¥/tsubo)
Medium-scale
10,000
TOKYO
Large-scale
Medium/
Large-scale
Medium-scale
Medium/large-scale
15,000
IMPERIAL
PALACE
Kojimachi,
Bancho
Large-scale
48,700
47,000
60,000
35,000
25,000
AKIHABARA
KANDA
Rent :¥/tsubo (CAM charge inclusive)
Supply (tsubo)
2015
2016
1tsubo = 3.3sq m = 35.58sq feet
0
21,000
2009
2010
33,000
26,100
2011
17,800
2012
2013
1tsubo = 3.3sq m = 35.58sq feet
2014
2015
While the rents for large-scale office buildings turned upward after
five years, a downward trend for medium/large-scale and mediumscale office buildings has been continuing for five years. Although
the vacancy rate for large-scale office buildings remains flat in
the mid-7% level, the vacancy rate for medium/large-scale and
medium-scale office buildings has continued to decrease to below
10%, showing contrasting trends. The peak for new supply in the
next three years is expected to come in 2015.
2016
Sanko Estate 14
OFFICE MARKET DATA
OFFICE MARKET DATA
Rent (¥/tsubo)
TOKYO
Large-scale
Medium/large-scale
Takadanobaba,
Okubo
Large-scale
Medium/
Large-scale
Medium-scale
Large-scale
Medium/
Large-scale
Medium-scale
Large-scale
Medium/
Large-scale
Medium-scale
10,000
OKUBO
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Vacancy (%)
Large-scale
Medium/large-scale
6,000
0
12.5
7.5
Vacancy (%)
Medium/large-scale
Medium-scale
12.51%
10.57%
12
8
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
0
Supply (tsubo)
Against the backdrop of a small new supply, the vacancy rate for all
sizes of office buildings dropped by around 2 percentage points from
the end of the previous year when it was over 10%. While the supply
and demand balance improved, rents for large-scale office buildings
which had showed signs of bottoming out again turned downward.
Rents for medium/large-scale and medium-scale office buildings
still show a moderate downward trend that have been continuing
since 2008 and 2009, respectively.
7,000
7,500
7,423
SAPPORO
20,000
120,000
16,000
90,000
12,000
47,700
60,000
5.99%
2009
2010
16,000
2,400
2011
2012
Large-scale
0
2013
2014
0
2015
Medium/large-scale
5,600
4,800
3,300
2,000
0
2009
2010
2011
Rent (¥/tsubo)
Medium-scale
Large-scale
Medium/
Large-scale
Medium-scale
Odori-Nishi
Large-scale
Medium/
Large-scale
Medium-scale
1,400
1,200
2012
2013
Large-scale
2014
2015
10,143
8,561
8,062
19,348
17,904
16,192
20,000
YOYOGI
15,000
Large-scale
Medium/
Large-scale
Medium-scale
Large-scale
Medium/
Large-scale
Medium-scale
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Vacancy (%)
Large-scale
Medium/large-scale
Medium/large-scale
SHIBUYA
15.0
Ebisu,Hiroo
Large-scale
Medium/
Large-scale
Medium-scale
17,500
14,741
20,987
16,680
EBISU
11,661
10,222
9,499
SENDAI
Kencho
Large-scale
Medium/
Large-scale
Medium-scale
6,000
13,676
10,080
8,594
Izumichuo
0
Large-scale
Medium/large-scale
2.5
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Ichibancho
20
Large-scale
Medium/
Large-scale
Medium-scale
11.83%
11.42%
10.98%
10
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Rent :¥/tsubo (CAM charge inclusive)
SENDAI
Eki-Higashi
Large-scale
Medium/
Large-scale
Medium-scale
12,422
11,020
9,967
Ryutsu,
other areas
Itsutsubashi
9,500
10,332
Large-scale
Medium/
Large-scale
Medium-scale
9,375
7,190
7,764
Rent :¥/tsubo (CAM charge inclusive)
Supply (tsubo)
Against the backdrop of robust demand for office space from
information/telecommunication/IT industries, the vacancy rate for all
sizes of office buildings accelerated the downward trend, reaching the
2% level for large-scale office buildings and 3% level for medium/largescale office buildings, improving the supply and demand balance. As for
new supply,“JR Shinjuku Station New Southgate Building (provisional
name)”located adjacent to the south gate of Shinjuku Station is
scheduled for completion in 2016. The market is showing strong
interest in the office space of over 17,000 tsubo to be offered.
12,612
8,959
10,068
Large-scale
Medium/
Large-scale
Medium-scale
5
0
12,000
9,024
8,896
Medium-scale
25
7.5
5.0
12,676
12,585
10,377
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Vacancy (%)
15
5.25%
3.27%
2.64%
Large-scale
Medium/
Large-scale
Medium-scale
Ekimae-Honcho
Large-scale
Medium/
Large-scale
Medium-scale
10.0
0.0
10,500
7,627
7,666
Medium-scale
9,000
Medium-scale
12.5
Sakuragaoka,
Nampeidai
6,250
7,535
The vacancy rate has declined for all sizes of office buildings due
to the increase of relocation demand in line with the increased
demolishing of old buildings for reconstruction since 2011. The fall
in rent also stopped accordingly. However, although new relocation
demand is expected to arise due to completion of a large-scale
mixed-use building in 2014, vacancy rate is likely to turn upward as
the supply increases.
3,000
5,000
20,980
19,793
18,081
Large-scale
Medium/
Large-scale
Medium-scale
Rent :¥/tsubo (CAM charge inclusive)
10,000
0
Shiroishi,
Shin-Sapporo
Hiragishi,Sumikawa
Toyohira,Fukuzumi
2016
12,000
25,000
Shibuya,
Dogenzaka
9,500
10,163
7,428
12,423
10,504
9,088
15,000
30,000
14,713
15,308
12,666
10,100
4,000
0
2016
35,000
15,000
19,538
15,075
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
8,000
36,400
30,000 13,300 10,400
Rent (¥/tsubo)
Yoyogi,
Sendagaya
HARAJUKU
Odori-Higashi
Large-scale
Medium/
Large-scale
Medium-scale
Supply (tsubo)
150,000
0
15 Sanko Estate
Large-scale
Medium/
Large-scale
Medium-scale
4
2.5
Rent :¥/tsubo (CAM charge inclusive)
Large-scale
Medium/
Large-scale
Medium-scale
Large-scale
5.0
20,000
12,188
12,527
0.0
Large-scale
Medium/
Large-scale
Medium-scale
12,500
10,120
9,414
Maruyama,
Kotoni
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
16
9.68%
8.70%
7.86%
10.0
Large-scale
Medium/
Large-scale
Medium-scale
Shibuya
Ward
Kitaguchi
Large-scale
Medium/
Large-scale
Medium-scale
Ekimae-dori
Yotsuya,
Ichigaya
TOKYO
SAPPORO
6,180
Large-scale
Medium/
Large-scale
Medium-scale
20
ICHIGAYA
16,505
16,618
15,388
9,000
Medium-scale
15.0
SHINJUKU
Nishi-Shinjuku
Kita 24 jo, Asabu,
Motomachi,
Sakaemachi
10,877
8,595
7,664
3,000
5,000
IDABASHI
22,500
14,097
14,746
16,507
13,215
13,117
15,000
12,677
12,232
Shinjuku,
Kabukicho
Hatsudai,Honcho,
Sasazuka
Medium-scale
12,000
20,000
Waseda,
Kagurazaka
0
Large-scale
Medium/
Large-scale
Medium-scale
Medium/large-scale
25,000
TAKADANOBABA
Large-scale
Medium/
Large-scale
Medium-scale
Large-scale
15,000
30,000
14,297
11,029
11,364
Rent (¥/tsubo)
Medium-scale
35,000
Shinjuku
Ward
Supply (tsubo)
50,000
25,000 21,400
40,000
28,400
30,200
30,000
The vacancy rate had been on a continuous downward trend since
the Great East Japan Earthquake, but the pace began to slow down
after reaching the 11% level for all sizes of office buildings. Due
partly to the slowing of post-earthquake reconstruction demand,
the market remains with little factors for change.
20,000
14,700
15,000
18,500
20,000
0
7,300
10,000
7,300
10,000
4,000
2,800
2009
2010
2011
4,900
5,000
500
2012
2013
2014
2015
2016
1tsubo = 3.3sq m = 35.58sq feet
0
1,500
1,300
2009
2010
2011
2012
0
2013
1tsubo = 3.3sq m = 35.58sq feet
2014
0
2015
0
2016
Sanko Estate 16
OFFICE MARKET DATA
OFFICE MARKET DATA
Supply (tsubo)
80,000
Umeda
ESTASTAT
ESTASTAT
SANKO
0
Kita
Ward
ート 三幸エ
ESTASTAT
SANKO
ES
Large-scale
Medium/
Large-scale
Medium-scale
ステート 三幸
エステート 三幸
エステート 三幸エ
ステート 三
幸エステー
ト 三幸エス
テート 三幸
エステート
ANKO
ESTASTAT
SANKO
ESTASTAT
SANKO
20,534
13,479
11,578
ESTASTAT
エ
2012
2013
2014
2015
Large-scale
Medium/large-scale
20,000
ス
ー
ト
13,386
11,439
9,212
三
幸 エス
テ
ー
ト三
幸エステート 三幸
エステート
SANKO
ESTASTAT
SANKO
ESTASTAT
SANKO
ESTASTAT
SANKO
テート
SANKO
三幸エステート 三幸エステート 三幸エステート 三幸エステートANKO
15,000
10,000
ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO
ESTASTAT三幸エステ
ESTASTAT SANKO ESTASTAT三幸エステート 三幸エステート 三幸エステート 三
0
Medium-scale
Large-scale
Medium/large-scale
エステート100%100%100%100%ステート 三幸エステート 三幸エステート
三幸エステート 三幸エステートSANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT
SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT三幸エステート 三幸エ
OSAKA
幸エステートテート 三幸エステート 三幸エステート 三幸エステート 三幸エステー
トSANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO
Dojima,
Nakanoshima
ESTASTAT SANKO ESTASTAT三幸エステート 三幸エステート 三幸エステート 三幸エステ
ート 三幸エステート 三幸エステート 三幸エステート 三幸エステートANKO ESTASTAT
0
SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT
三幸エステート 三幸エステート 三幸エステート 三幸エステート 三幸エステート 三幸エステ
ート 三幸エステート 三幸エステートSANKO ESTASTAT SANKO ESTASTAT SANKO
ESTASTAT
ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT三幸エステート 三幸エステ
Chikusa
12
12.04%
11.48%
8.45%
8
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
幸エステ
ート 三
幸エステ
17,233
12,655
10,511
ート 三
ESTASTAT SANKO ESTASTAT三幸エステート 三幸エステート 三幸エステート 三幸エステート 三幸エステート 三幸エステート 三
幸エステートテート 三幸エステート 三幸エステート 三幸エステート 三幸エステートSANKO ESTASTAT SANKO ESTASTAT SANKO
ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT三幸エステート 三幸エステート 三幸エステート 三幸エステート 三
幸エステート 三幸エステート 三幸エステート 三幸エステートANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT
SANKO ESTASTAT SANKO ESTASTAT三幸エステート 三幸エステート 三幸エステート 三幸エステート 三幸エステート 三幸エステート 三幸
三幸エステートSANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT三
ート 三幸エステート 三幸エステート 三幸エステート 三幸エステート 三幸エステート 三幸エステートANKO ESTASTAT
NKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT三幸エステート 三幸エステート 三幸エステート 三幸エ
%100%100%ト 三幸エステート100%100%100%100%ステート 三幸エステート 三幸エステート
TASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT三幸エステート 三幸エス
テートANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT
ート 三幸エステート 三幸エステートテート 三幸エステー
KYOBASHI
三幸エ
SANKO
ステー
ESTASTAT
ト 三幸
テート 三幸エステ
エステー
SANKO
ト 三幸
ESTASTAT
エステー
ESTASTAT
ト 三幸エステート 三幸エ
三幸エステートANKO ESTASTAT SANKO
ート 三幸エ
ESTASTAT
幸エステート
SANKO
ート 三幸エ
三幸エス
ESTASTAT
ESTASTAT
三幸エステート
テートANKO
SANKO
SANKO
SANKO
ESTASTAT SANKO ESTASTAT
ESTASTAT
SANKO ESTASTAT SANKO ESTASTAT三幸エステート 三幸エス
ート 三幸エ
ト 三幸エステート 三幸
エステー
ト 三幸エ
16
ステート 三幸エステ
ートSANKO ESTASTAT SANKO
ESTASTAT SANKO
ESTASTAT SANKO
ESTASTAT SANKO ESTASTAT
SANKO
ESTA
ステー
ESTAST
Rent :¥/tsubo (CAM charge inclusive)
AT
SANK
ト 三幸エ
O
ステー
ト 三幸エ
12
ステート 三幸
エステー
ト 三幸エ
ステート
ステ
ート
三幸
三幸エステ
ート
エス
ートSANKO
テー
ESTASTAT
三幸
ト三
SANKO
幸エ
ESTASTAT
エス
8
ステ
SANKO
テー
ート
ESTASTAT
三幸
SANKO ESTASTAT
Medium-scale
12.73%
12.34%
8.67%
ステー
ESTAST
AT
SANKO
ステート 三幸エステ
ート 三幸エステ
ス
テ
Medium/large-scale
ESTASTAT三幸
エステ
ト 三幸 エステート 三
ステート
テート 三幸エステート 三幸エステート 三幸エステー
ESTAST
AT
SANKO
ESTAST
AT
SANKO
ESTASTAT SANKO ESTASTAT
Large-scale
20
ESTASTAT
SANKO
幸エステー
KO ESTASTAT SANKO ESTASTAT三幸エステ
AT SANKO ESTASTAT
4
Although the vacancy rate continued to decline for large-scale office
buildings, it increased to over 12% due to the completion of Grand
Front Osaka, changing the supply and demand balance significantly.
On the other hand, the vacancy rate for medium/large-scale office
buildings continued to decrease, showing a contrasting trend.
幸エステート 三幸エステートSANKO ESTASTAT SANKO ESTASTAT SANKO
幸
0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
0
STASTAT SANKO ESTASTAT SANKO ESTASTAT三幸エステート 三幸エステ
SANKO
ステート 三幸エステート 三幸エステート 三幸エステート 三幸エステート
ESTASTAT
Honmachi
KO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT三幸
ステート 三幸エステート 三幸エステー
テート 三幸エステート 三幸エステート 三幸エ
SANKO ESTASTAT SANKO ESTASTAT
三幸エステ
ート 三
幸エステ
KYOBASHI
ート 三
幸エステ
ート 三
幸エス
テート
エステート 三幸エステート
三幸エ
ート 三
ステ
14,229
10,348
10,109
Large-scale
Medium/
Large-scale
Medium-scale
ANKO
ート
ステー
幸エステー
ト 三幸エステ
ート 三幸エ
ステート 三
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
100,000
SANKO
ート 三幸エ
ESTASTAT
三幸エステート
テートANKO
SANKO
SANKO
ESTASTAT SANKO ESTASTAT
ESTASTAT
SANKO ESTASTAT SANKO ESTASTAT三幸エステート 三幸エス
ESTASTAT
SANKO
ESTASTAT三幸
エステ
ート 三幸エ
ステート 三幸 エステート 三
ステー
テート 三幸エステート 三幸エステート 三幸エステー
ESTAST
AT
SANKO
ESTAST
AT
ト 三幸エステート 三幸
エステー
ト 三幸エ
45,000
21,700
Rent (¥/tsubo)
Large-scale
Medium/large-scale
ートSANKO ESTASTAT SANKO
ESTASTAT SANKO
10,000
ESTASTAT SANKO
ESTASTAT SANKO ESTASTAT
SANKO
AT
ESTA
SANKO
STAT三
幸エ
ステー
ESTAST
AT
SANK
O
5,000
ステ
ート
三幸
2010
2011
2012
2013
0
2014
2015
2016
エス
ト三
幸エ
ステ
ート
ESTASTAT
三幸
SANKO ESTASTAT
Rent (¥/tsubo)
エス
SANKO ESTASTAT
テー
SANKO
0
ト三
ESTASTAT三幸
幸エ
エステート 三
ステ
幸エステート 三
ート
幸エステート
Yotsubashi
三幸エステー
Shinsaibashi
SANKO
ト 三幸エステ
ート 三幸エス
ート 三幸エス
幸エ
幸
15,000
10,526
8,863
2009
2,100
テー
ESTASTAT
SANKO
ESTASTAT
SANKO
Large-scale
Medium/
Large-scale
Medium-scale
0
17,800
12,200
4,700
13,971
10,944
9,520
15,000
ステー
三幸エステ
Medium-scale
20,000
ト 三幸エ
ートSANKO
Rent :¥/tsubo (CAM charge inclusive)
SANKO ESTASTAT三幸
三幸エステートANKO ESTASTAT SANKO
ステート 三幸エステ
SANKO
ESTAST
Large-scale
Medium/
Large-scale
Medium-scale
ESTASTAT
ステ
SANKO
ート 三幸エ
ステート
三幸エステート
Namba
12,873
14,796
10,923
Large-scale
Medium/
Large-scale
Medium-scale
三幸エステート 三幸エ
ステート
SANKO
Nagahori bashi
17,673
11,433
10,300
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Vacancy (%)
9,500
9,876
8,676
Large-scale
Medium/
Large-scale
Medium-scale
Large-scale
Medium/large-scale
11.61%
10.45%
7.58%
12
8
4
0
Medium/large-scale
Medium-scale
FUKUOKA
Momochihama
15,000
16
The supply and demand balance is on an improving trend, but
the pace of improvement remains moderate. Since vacant stock
increased significantly in Umeda area, which is a competitive area
with regard to location, many office building owners are trying to
attract tenants by stressing affordability.
Large-scale
20,000
Medium-scale
20
NAMBA
13,320
11,107
9,559
10,000
Large-scale
Medium/
Large-scale
Medium-scale
11,500
Gofukumachi
Large-scale
Medium/
Large-scale
Medium-scale
5,000
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
0
Rent :¥/tsubo (CAM charge inclusive)
Tenjin
Large-scale
Medium/large-scale
Medium-scale
20
Large-scale
Medium/
Large-scale
Medium-scale
16
テート
OSAKA
幸エステートテート 三幸エステート 三幸エステート 三幸エステート 三幸エステートSANKO ESTASTAT SANKO ESTASTAT SANKO
ステ
ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT三幸エステート 三幸エステート 三幸エステート 三幸エステート 三
Nishi
Ward
Rent (¥/tsubo)
幸エス
ス
SANKO ESTASTAT三幸エステート 三幸エステート 三幸エステート 三幸エステート 三幸エステート 三幸エステート
三幸エステート 三幸エステートANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO
ESTASTAT SANKO ESTASTAT三幸エステート 三幸エステート 三幸エステート 三幸エステート 三幸エステート 三幸エステート 三
三幸エ
ステー
ト 三幸
SANKO ESTASTAT SANKO
SANKO ESTASTAT三
SANKO
ト 三幸
ESTASTAT
エステー
ESTASTAT
SANKO
トANKO
ESTASTAT
Medium/large-scale
ート 三幸エ
ESTASTAT
SANKO
ート 三幸エ
テートANKO
SANKO
12
12,683
10,121
8,415
ESTASTAT
ESTASTAT
三幸エステート
SANKO
SANKO
ESTASTAT SANKO ESTASTAT
ESTASTAT
SANKO ESTASTAT SANKO ESTASTAT三幸エステート 三幸エス
テート 三幸エステート 三幸エステート 三幸エステー
ESTAST
20,000
ESTASTAT
幸エステート
ESTASTAT三幸
エステ
ート 三幸エ
ステート
ト 三幸 エステート 三
ステー
ト 三幸エステート 三幸
エステー
AT
ト 三幸エ
SANKO
ステート 三幸エステ
ESTAST
15,000
AT
ト 三幸エステート 三幸エステート 三幸エステート 三幸エステートテート 三幸エステー
STASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT三幸エステ
Higobashi
STAT SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT
三幸エステートSANKO ESTASTAT SANKO ESTASTAT
ステート 三幸エステ
三幸エステート 三幸エステートANKO
SANKO
ESTAST
AT
10,000
SANKO
ESTAST
AT
ート 三幸エステ
ート 三幸エステー
SANK
ー
T SANKO
ト 三幸エ
O
ス
Large-scale
Medium/
Large-scale
Medium-scale
ト 三幸エ
ステート 三幸
エステー
ステート
三幸エステ
ート
ートSANKO
ESTASTAT
三幸
SANKO
ESTASTAT
エス
SANKO
テー
ESTASTAT
SANKO ESTASTAT
ト
SANKO ESTASTAT
SANKO
TAT SANKO
ESTASTAT三幸
エステート 三
Awaza,
Nishi-Nagahori
幸エステート 三
12,500
12,354
8,475
ステー
ト 三幸エ
テ
幸エステート
三幸エステー
Large-scale
Medium/
Large-scale
Medium-scale
ト三
幸エ
ステ
ート
Nishiku-Honmachi
Large-scale
Medium/
Large-scale
Medium-scale
11,100
8,078
7,882
ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT
三幸エステート 三幸エステート 三幸エステート 三幸エステー
ト 三幸エステート 三幸エステート 三幸エステート 三幸エ
幸エステート 三幸
SANKO ESTASTAT SANKO
ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT三幸エステート 三幸
エステート 三幸エステート 三幸エステート 三幸エステート 三幸エステート 三幸エステート 三幸エス
12,500
10,167
9,110
テートANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO
0
ESTASTAT SANKO ESTASTAT三幸エステート 三幸エステート 三幸エステート 三幸エステ
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Large-scale
Medium/large-scale
Medium-scale
20
ート 三幸エステート 三幸エステー100%100%100%100%100%ト 三幸エステー
SANKO ESTASTAT三幸エステート 三幸エステート 三幸エ
ステート 三幸エステート 三幸エステート 三幸エステー
ト 三幸エステート 三幸エステートANKO ESTASTAT
SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT
SANKO ESTASTAT SANKO ESTASTAT三幸エステート 三幸
エステート 三幸エステート 三幸エステート 三幸エステー
ESTASTAT
ステ
SANKO
16
ート 三幸エ
ステート
三幸エステート
三幸エステート 三幸エ
ステート
SANKO
ト 三幸エステート 三幸エステートテート 三幸エステート 三
幸エステート 三幸エステート 三幸エステートSANKO
TASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT
12
ANKO ESTASTAT SANKO ESTASTAT三幸エステート 三幸エステ
ート 三幸エステート 三幸エステート 三幸エステート 三幸
エステート 三幸エステート 三幸エステートANKO
STASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO
STAT SANKO ESTASTAT SANKO ESTASTAT三幸エステ
幸エステート 三幸エステート 三幸エステート 三幸エ
幸エステート 三幸エステート 三幸エステート
SANKO ESTASTAT SANKO ESTASTAT SANKO
TASTAT SANKO ESTASTAT三幸エステート 三
ト 三幸エステート 三幸エステート 三幸エ
テートANKO ESTASTAT SANKO
Rent :¥/tsubo (CAM charge inclusive)
STAT SANKO
ステ
The vacancy rate for large-scale and medium-scale office buildings is
turning around, shifting from the downward trend seen until last year.
As is the case with Chuo Ward, softening of the supply and demand
balance in the future is a concern since the impact from the large
supply in the surrounding area of Umeda Station cannot be avoided.
17 Sanko Estate
0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
15,488
11,693
10,906
Eki-Higashi
HAKATA
Large-scale
Medium/
Large-scale
Medium-scale
12,545
10,075
9,272
Ekimae
Yakuin,
Watanabedori
Large-scale
Medium/
Large-scale
Medium-scale
13,635
11,658
9,676
Large-scale
Medium/
Large-scale
Medium-scale
12,504
12,035
9,586
Rent :¥/tsubo (CAM charge inclusive)
Vacancy (%)
ト100%100%100%100%ステート 三幸エステート 三幸エステート 三幸エ
ステート 三幸エステートSANKO ESTASTAT SANKO ESTASTAT
SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT
4
ステ
ート
SANKO
ステートANKO ESTASTAT SANKO ESTASTAT SANKO
ESTASTAT三幸エステート 三幸エステート 三幸エステート 三
5,000
三幸
エス
テー
ト三
幸エ
8
三幸
エス
テー
ト 三幸エステ
ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO
エステート 三幸エステート 三幸エステート 三幸エステート
ステ
ート
ート 三幸エス
テート 三幸エス
テート 三幸エ
ステートANKO
ESTASTAT
SANKO
ESTASTAT SANKO
ESTASTAT SANKO ESTASTAT SANKO
ESTASTAT SANKO ESTASTAT三幸エス
テート 三幸エステート 三幸エステート 三
幸エステート 三幸エステート 三幸エステート 三幸エ
ステートテート 三幸エステート 三幸エステート 三幸エステー
ト 三幸エステートSANKO ESTASTAT SANKO ESTASTAT SANKO
13.79%
10.98%
7.82%
Medium-scale
SANKO
幸エステー
三幸エス
ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT三幸エステート 三幸エステート 三幸エステート 三幸エ
ト 三幸エステー100%100%100%100%100%ト 三幸エステート100%100%100%100%ステート 三幸エステート 三幸エステート
AT SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT三幸エステート 三幸エス
ESTA
エステー
ート
ト 三幸エステ
ステート 三
三幸エステ
ステート
テート 三幸エステート 三幸エステートANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT
Large-scale
エステー
ト 三幸
三幸エステート 三幸エステート 三幸エステート 三幸エステートSANKO
ESTASTAT SANKO ESTASTAT SANKO
幸エステート 三幸エステート 三幸エステート 三幸エステートANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT
SANKO ESTASTAT SANKO ESTASTAT三幸エステート 三幸エステート 三幸エステート 三幸エステート 三幸エステート 三幸エステート 三幸
エステート 三幸エステートSANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT三
幸エステート 三幸エステート 三幸エステート 三幸エステート 三幸エステート 三幸エステート 三幸エステート 三幸エステートANKO ESTASTAT
12,795
10,753
7,676
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Vacancy (%)
ート 三
AS
ステート 三幸エステートSANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT
OSAKA
12,003
9,684
9,211
The vacancy rate for all sizes of office buildings shows a moderate
downward trend, but rents have been flat for almost one year and
there are limited signs of recovery of the market. Three projects
around“Meieki”area (the east side of Nagoya Station) are
scheduled for completion in 2015 and 2016.
80,000
40,400
ステート 三幸
エステー
ト 三幸エ
ステート
Nakaku
Large-scale
Medium/
Large-scale
Medium-scale
40,000
17,866
13,200
10,402
Large-scale
Medium/
Large-scale
Medium-scale
11,833
8,600
8,851
ト 三幸エステート 三幸エステート 三幸エステート
テート
ESTASTAT
SANKO
ESTASTAT
幸エステート
三幸エステ
ステート
ー
SANKO
トANKO
ESTASTAT
三幸エス
テート 三幸エステ
三幸エス
ESTASTAT
SANKO
ESTASTAT
エステー
ESTASTAT
SANKO
ESTASTAT
ト 三幸
エステー
ト 三幸
エステー
ト 三幸
三幸エステート 三幸エステート 三幸エステート 三幸エステートSANKO
ESTASTAT SANKO ESTASTAT SANKO
SANKO ESTASTAT SANKO
SANKO ESTASTAT三
ステート 三幸エステ
12,650
10,850
12,205
Supply (tsubo)
60,000
Yodoyabashi
ESTASTAT
OSAKA
Large-scale
Medium/
Large-scale
Medium-scale
4
20,000
Chuo
Ward
Large-scale
Medium/
Large-scale
Medium-scale
Nagoyaeki-Nishi
SANKO
トANKO
ESTASTAT
テート
ESTASTAT
エステー
ート
ー
三幸エス
ト 三幸
ステ
三幸エステート 三幸エステート 三幸エステート 三幸エステートSANKO
ESTASTAT SANKO ESTASTAT SANKO
SANKO ESTASTAT SANKO
SANKO ESTASTAT三
ト 三幸エステ
ステート 三
三幸エステ
ステート
トANKO
ー
Vacancy (%)
テート
10,715
8,258
15,909
12,530
11,022
16
三幸エステ
ート 三
Toyohashi
Large-scale
Medium/
Large-scale
Medium-scale
Sakae
ESTASTAT
幸エス
15,096
11,799
10,899
Large-scale
Medium/
Large-scale
Medium-scale
SANKO
ート 三幸エステート 三幸エステート 三幸エステート 三幸エステート 三幸エステート 三幸エステート
ANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT三幸
エステート 三幸エステート 三幸エステート 三幸エステート 三幸エステート 三幸エステー
100%100%100%100%100%ト 三幸エステート100%100%100%100%ステート 三幸エステート 三幸エステート 三幸エ
ステート 三幸エステートSANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT
SANKO ESTASTAT三幸エステート 三幸エステート 三幸エステート 三幸エステート 三幸エステート 三幸エステート
Large-scale
Medium/
Large-scale
Medium-scale
20
ステート 三幸エステート 三幸エステート 三幸エステート 三幸エステート 三幸
Large-scale
Medium/
Large-scale
Medium-scale
16,477
13,630
11,504
NAGOYA
Medium-scale
エステート 三幸エステートANKO ESTASTAT SANKO ESTASTAT SANKO
ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT三幸エステート
三幸エステート 三幸エステート 三幸エステート 三幸エステート 三幸エステート 三
三幸エステート 三幸エステートANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO
Large-scale
Medium/
Large-scale
Medium-scale
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
5,000
幸エステート 三幸エステート 三幸エステー100%100%100%100%100%ト 三
幸
0
2016
16,891
12,671
10,152
三幸
Large-scale
Medium/
Large-scale
Medium-scale
ESTASTAT
エステート 三幸エステート 三幸エステート 三幸エステ
Fushimi
5,000
Vacancy (%)
テ
三幸エステート 三幸エステート 三幸エステー
エステート 三幸エステート 三幸エステート 三幸エステート 三幸エステートSANKO
SANKO ESTASTAT三幸エステート 三幸エステート 三幸エステート 三幸エス
SANKO
2011
テー
ト
ト
100%100%100%100%100%ト 三幸エステート
エステート 三幸エステート 三幸エステート 三幸エステートSANKO ESTASTAT SANKO ESTASTAT SANKO
ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT
SANKO
ス
ANKO ESTASTAT SANKO ESTASTAT SANKO
ESTASTAT SANKO ESTASTAT SANKO ESTASTAT
SANKO ESTASTAT三幸エステート 三幸エステート 三幸エス
テー
100%100%100%100%ステート 三幸
ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT三幸エステート 三幸エステート 三幸エステート 三幸エステート 三幸エステート 三幸エステート 三幸エ
ステート 三幸エステートANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT三幸エステート 三幸エステート 三幸エステ
ート 三幸エステート 三幸エステート 三幸エステート 三幸エステートテート 三幸エステ
ート 三幸エステート 三幸エステート 三幸エステートSANKO ESTASTAT SANKO
ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO
ESTASTAT三幸エステート 三幸エステート 三幸エステート 三幸エステート 三幸
エステート 三幸エステート 三幸エステート 三幸エステートANKO
ESTASTAT SANKO ESTASTAT三幸エステート 三幸エステート 三幸エステート 三幸
ESTASTAT
2010
幸エステート 三幸エステート 三幸エステート 三幸エステート
ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO ESTASTAT SANKO
ESTASTAT
SANKO
2009
Rent (¥/tsubo)
ート 三幸エステート 三幸エステ
ート 三幸エステートSANKO
ESTASTAT SANKO ESTASTAT三幸エステート
三幸エステート 三幸エステート 三幸エステート 三
三幸エステ
SANKO
18,300 21,100
Meieki
ESTASTAT SANKO ESTASTAT SANKO
ESTASTAT SANKO ESTASTAT SANKO
Minamimorimachi
ESTASTAT
ESTASTAT
23,600
20,000
ート 三幸エステート 三幸エステ
ANKO
57,500
30,900
40,000
テート 三幸エステート 三幸エステ
SANKO
テート
NAGOYA
14,897
11,226
9,967
10,000
ESTASTAT SANKO ESTASTAT三幸エス
ESTASTAT
SANKO
ト 三幸エス
Medium-scale
15,000
57,100
三幸エス
幸エステー
Medium/large-scale
60,000
エステート
テート 三
Large-scale
75,500
The largest supply in three years was recorded in 2013 due to the
completion of Grand Front Osaka and a significant excess supply
primarily in large-scale office buildings in Kita Ward was observed.
New supply is expected to drop again to around 20,000 tsubo after
2014, which gives high expectations for improvement of the supply
and demand balance.
OSAKA
Rent (¥/tsubo)
20,000
100,000
OSAKA
8
12.62%
11.90%
8.84%
4
0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Supply (tsubo)
35,000
28,800
28,000
21,000
14,000
4,200
7,000
0
1tsubo = 3.3sq m = 35.58sq feet
9,100
8,600
The vacancy rate has improved from the high level marked after
the global financial crisis and has shown a downward trend for all
sizes of office buildings. However, improvement of the supply and
demand balance has not reached a state where it can bring about
a rise in rents. New supply is expected to continue at a low level for
the time being and there is little concern for over-supply.
1,700
2009
2010
2011
2012
1,100
1,600
1,600
2013
2014
2015
1tsubo = 3.3sq m = 35.58sq feet
2016
Sanko Estate 18
Change in Office Rents and
Economic Trends
Office rents (unit: yen/tsubo)
Definition of Class A office buildings
*Excluding common service fee
Area: Tokyo Central 5 wards + major business districts
Total Floor Area: 1,000 tsubo~
Standard Floor: 300 tsubo~
Year of Completion: 2000~
Facilities: Ceiling height 2.7m~, Individual air conditioning &
heating, High anti-seismic and environmental performance
Class A office buildings in entral Tokyo
(contracted rent)
Large-scale buildings in Tokyo Central 3 wards
(contracted rent)
1994-2013 Current as of December 1
*Tokyo Central 3 wards: Chiyoda Ward, Chuo Ward, Minato Ward
1994
1995
Yen's accelerated
appreciation/
renews postwar
record high
Great HanshinAwaji Earthquake
1996
Economic
structural reform
starts with
relaxation of
regulations etc.
1997
1998
Big Bang financial
reform/
consumption tax
increased to 5%
Unprecedented
feeling of gloom
due to worsening
financial system
collapse
1999
2000
Concentration and Vigorous IT/
growing demand
expansion of
IT/Internet
ventures in
Shibuya Bit Valley
2001
Collapse of IT
bubble/concurrent
stock selloff in
Japan and the U.S.
Simultaneous
terror attacks in
the U.S./ fears of
simultaneous
global recession
Economic
downturn caused
by collapse of
financial
institutions
(Yamaichi
Securities,
Hokkaido
Takushoku Bank)
2002
Disposal of bad
bank loans/
measures for
financial
stabilization
2003
Integrated
deflationfighting
measures/
beginning of
industrial revival
Problem of large
Nikkei average
supply of newly
recovers to about
constructed
downtown offices 10,000 yen
2004
2005
Landslide victory
Progress in
by Liberal
government's
structural reform Democratic Party
2006
Revelation of
seismic intensity
documentation
forgery problem
Tokyo 2003
Convergence of
problems
Enactment of
postal service
privatization bill
Economic
recovery
Nikkei average
recovers to about Izanagi boom
curtailed
14,000 yen for
first time in 5 years
Full-fledged
economic
recovery
GDP and vacancy rate (unit: %)
2007
2008
2009
2010
Signs of mini real
estate bubble
Lehman shock
(Critical outbreak
of the global
financial crisis)
Shift of power to
the Democratic
Party
First record-level
appreciation of
the yen in 15
years
Ceiling in real
estate market
rents
Subprime
mortgage crisis/
effect on the
economy
Vacancy rate
(large-scale buildings in the Tokyo Central 3 wards)
Real GDP growth rate (calendar year)
Source: "SNA (System of National Accounts)"
by the Cabinet Office
Source of predicted values: NLI Research Institute
2011
2012
Great East Japan Rise in friction with
neighboring
Earthquake
countries affects
the economy
Renews recordsetting
appreciation of
the yen
European
financial crisis
2013
2014
Sweeping victory
if the Liveral
Democratic Party
in the Uppen
House election
Tokyo elected
to host the 2020
Olympics
45,513
1
Contracted rent
(yen/tsubo)
45,000
40,000
Class A buildings in central Tokyo (contracted rent)
35,000
29,733
30,000
26,659
2
26
6 659
Large-scale buildings in Tokyo Central
3 wards (contracted rent)
25,000
20,000 12%
11%
10%
15,000 9%
8%
7%
10,000 6%
5%
4%
5,000 3%
2%
%
-1%
-2%
-3%
-4%
-5%
-6%
19 Sanko Estate
11.3%
16,107
8.8%
Vacancy rate
(large-scale buildings in Tokyo central 3 wards)
6.7%
6.5%
6.1%
Real GDP growth rate
4.7%
1.3%
2.6%
1.9%
2.3%
1.6%
1.7%
0.4%
-2.0%
-0.2%
2.4%
0.3%
1.7%
1.3%
1.7%
2.2%
1.9%
1.8% ※
1.2% ※
-1.0%
-5.5%
-0.6%
*Source: NLI Research Institute
Sanko Estate
20
The
Sanko
Process
The services offered
by Sanko Estate to
firms looking for
office space cover
everything from the
first introductions
to the signing of a
contract. This is how
we do it.
CONT
STEP 1
Inquiry, Data Search,
and Preparation of
Materials
First tell us what you are looking for – how
you will use the office, what area and
location you want, the size you want, how
much rent you want to pay, and when you
would like to move in. We ’
ll then make an
appointment to provide you with lists and
materials concerning buildings that fit your
needs.Please feel free to contact even during
your initial planning stages. Our staff of
specialists will feed your request into our
network to run a search in our abundant
database for buildings that best meet your
requirements, then prepare a list of these
structures for your reference.
RACT
STEP 2
Selecting the
Buildings to Visit
STEP 3
Visiting the
Office Sites
STEP 4
Final
Consultations
STEP 5
Signing the
Contract
You may then select the most likely
prospects from the list of potential offices,
and our staff member will provide you
with more detailed information concerning
them, including pamphlets, floor plans,
sample contracts, and the like. If none of
the candidates seems right, we will
update the list daily until you have found a
place which meets your needs.
After narrowing down your list of top
candidates, it will be time to see the buildings themselves. We will accompany you
to check the offices. This process should
narrow your list of candidates even
further, to one or two finalists.
Once you have made your final selection,
a member of our staff will work with you
to make pre-signing checks on contract
conditions and all other aspects of the
rental.
He will also be present to represent your
interests in negotiations with the building
owner. At the end of this process you will
be in a position to make an informed
decision.
After you have made your final decision,
the contract signing stage is entered. The
procedures are as follows:
A. The client submits an application to
the owner.
B. After the client obtains the owner ’
s
consent, a draft of the contract is
passed, and the client checks it.
C. The contract is signed formally.
After the final arrangement has been
made, the dissolution of the contract for
your current offices is completed, and
papers at the appropriate government
offices are filed to register your move.
Flowchart
Examination of
Conditions
● Annual Report
Customer
● Selection of
Candidates
● Visiting Selected
Buildings
● Final Selection to
One Building
Comission
● Company
● Information
Sanko Estate
Reservation Money
(Part of Deposit. It is needed
in some cases)
First Meeting
Brochure
●Explanation about
Important Conditions
● Introductions
● Discussion about
Conditions of
Contract
Application
Acceptance
Meeting
● Schedule for
Contract
● Deposit Money
● Rent + Other
Fees
Contract
Confirmation of
Conditions
Building Owner
21 Sanko Estate
Sanko Estate 22
Important Terms
The following are some of the terms unique to the Japanese officerental market that
you may find useful to know.
Floor Space
Knowledge of a number of
words will help you understand what people mean
when they talk about“floor
space”or“usable space”
Unit of Space
(Menseki tan’
i)
The official unit used to
measure floor space is the
square meter, but many
property owners still use the
older term“tsubo”in their
floor plans and advertisements.
(1 tsubo = 3.3m2 =
35.58sq.ft.)
Common space
(Kyoyo menseki) Yellow part
This term refers to space
used in common by two or
more tenants. It might
include elevators, halls,
corridors, restrooms, kitchenettes, and the like.
Contracted space
(Keiyaku menseki)
This term may apply to
exclusive tenant space only
(See below 1), or to both
exclusive tenant space and a
part of the common space
(See below 2).
Exclusive tenant space
(Senyu menseki)
This term refers to the space
used exclusively by the
tenant; it is measured from
wall center to wall center.
A Net Usable Space
B Net Usable Space
EV WC WC
Common Space
Net usable space Common space
1 Contracted space = exclusive tenant space
2 Contracted space = exclusive tenant space + a portion of
the common space.
23 Sanko Estate
Deposit Money
Rent
Maintenance Fee
(Hoshokin or Shikikin)
(Chinryo)
(Kyoekihi)
The terms“hoshokin”and
“shikikin”are both used to
mean“deposit money”
.
Though they have slightly
different meanings, they
essentially refer to a sum
which is paid to the owner as
a non-interest deposit when
moving into a property.
Legally this money could be
classified as a down payment
on the rent, or as“guarantee
money”against any liability
that the tenant might incur
against his duties as a tenant.
Return Period
The deposit money will be
returned to the tenant after
the“delivery by the lessee of
the leased premises to the
lessor.“Any unpaid rent or
damages recoverable from
the lessee will first be deducted from the deposit, and
the difference will be refunded. A depreciation fee of
between 10 and 20 percent
of the deposit money may,
according to individual
circumstances, be withheld
at this time.
Sum
As a normal rule, the amount
of deposit money to be paid
is determined by the number
of tsubo being rented, or on
the basis of the monthly rent
(a certain number of month’
s
rent will be charged as
deposit money in such
cases).
This system of deposit
money is unique to Japan. It
was begun during the recovery period after World War
Ⅱ, When there was little free
capital available from the
banks for construction.
Owner were thus forced to
finance their own building
costs, and it became cus-
tomary for them to receive a
“building construction
cooperative fee”from pro-
spective tenants. This practices has continued in the
form of a large“guarantee
money”fee that must be paid
by tenants when they move
into new quarters.
Depreciation Fee
(Shokyaku-hi)
Owners of small-sized
buildings often demand that
tenants pay a depreciation
fee. This is deducted as a
percentage from the deposit
(usually 10% to 20%) when
the contract ends, and the
deposit minus the fee is then
returned to the lessee. The
term“depreciation fee”is
used here, but there is no
direct relationship between
the fee and building depreciation.
Beginning of Rental Period
AS a general rule, the rental
period begins on the day that
the tenant moves into the
facility. If, however, equipment is brought to the office
prior to the actual move, or if
any remodeling is required.
Rent starts on the day that
this work begins. This is the
normal case for office buildings. A somewhat more
flexble period is sometimes
set for new buildings.
Rental Payments Due
The common practice is to
pay rent a month in advance,
with the payment for the
following month coming due
at the end of the current
month (between the 25th
and the last day of the
month).
Method of Payment
If the landlord also occupies
the property, or if he lives
nearby, he might come
directly to collect the rent
himself, but in recent year’
s
bank transfers or postal
transfers have become the
most common way to pay
one’
s rent.
Problems Concerning
Increases in Rent
The custom in recent years
has been that rents are raised
every two or three years,
when contracts are renewed.
Contracts, however often
specify three basic reasons
for rent increases during the
contract period:
1 Taxes on the land or
on the building itself
have increased.
2 There has been a
sharp increase in the
general cost of living,
due to inflation, etc.
3 The rent is shown to
be lower than rents
for similar facilities in
the same neighbor
hood.
Such increases can be
implemented only with the
agreement of both parties.
COST
(Monthly Expenses +
Deposit Money)
Monthly Expenses:
--- RENT
--- MAINTENANCE FEE
Electric Charge
Water Charge
Gas Charge
Cleaning Charge
Air-conditioning & heating
Charge
*for the common space
such as entrance hall,
elevator, toilet, etc
--- OTHER EXPENSES
Electric Charge
Water Charge
Gas Charge
Cleaning Charge
Air-conditioning & heating
Charge
*for the leased premises
In most rentals a maintenance fee (building management fee) is charged monthly
in addition to the actual rent.
This fee is calculated on the
basic of the running costs of
the building, but there are
significant difference in how
it is calculated, depending on
whether it is a simple maintenance fee only, or whether
air-conditioning and heating
costs are also included.
Judged from recent examples
for buildings looking for
tenants, there is a considerable amount of variation in
the assessment of such fees,
with fees including heating
and cooling (often known as
a heating fee if the two are
together) ranging from 3,000
yen to 4,000 yen all the way
up to 6,000 yen per tsubo.
Other required costs include
janitor fees, electrical bills,
water and sewage bills,
parking lot fees, and fees for
the use of building signboards.
Renewal Fee
(Koshin-ryo)
Although cases of using
“Fixed Term Lease Agreement”
have been increasing, most
office leases stipulate a
two-year contract period, and
rental contract can be renewed upon expiry. It is
common for owners of smallsized buildings to demand a
renewal fee when rental
contracts are renewed, and
this fee is usually one month’
s
rent at the rate stipulated in
the new rental contract.
Lease Terms
(Keiyaku Kikan)
Lease terms in Japan are
mostly for two years but are
automatically renewed for an
additional two years unless
either party wishes to terminate the contract. In contrast
with European and North
American practices where
tenants must generally pay
rent for as long as the lease
is in effect, tenants in Japan
can usually leave leased
space before the contract
expires. So long as ample
written notice of cancellation
is given, tenants can leave
without paying for the
entire contract period.
Sanko Estate 24
Important Terms
The following are some of the terms unique to the Japanese officerental market that
you may find useful to know.
Repair Fees
Prohibition, etc.
(Shuzenhi)
(Kinshi-jiko)
The following types of repair
fees are the most commonly
encountered.
Obligations of the
Property Owner
1 Repairs on the
building itself.
2 Repairs on office
ceilings, walls, floors,
and other structural
members that are a
part of the building
itself.
3 Repairs for the
common areas of the
building.
4 Repairs for equipment
and machinery.
Obligations of the Tenant
1 Repainting or papering
of ceilings, walls, floors,
and other space inside the
office.
2 Replacing or repairing
fixtures, blinds, Glass,
lighting, switches, or
electrical outlets inside
the office.
3 Repair any partitions,
fixtures, special-use
equipment, or the like that
the tenant has installed in
the office.
In general, the lessee may
not;
1 Reassign the lease of the
leased premises or sublet
the leased premises in
any form.
2 Assign or offer the leases
premises as security to
third parties any of the
rights under the contract.
3 Transfer any of the rights
under the contract to any
person other than the
lessee through assignment
of business, merger, or
other such transactions.
In addition, without the
lessor’
s consent, the lessee
may not co-occupy the
leased premises with other
person/party or use any
name other than that of the
lessee as the name of occupant. It may be permissible
for the leased premises be
co-occupied with the prior
consent of the lessor, if the
other party is financially
related to the lessee.
Notice of Cancellation of
Contract
Commission
(Kaiyaku Yokoku)
In Japan, at the time of
contracting for new space, it
is the tenant and not the
landlord who pays the
introducer, the agent, a fee
equal to one month’
s rent.
This practice gives the tenant
important advantages by
ensuring that the agent
represents the tenant only
while diligently maintaining
the tenant’
s position and
acting in the tenant’
s best
interests in all negotiations.
If the lessee desires to
terminate the contract at
any time during the term of
the lease, it is stipulated
that the lessee must present
advance notice of cancellation to the lessor in the time
designated by the lessorusually 6 months prior to
the expected day of the
lessee’
s evacuation. If the
lessee wants to cancel the
contact without prior notice,
the lessee is obliged to pay
a penalty for cancellation of
Check your contract carefully
for any other obligations that
may be faced by the tenant.
Construction Involving
Building Structure
Restoring to Original
Condition
Management
Control Rules
(Kutai-ni-kakawaru Koji)
(Genjo Kaifuku)
(Kanri Kisoku)
Construction work like that
below may affect the building’
s structure, the property
value or other tenants. Such
work requires the building
owner’
s express approval. It
must be done by contractors the owner designates
or approves of, and the
tenant bears all construction
costs.
Some examples:
--- Construction altering the
building structure
(Where pillars, beams and/
or ceilings are affected, or
where a room partition is
extended to the ceiling)
--- Changes in air-conditioning
and security systems
--- Installation of heavy
machines or structures
25 Sanko Estate
contract equivalent to the 6
month’
s rent, as stipulated
in the article of advance
notice.
(Chukai Tesu-ryo)
--- Change in electric
equipment where the
whole building’
s power
The lessee is under obligation
to restore the leased premises to the original condition
at the termination of the
contract.
The standard for office
usually entail:
--- Flooring of P-tile (30cm
square vinyl tile) or carpet
tile
--- Painted walls
--- Sound-absorbent plates
on the ceiling and
fluorescent lighting
At the termination of the
contract, the lessee removes
at his own expense the
fixtures and equipment
installed or added at his
expense and the property
owned by him prior to
delivering the leased premises
to the lessor. If the lessee
fails to restore the leased
premises to its original
condition at the termination
of the contract, the lessor
may restore the leased
premises and charge the
expenses to the lessee.
Most buildings have their
own“Administrative Regulations”concerning daily
administration and management of the building, such as
opening and closing time
(regular hours) of the building, regular air-conditioning
and heating hours, use of the
building beyond the regular
hours, working hours of
janitors, and stipulations
concerning keys, etc. It is
recommended that the
regulations be confirmed
with the lessor in advance,
since each building has its
own set of regulations.
If you have any inquiries
please contact us
TEL: 03-3564-8051
www.sankoestate.com
[email protected]
Sanko Estate 26
RENTDATA
2014
Issue 31 / March 2014
Published annually 1984
Only environmentally-friendly, zero-VOC
(Volatile organic compounds)100% vegetable oil
inks were used in the printing of this report.
Sanko Estate Co., Ltd.
This report was printed using the waterless
printing method which contributes to reduced
outout of solutions from the printing process
that contain organic compounds.
Published by Sanko Estate Co., Ltd.
Ginza Sanwa Bldg., 4-6-1 Ginza, Chuo-ku, Tokyo TEL:03-3564-8051
www.sankoestate.com

Market Overview

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