Detailed Market Trend Survey

April 16, 2019 Survey of Large-scale O ce Building Market in ’s 23 Cities

General Trends in Supply – The Shimbashi- area, which has seen a major increase in supply volume as well as growth in size of properties, is expected to become more competitive due to several large-scale develop- ment projects including a new metro station. ■ In Tokyo’s 23 cities, there is expected to be abundant supply of large-scale o ce buildings in 2020 and 2023 while that supply will be low in 2021 and 2022. The average over the next 5 years is forecast to be about the same as the historic average. In addition, the average amount of oor space provided per property is trending upward. In 2023, the supply and the percentage of total supply of large-scale o ce buildings of 100,000m or more are expected to be greatest since this report was rst released, which shows that properties are growing in size. ■ Broken down by area, the three central cities will account for at least 70% of yearly total supply from 2020 through 2023, surpassing the historical average. In particular, the Shimbashi-Toranomon area, which has seen a marked increase in supply, is expected to become signicantly more competitive due to several large-scale development projects.

General Trends in Demand – Demand for o ce space expected to remain rm ■ The percentage of companies that intend to lease more o ce space is trending upward every year. 45% of companies "expect to increase the number of workers." Among the reasons why companies intend to lease new o ce space, positive reasons for moving have been trending upward. For example, "to expand business or to accommodate an increase in employees" is the top reason for the sixth consecutive year. There is strong desire among companies to expand and demand for o ce space is forecast to remain rm.

Vacancy rate – Vacancy rate at the end of 2018 falls to 1.9%, the rst time in 18 years, since 2000, that it declines to the 1% level ■ The vacancy rate at the end of 2018 fell to 1.9%, the rst time in 18 years, since 2000, that it declined to the 1% level. At the end of 2019, it is expected to remain at the low level of 2.0% due to strong demand for o ce space. At the end of 2020, it is forecast to rise slightly on account of the large supply.

Since 1986, Mori Building Co., Ltd. (Minato-ku, Tokyo; President & CEO Shingo Tsuji) has regularly conducted market surveys of supply and demand trends for 10,000m2-class or higher o ce buildings that were constructed in Tokyo’s 23 Cities since 1986 (hereinafter referred to as “large-scale o ce buildings”). Through a diverse analysis of the results of this survey, we are also able to develop forecasts of future o ce market trends. We are pleased to present you with the results of our survey in the following report.

■ “Survey of the Large-scale O ce Building Market in Tokyo’s 23 Cities” Framework

Research area: Tokyo’s 23 Cities Research Subject Buildings: O ce buildings with gross oor area exceeding 10,000m2 and a construction completion date of 1986 or later.

※“Supply volume” is calculated based on publicly available information, and on-site and “interview” research undertaken in January and February 2019. ※This is a tabulation of gross total o ce oor space of all large-scale o ce buildings completed since 1986 (including properties owned and used by the same company) but excluding oor space reserved for non-o ce uses such as retail, residential, hotel, etc.

For more information & inquiries, please contact: Mr. Shinji Takeda, Mr. Satoshi Hasegawa or Mr. Masayuki Fujimoto, Strategic Planning Unit, O ce Business Department, Mori Building Co., Ltd. Hills Mori Tower, 6-10-1 Roppongi, Minato-ku, Tokyo 106-6155｜ TEL 03-6406-6672 Detailed Market Trend Survey

1-1 General Trends in Supply Volume

○ In 2018, the supply of large-scale office buildings in Tokyo’s 23 cities was at a high level, surpassing the historical average. ○ Supply will be low in both 2021 and 2022. ○ Supply volume for the next 5 years is expected to be on par with the average of past years.

The supply of large-scale office buildings in Tokyo’s 23 cities rose to 1,410,000 m in 2018, surpassing the historical average of 1,030,000 m/year. Although there is expected to be abundant supply in 2020 (1,720,000 m) and 2023 (1,320,000 m), supply is forecast to be low for two consecutive years, 2021 (570,000 m) and 2022 (500,000 m). Supply volume for the next 5 years will be on par with the average for past years, with an average of 102,000 m/year. (Fig. 1).

Figure 1: Large Office Building Supply Trend in Tokyo’s 23 Cities

47 44 46 Supply – No. of Properties 41 40 42 36 37 32 29 30 28 28 31 29 32 24 26 25 26 26 21 19 19 21 22 21 21 16 16 19 19 12 15 14 12 11 9 216 Average from2019 1,020,000/year 183 175 Supply (planned) 2 172 Supply (actual) (10,000m ) (10,000㎡) 154 141 132 125 121 Historic Average 114 118 119 119 117 108 104 109 1,030,000/year 100 99 97 99 92 91 83 86 85 87 74 72 77 65 69 56 58 57 55 50 36

’86 ’87 ’88 ’89 ’90 ’91 ’92 ’93 ’94 ’95 ’96 ’97 ’98 ’99 ’00 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 ’20 ’21 ’22 ’23

1986～2018 2019～2023 ① Properties 907 ① Properties 79 ② Gross Floor Space 34,050,000m2 ② Gross Floor Space 5,090,000m2

Fig. 2 compares the 5-year forecast for supply data from last year’s survey (released April 27, 2018) with survey results from this year. There have been no major changes in overall trends indicated in the supply graph for 2018–2022, which proves the supply is developing as predicted. The forecast supply for each year between 2020 and 2022 rose slightly, primarily because of small-scale projects of 10,000–20,000 m coming to light.

Figure 2: Comparison of Shifts in Large-scale Office Building Supply Volume with Previous Years

2018.4 Market Trend Survey 2019.4 Market Trend Survey

Supply – No. of Properties 27 27 26 26 21 21

2 Supply Volume (10,000m ) 172 12 168 10 11 9 6 146 141 132

99 1,010,000㎡/year ▼ 99 1,020,000㎡/year ▼

52 57 50 43 Not announced

’18 ’19 ’20 ’21 ’22 ’23 ’18 ’19 ’20 ’21 ’22 ’23

‒ 1 ‒ Detailed Market Trend Survey

1-2 Supply Volume Trends by Office Building Scale

○ Average floor space per property is trending upward, which indicates office buildings are growing in size. ○ In 2023, supply provided by properties of 100,000 m or more is expected to account for the largest percentage of total supply since this report was first released.

Fig. 3 shows the trend of annual average supply per property. Around 1990, the average supply was 20,000 to 300,000 m per property. However, in recent years, it has become more common for the average supply to exceed 50,000 m per property. Even in 2018, the figure was 540,000 m per property. The increasing trend for average supply volume per property is clear from the approximation curve. The conclusion is that the scale of office buildings being supplied is increasing.

Figure 3: Trend in Average Supply per Property

Average supply per property (10,000 m per property) 5.5 5.5 5.4 5.1 5.0 4.7 4.5 4.5 4.6 4.6 4.2 4.6 3.7 3.6 Approximation curve 4.0 3.4 4.0 3.6 3.7 3.2 3.2 3.3 3.1 2.7 2.8 2.6 2.7 2.3 2.5 2.4 2.5 2.5

'86 '87 '88 '89 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18

Fig. 4 shows the supply trends shown in Fig. 1 dividing properties into those with gross office floor space of 10,000 m or more and those with less than 10,000 m. For properties with gross office floor space of 10,000 m or more, supply for 2023 (1,200,000 m) is expected to be the highest figure since the study began. In 2023, properties with a gross office floor space of 100,000 m or more are expected to account for the largest percentage of supply (91%) since this report was first released. In addition, properties with gross office floor space of 100,000 m accounted for much of the supply both in absolute terms and as a percent of total supply in 2018 (980,000 m, 69%). This is forecast to be true in 2020, too (1,180,000 m, 68%). The proportion of supply of large-scale office buildings with 100,000 m or more is large and it can be said that the amount of floor space of large-scale office buildings is increasing.

Figure 4: Trend in Supply of Properties with 100,000 m or More of Gross Office Floor Space

1986～2018 100,000 m or more Less than 100,000 m 2019～2023 100,000 m or more Less than 100,000 m Unit(10,000m) 91 69 Percentage of 100,000 m or more (%) 68 53 56 51 47 49 41 42 45 40 37 36 40 28 24 23 24 42 37 14 33 11 9 29 28 20 23 12 216 11 0 0 0 0 0 0 0

183 175 172

154 137 141 54 132 125 111 121 119 12 118 119 117 105 43 114 109 108 104 100 99 109 97 99 92 91 52 83 72 86 85 87 74 77 48 72 68 69 82 91 108 65 89 50 57 56 55 103 54 58 46 57 86 93 118 118 50 120 81 49 68 52 47 98 27 83 36 47 85 73 74 79 67 70 43 27 55 51 53 45 58 47 36 38 41 41 41 30 26 27 28 22 18 18 28 23 14 11 10 11 20 14 13 '86 '87 '88 '89 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

‒ 2 ‒ Detailed Market Trend Survey

1-3 Supply Volume Trends by Area

○ The supply in the three central cities will exceed 1,000,000 m in both 2020 and 2023, greatly surpassing the historical average. ○ Between 2020 and 2023, at least 70% of supply will be in the three central cities. ○ The Shimbashi-Toranomon area, which has seen a marked increase in supply, is expected to become more competitive.

The supply volume of large-scale office space in the three central cities (Chiyoda, Chuo and Minato Cities) over the next 5 years is expected to average 730,000 m/year, exceeding the 670,000 m/year average of the past decade (Figure 5). In particular, supply is expected to exceed 1,000,000 m in 2020 (1,230,000 m) and 2023 (1,080,000 m), greatly exceeding the historical average. The three central cities will account for at least 70% of total supply in each year from 2020 through 2023, surpassing the 10-year average of 65%.

Figure 5: Shifts in Large-scale Office Building Supply Volume by Area 2009～2018 Central 3 Cities Other 20 Cities 2019～2023 Central 3 Cities Other 20 Cities Unit (10,000m2)

175 172

2009 – 2018 Average Supply 48 in the Central 3 Cities: 141 670,000m2/year 78 132

30 117 24 109

97 99 31 2019 – 2023 86 85 87 Average Supply 27 in the Central 3 Cities: 81 17 43 730,000m2/year 21 69

49 58 17 123 57 4 110 50 108 97 16 15 78 65 70 70 54 52 56 41 36 37 35

'09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Figure 6: Large-scale Office Building Supply Volume Share by Area 2009～2018 Central 3 Cities Other 20 Cities 2019～2023 Central 3 Cities Other 20 Cities Unit (10,000m2)

2 '09～'18 65% (670,000m /year) 35%(350,000m2/year)

'19 57%(560,000m2/year) 43%(430,000m2/year)

'20 72% (1,230,000m2/year) 28%(480,000m2/year)

'21 73% (410,000m2/year) 27%(160,000m2/year)

'22 70% (350,000m2/year) 30%(150,000m2/year)

'23 82% (1,080,000m2/year) 18%(240,000m2/year)

‒ 3 ‒ Detailed Market Trend Survey

Figure 7 shows the five main business areas that Mori Building is focusing on. Figure 8 gives the amount of supply and the percentages of total supply for each area for the 5-year period 2019–2023. The 5-year average supply in Tokyo’s 23 cities is 5,090,000 m. These 5 main areas account for 3,670,000 m, which is 72% of that supply. Driven by various projects, including massive development projects underway in areas around , the Shimbashi- Toranomon area is the source of the greatest supply (1,380,000 m, 27%). Figure 9 gives a comparison of the supply for the period 2014–2018 and the period 2019–2023 for each area. Looking at change in supply between the two periods, there will be a decline in supply in the Otemachi area (1,330,000 m → 700,000 m), which boasts the largest supply over the past 5 years, and the Nihombashi--Kyobashi area (680,000 m → 460,000 m). On the other hand, supply will grow in the Shimbashi-Toranomon area (230,000 m → 1,380,000 m) and the area (140,000 m → 390,000 m). There has been a particularly marked increase in supply in the Shimbashi-Toranomon area. It is projected that the competitiveness of the whole area will increase dramatically because of the renovation of urban functions and concentration of companies on account of various major development projects, including the construction of a new metro station.

Figure 7:Main Business Areas of Focus Figure 8:Supply Share by Major Business Areas for the Years 2019 – 2023

Marunouchi- Otemachi - Outside 2018 – 2022 Shimbashi- Yaesu- the top 5 areas Toranomon Kyobashi 1,420,000m2 Total Supply Volume： 1,380,000m2 28% 5,080,000m2 27% 2019 – 2023 Shimbashi- Total Supply Volume： Toranomon 2 Shibuya 5,090,000m Shibuya Shinagawa- 390,000m2 - 8% Hamamatsucho 740,000m2 Shinagawa- 14% Tamachi- Marunouchi-Otemachi Hamamatsucho 700,000m2 14%

Nihonbashi- Yaesu-Kyobashi Top 5 areas 460,000m2 Total Supply Volume： 3,670,000m2 9% Supply Share： 72%

Figure 9: Supply Volume by Major Business Areas for the Years 2019 – 2023 Unit (10,000m2) 0 20 40 60 80 100 120 140 160

23 Shimbashi-Toranomon 138

Shinagawa-Tamachi- 54 Hamamatsucho 74

133 Marunouchi-Otemachi 70

Nihonbashi-Yaesu- 68 Kyobashi 46

14 Shibuya 39 ※For each area referenced, the upper bar displays the data for 2014-2018, and the lower bar displays the data for 2019-2023.

‒ 4 ‒ Detailed Market Trend Survey

2-1 Tenant Office Needs

○ Among the companies who intend to lease new office space, "to increase office space" is soaring year by year as their main reason. ○ For the sixth consecutive year, the number one reason was ‘To Expand Business/To Accommodate an Increase in Employees’. ○ 45% of firms indicated plans to increase employee numbers.

In the following section, we would like to present our views on future demand trends, drawing on the results of the “Survey of Office Needs in Tokyo’s 23 Cities” (taken in October 2018), a survey conducted by Mori Building Co., Ltd. since 2003 that targets the top 10,000 companies (based on capital) who have their head office in one of Tokyo’s 23 Cities. When companies were asked about plans to lease new offices, 27% answered yes. This percentage is increasing year by year (Figure 10). In addition, companies that expect to lease new office were asked if they plan to increase or decrease office space. The percentage that answered that they plan to increase office space is also increasing year by year (Figure 11). There is strong desire among companies to expand, which proves demand for office space is forecast to remain firm.

Figure 10: Future Plans to Lease New Office Space Figure 11: Plans for Expansion vs. Reduction of Space （ over time） Yes,we have plans No plans Expansion No change Reduction 0% 50% 100% 0% 10% 20% 30%

2014 20%（413） 80%（1,641） 2014 12％（ 240） 6％（ 113） 3％（ 54） n=2,054 n=2,054

2015 22%（482） 78%（1,727） 2015 13％（ 285） 6％（ 130） 3％（ 65） n=2,209 n=2,209

2016 22%（446） 78%（1,622） 2016 14％（ 287） 6％（ 114） 2％（ 45） n=2,068 n=2,068

2017 24%（484） 76%（1,551） 2017 14％（ 285） 7％（ 139） 3％（ 59） n=2,035 n=2,035

2018 27%（449） 73%（1,237） 2018 17％（ 289） 7％（ 113） 3％（ 45） n=1,686 n=1,686

Among the reasons for planning to lease new office space, ‘To Expand Business/ To Accommodate an Increase in Employees’ was 1st for the sixth consecutive year. (Fig. 12). The top five reasons were the same as for the last year, which shows that the trend toward actively changing offices is continuing. In addition, "lower rent/lower priced building" fell to the 7th position, making it the second consecutive year it has fallen and the lowest rank for this reason since the survey was first conducted.

Figure 12: Trends in the Reason for Plans to Lease New Office Space

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 No. 1 No. 1: To Expand Business / To Accommodate an Increase in Employees

No. 2 No. 2: Better Location

No. 3 No. 3: More Floorspace per Floor

No. 4 No. 4: Higher Grade Facilities

No. 5 No. 5: Anti-seismic Design

No. 6 No. 6: Superior Security

No. 7 No. 7: Lower Rent / Lower-Priced Building

No. 8 No. 8: Disaster Prevention Systems / Backup Systems

‒ 5 ‒ Detailed Market Trend Survey

When asked about the number of employees in the current office compared with last year, 44% of companies answered that it had ‘increased’ (Fig. 13). Subsequently, when asked about the prospects for the future, 45% of companies said they ‘expect an increase’ (Fig. 14). It is clear that the ‘expected increase’ is much greater than the ‘expected decrease’, indicating that the number of employees is on an upward trend.

Figure 13: Changes to Employee Numbers Over Figure 14: Outlook for Employee Numbers Previous Year

Decreased greatly Increased greatly Decrease greatly Increase greatly 1％(24) 6％(102) 0％(4) 4％(70)

Decrease slightly Slightly 3％(58) decreased 11％(180) 44% 45%

Increase Slightly No change slightly increased 51％(859) 41％(700) No change 38％(645) 44％(738)

n=1,689 n=1,691 ( )Number of Responses ( )Number of Responses

2-2 Absorption Capacity and Vacancy Rates

The next section examines new demand trends using the concept of “absorption capacity”. As shown in Fig. 14, the concept of “absorption capacity” is newly occupied floor space for the current year [(vacant floor space at the end of the previous year) + (newly supplied floor space) – (vacant floor space at the end of the current year)] in all large-scale office buildings as defined in this survey (over 10,000m and completed since 1986).

Figure 14: Concept of New Demand (Absorption Capacity)

(1) When absorption capacity is positive

Stock at the end of last year Occupied Floor Space Vacant Floor Space

Absorption New Supply Volume This Year Capacity (＋)

Stock at the end of this year Occupied Floor Space Vacant Floor Space

(2) When absorption capacity is negative

Stock at the end of last year Occupied Floor Space Vacant Floor Space

Absorption New Supply Volume This Year Capacity (−)

Stock at the end of this year Occupied Floor Space Vacant Floor Space

※Total Floor Space (gross) is calculated by dividing the effective leasable space ratio for a typical large-scale office building (65.5%) to the leasable floor space (net).

‒ 6 ‒ Detailed Market Trend Survey

○ The vacancy rate in Tokyo's 23 cities at the end of 2018 fell to 1.9%, the first time in 18 years, since 2000, that it declined to the 1% level. ○ The vacancy rate at the end of 2019 is forecast to remain low with 2.0% because of firm demand for office space. ○ The vacancy rate at the end of 2020 is expected to increase slightly to 2.3% due to the increase in supply.

In Tokyo’s 23 cities in 2018, the vacancy rate fell from 2.6% to 1.9% (Figure 16), the first time it has declined to the 1% level in 18 years, since 2000, because the amount of new floor space absorbed (1,610,000 m) exceeded the supply (1,410,000 m). A breakdown by area reveals that the decline in the vacancy rate in the three central cities drove the overall fall (Figure 17). The vacancy rate in the three central cities declined by 1.2 percent (3.1%→1.9%) while that in the other 20 cities remained unchanged (1.8%→1.8%).

Current demand for office space remains firm. Many companies are giving positive reasons for moving, including "to expand business or to accommodate an increase in employees," " to move to a better location," and "wanting more floor space per floor." The percentage of companies that plan "to increase floor space" and "increase in the number of workers" is trending upward year by year. Although there are concerns about the risk of secondary vacancies*as a result of the increase in supply, it will have a limited impact due to strong demand. * Vacancies in existing buildings as a result of tenants moving to new buildings

It is also becoming more important to create easy-to-work-in environments because of the recent labor shortage and work-style reforms. Companies moving to the city center to improve office location and an increase in shared offices and co-working offices are leading to a decrease in vacancies, particularly in the three central cities.

In 2019, demand is expected to still be firm as in 2018 and the vacancy rate at the end of 2019 is expected to remain low at 2.0%.

Demand in 2020 is forecast to continue to be strong thanks to not only the Tokyo Olympics and Paralympics but also ’s continuing gentle economic recovery. On the other hand, the vacancy rate in 2020 is forecast to increase slightly to 2.3% because of the abundant supply, which will surpass the historical average.

Figure 16: Supply Volume, New Demand (Absorption Capacity) and Vacancy Rate Trends (Tokyo’s 23 Cities)

Projected Values Vacancy rate(%) 8.1 7.8 6.7 6.3 6.9 6.2 5.3 5.9 4.3 3.6 3.8 3.9 3.2 2.8 3.2 2.4 2.5 2.6 1.9 2.0 2.3 1.2 216 224 Supply Volume (10,000㎡) 175 172 161 Absorption Capacity (10,000㎡) 154157 157 142 139 139 141 125 121 119 122 117 119 115 109 114 99 97 99 96 88 91 86 85 91 87 85 77 72 65 69 69 54 58 44 48 36 34 31

'99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20

Figure 17: Supply Volume, New Demand (Absorption Capacity), and Vacancy Rate Trends by Area

Central 3 Cities Other 20 Cities Central 3 Cities Supply Volume Supply Volume (10,000m2) Vacancy Rate (%) 9.3 8.4 Central 3 Cities Other 20 Cities Other 20 Cities 8.0 New Demand New Demand (10,000m2) Vacancy Rate (%) 6.1 6.6 5.2 4.5 6.5 5.7 5.9 3.4 3.1 5.6 5.0 1.9 3.6 3.5 2.8 1.8 1.8

30 78 33 30 61 31 39 48 27 21 81 38 17 30 131 49 19 70 4 17 110 97 106 78 70 78 75 71 65 50 54 61 70 52 55 36 37 35 21 '09 -4 '10 '11 '12 '13 '14 '15 '16 '17 '18

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Major Large-Scale Office Buildings to be Completed in the Future (includes some completed projects)

Floor Area Name of Project (Name of Building) Lead Project Developer(s) Location (m2) (Tsubo)

2019

Shinagawa HEART 39,500 11,949 HATO BUS Co., Ltd., Urban Renaissance Agency Konan, Minato-ku

Abema Towers 37,900 11,465 Sumitomo Realty & Development Co., Ltd. Utagawacho, Shibuya-ku

Nihonbashi Muromachi Mitsui Tower 168,000 50,820 Redevelopment Association (Mitsui Fudosan Co., Ltd.) Nihonbashi-Muromachi, Chuo-ku

DaiyaGate 49,700 15,034 Seibu Railway Co., Ltd. Minami-Ikebukuro, Toshima-ku

Shibuya Solasta 47,000 14,218 Dogenzaka 121 (Tokyu Land Corporation) Dogenzaka, Shibuya-ku

Nittetsu Nihonbashi Building 27,400 8,289 Nippon Steel Kowa Real Estate Co., Ltd. Chuo-ku, Nihonbashi

Park 24 Head Office Building 17,000 5,143 Park 24 Nishi , Shinagawa-ku

S5 Project 19,500 5,899 Holdings , Shinjuku-ku

New Japan Sports Association & JOC Hall 19,100 5,778 Japan Sports Association / JOC , Shinjuku-ku

The Okura Prestige Tower 180,700 54,662 Hotel Okura Co., Ltd. Toranomon, Minato-ku

Yamato Group Shin-Konan Building Project 19,600 5,929 Yamato Transport Konan, Minato-ku

Museum Tower Kyobashi 41,800 12,645 Nagasaka Sangyo Kyobashi, Chuo-ku

Urbannet Uchisaiwaicho Building 36,100 10,920 NTT Urban Development Corporation Shimbashi, Minato-ku

Jimbocho Kita Tokyu Building 11,400 3,449 Tokyu Land Corporation Misaki-cho, Chiyoda-ku

Shinjuku South Exit Project 43,800 13,250 Estate Co., Ltd., Nippon Flour Mills Co., Ltd. , Shibuya-ku

Sumitomo Fudosan First Bldg. 26,200 7,926 Sumitomo Realty & Development Co., Ltd. Sotokanda, Chiyoda-ku

Sumitomo Fudosan Akihabara Ekimae Bldg. 30,800 9,317 Redevelopment Association（Sumitomo Realty & Development Co., Ltd.） Kanda Neribeicho, Chiyoda-ku

Sumitomo Fudosan Central Park Tower 60,500 18,301 Sumitomo Realty & Development Co., Ltd. Nishi Shinjuku, Shinjiku-ku

Sumitomo Fudosan Ikebukuro Higashi Building 16,100 4,870 Sumitomo Realty & Development Co., Ltd. Higashi Ikebukuro, Toshima-ku

Udagawacho Area 14-15 Redevelopment Project 63,900 19,330 Parco Co., Ltd., Hulic Co., Ltd. Udagawacho, Shibuya-ku

WING New Building Expansion 14,800 4,477 LIXIL Oshima, Koto-ku

Shibuya Fukuras 59,000 17,848 Redevelopment Association (Tokyu Land Corporation) Dogenzaka, Shibuya-ku

Konami Creative Center 22,500 6,806 Konami Real Estate, Inc. Ginza, Chuo-ku

BOATRACE Roppongi 13,400 4,054 Boat Race Promotion Association Roppongi, Minato-ku

Shibuya Scramble Square East Building 181,000 54,753 Tokyu Corp., East Japan Railway Company, Tokyo Metro Co., Ltd. Shibuya, Shibuya-ku

Toranomon Hills Business Tower 173,200 52,393 Redevelopment Association (Mori Building, Nishimatsu Construction） Toranomon, Minato-ku

2020

CO･MO･RE 139,600 42,229 Urban Renaissance Agency, and others Yotsuya, Shinjuku-ku

Nippon Koei Building 17,600 5,324 Nippon Koei Co., Ltd. Koji-machi, Chiyoda-ku

OH-1 Project 358,500 108,446 Mitsui & Co., Ltd., Mitsui Fudosan Co., Ltd Otemachi, Chiyoda-ku

msb Tamachi Tamachi Station Tower N 152,800 46,222 Tokyo Gas Co., Ltd. , Minato-ku

Kanda Nishikicho 2-chome Project 85,400 25,834 Sumitomo Corporation Kanda Nishikicho, Chiyoda-ku

Tokyo World Gate Kamiyacho Trust Tower 195,200 59,048 Mori Trust Toranomon, Minato-ku

D Tower Nishi Shinjuku 39,500 11,949 Daiwa House Industry Nishi Shinjuku, Shinjiku-ku

Kita Aoyama 2-chome Project 22,900 6,927 MEC Urban Development No. 6 (Mitsubishi Estate Co., Ltd.) Kita Aoyama, Minato-ku

Toyosu Bayside Cross Tower A, Tower C 185,800 56,205 Mitsui Fudosan Co., Ltd. , Koto-ku

Waters Takeshiba 102,600 31,037 East Japan Railway Company , Minato-ku

Takeshiba District Development Project, 180,700 54,662 Albero Grande (Tokyu Land Corporation, Kajima Corporation) Kaigan, Minato-ku Architectural Plan

Hareza Tower 68,600 20,752 Tokyo Tatemono Co., Ltd., The Sankei Building Co., Ltd Higashi Ikebukuro, Toshima-ku

Haneda Airport Former Site Zone 1 57,400 17,364 Haneda Mirai Specified Purpose Company , Ota-ku Development (Stage 1)

Kao Sumida Workplace Central Building Expansion 12,600 3,812 Kao Corporation Bunka, Sumida-ku

Toranomon Station Area Redevelopment 47,300 14,308 Redevelopment Association (Nomura Real Estate Development, Tokyo Metro) Toranomon, Minato-ku

Sumitomo Fudosan Kojimachi Garden Tower 48,000 14,520 Sumitomo Realty & Development Co., Ltd. Koji-machi, Chiyoda-ku

Marunouchi 1-3 Project 181,000 54,753 Mitsubishi Estate, Mizuho FG, Japanese Bankers Association Marunouchi, Chiyoda-ku

Marubeni New Head Office Building 80,600 24,382 Marubeni Corporation Otemachi, Chiyoda-ku

Toyosu Bayside Cross Tower B 72,600 21,962 Mitsui Fudosan Co., Ltd. Toyosu, Koto-ku

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Floor Area Name of Project (Name of Building) Lead Project Developer(s) Location (m2) (Tsubo)

2021

World Trade Center Building, South Building 95,200 28,798 World Trade Center Building, Kajima Corporation, Hamamatsu-cho, Minato-ku Co., Ltd., East Japan Railway Company

Ochanomizu Project 12,700 3,842 Sumitomo Realty & Development Co., Ltd. Yushima, Bunkyo-ku

Nihonbashi Kabutocho, 7-district Development Plan 39,400 11,919 Heiwa Real Estate Co., Ltd., Yamadane Fudosan, Chibagin Securities Co., Ltd. Nihonbashi Kabuto-cho, Chuo-ku

Shibaura 3-chome Project 13,000 3,933 Sumitomo Realty & Development Co., Ltd. Shibaura, Minato-ku

Shimbashi Tamuracho Area Redevelopment 105,600 31,944 Redevelopment Association (Mitsui & Co., Ltd. Urban Development) Nishi Shimbashi, Minato-ku

Toyosu District 4-2 block Development Plan 88,000 26,620 Shimizu Corporation Toyosu, Koto-ku

Tokyo Station Area Tokiwabashi Project, Building A 146,000 44,165 Mitsubishi Estate Co., Ltd. Otemachi, Chiyoda-ku

Kanda Izumicho Project 10,300 3,116 Sumitomo Realty & Development Co., Ltd. Kanda Izumi-cho, Chiyoda-ku

Fukuda Denshi Hongo Office New Construction 13,700 4,144 Fukuda Denshi Co., Ltd. Hongo, Bunkyo-ku

Nippon Express New Head Office Building 42,600 12,887 Nippon Express Kanda Izumi-cho, Chiyoda-ku

2022

Yanmar Tokyo Building New Construction 22,300 6,746 Seirei Kosan Co., Ltd. Yaesu, Chuo-ku

Toranomon 2-chome Project District B 26,200 7,926 Toyo Kaiji Kogyo Toranomon, Minato-ku

Tokyo Station Area Tokiwabashi Project, Building D 30,000 9,075 Mitsubishi Estate Co., Ltd. Otemachi, Chiyoda-ku

Kyodo Printing Head Office Refurbishment 33,000 9,983 Kyodo Printing , Bunkyo-ku

Shibuya-ku Dogenzaka 2-chome Development Project 41,000 12,403 Pan Pacific International Holdings Corporation Dogenzaka, Shibuya-ku

Kudanminami 1-chome Project 68,500 20,721 Nove Grande (Tokyu Land Corporation, Kajima Corporation) Kudan Minami, Chiyoda-ku

Yaesu 2-chome North Redevelopment, 289,800 87,665 Redevelopment Association (Mitsui Fudosan Co., Ltd.) Yaesu, Chuo-ku Districts A-1 and A-2

Disaster Protection District Development Project Association Nishishinjuku Gochome North Area Disaster Protection 134,900 40,807 Nishi Shinjuku, Shinjiku-ku District Development Project (Sumitomo Realty & Development Co., Ltd.)

Nakano Nichome Area Redevelopment 96,200 29,101 Redevelopment Association（Sumitomo Realty & Development Co., Ltd.） Nakano, Nakano-ku

2023

Toranomon and District 864,100 261,390 Redevelopment Association（Mori Building） Azabudai, Minato-ku Urban Redevelopment Project

Toranomon 1&2-chome District 253,100 76,563 Redevelopment Association（Mori Building） Toranomon, Minato-ku Urban Redevelopment Project

Mita 3&4-chome District Redevelopment Project 225,000 68,063 Redevelopment Association（Sumitomo Realty & Development Co., Ltd.） Mita, Minato-ku

Toranomon 2-chome District 181,000 54,753 Urban Renaissance Agency Toranomon, Minato-ku Redevelopment Project Business Building

* The supply volume figure provided by Mori Building is calculated from the actual office floor area, and does not agree with the total floor area figures shown in this chart (which includes retail and residence floor areas) * Projects that are have only been published for the supply financial year are recorded, in principal, as supply for the end of the financial year. * In the column “Lead Project Developer(s)", the companies and organization in brackets ( ) are major enterprises that are participating as an association member, investor in the special purpose company (S.P.C.), specified constructor, partner or joint venture party.

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