Detailed Market Trend Survey

April 27, 2018 Survey of Large-scale O ce Building Market in ’s 23 Wards

General Trends in Supply Volume - Supply volume for the next 5 years is expected to be on par with the average of past years - ■ The supply of large-scale oce buildings in Tokyo’s 23 wards will increase in 2018 and 2020, but supply volume in 2021 and 2022 will be notably lower, with the average over the next 5 years (2018 to 2022) expected to be approximately the same level as the average for the past 25 years. In addition, the average amount supplied per property is increasing every year, and the supply volume of large-scale oce buildings of 100,000 sqm or more is expected to be the largest in 2020, as the amount of "large scale supply" continues to trend upwards.

■ By area, the tendency of large-scale oce buildings to be centralized in the city continues, with approximately 70% of the supply over the next 5 years being in the Central 3 Wards. In addition, from 2018 to 2022, approximately 70% of the supply will be concentrated in the 5 primary areas of " and Otemachi", "Nihombashi and ", "Shi- baura, area, and Hamamatsucho", "Shimbashi and " and "".

General Trends in Demand - Demand for o ce space to remain largely steady - ■ Approximately 60% of companies that intend to lease new oce space are doing so to expand current oor space, and the number of workers in the future is expected to continue increasing, causing demand for oce space to remain largely steady. In addition, the key reasons for planning to lease new oce space were ‘to expand business or to accommodate an increase in employees’ , ‘wanting to move to a better location’ , and ‘wanting more oor space per oor’, further demonstrating the trend of large oce buildings being centralized in the city.

Vacancy rate - Vacancy rate to improve under the back ground of vigorous demand for o ces - ■ The vacancy rate at the end of 2017 improved to 2.6%, and although supply volumes will be high at the end of 2018, the vacancy rate is expected to remain almost at due to robust oce demand. By the end of 2019, we anticipate that it will improve to 2.5% due to reduced supply and strong demand for oce space.

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

Research area: Tokyo’s 23 Wards Research Subject Buildings: Oce 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 2018. ※This is a tabulation of gross total oce oor space of all large-scale oce buildings completed since 1986 (including properties owned and used by the same company) but excluding oor space reserved for non-oce 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, Oce 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

○ Supply in Tokyo’s 23 wards will be high in 2018 and 2020. ○ 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.

Supply of large office buildings in Tokyo's 23 wards is expected to be high for 2018 (1,460,000 m ) and 2020 (1,680,000 m ), and low for 2021 (520,000 m ) and 2022 (420,000 m ). Supply volume for the next 5 years will be on par with the average for past years, with an average of 101,000 m /year. (Fig. 1).

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

46 47 41 40 44 Supply – No. of Properties 42 36 37 32 31 32 29 30 28 28 29 24 26 25 22 27 27 21 19 19 21 19 21 19 21 15 14 16 16 12 10 6 216 Average from2018 1,010,000/year 183 175 Supply (actual) (10,000m2) Supply (planned) 168 154 (10,000 ) ㎡ 146

Historic Average 125 121 114 118 119 119 117 1,020,000/year 108 104 109 100 99 97 99 92 91 83 86 85 87 74 72 77 65 69 58 56 55 52 42 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

1986～2017 2018～2022 ① Properties 881 ① Properties 91 ② Gross Floor Space 32,650,000m2 ② Gross Floor Space 5,070,000m2

Fig. 2 compares the 5-year forecast for supply data from last year’s survey (released April 25, 2017) with survey results from this year. There is no change in high level of supply for years 2018 and 2020, however supply increased slightly each year from 2018 and 2020, causing the average supply to increase (from 1,330,000 m /year to 1,380,000 m /year).The primary cause of this increase was the appearance of small-scale projects with an area of 10,000 m to 20,000 m .

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

27 27 25 Supply – No. of Properties 22 21 21 20 19

168 2 163 Supply Volume (10,000m ) 10 9 146 140 1,380,000㎡/year ▼ 1,330,000㎡/year ▼ 6

97 99

73 69 52 40 42

’17 ’18 ’19 ’20 ’21 ’22 ’17 ’18 ’19 ’20 ’21 ’22

‒ 1 ‒ Detailed Market Trend Survey

1-2 Supply Volume Trends by Office Building Scale

○ The average supply volume per property is increasing. ○ The supply of properties over 100,000 m is expected to be the largest in 2020.

Fig. 3 shows the trend of average supply per property for each year. Around 1990, the average supply was 20,000 to 300,000 m per property, however recently, years in which average supply has exceeded 50,000 m per property have increased, and in 2020 the average supply is expected to be approximately 80,000 m per property, the highest figure since the survey began in 1986. The increasing trend for average supply volume per property is clear from the approximation curve, with the conclusion that the scale of office buildings being supplied is increasing.

Figure 3: Trend in Average Supply per Property 8.0

Average supply per property (10,000 m per property) 5.8 5.3 5.5 5.5 5.4 5.4 5.0 4.7 4.5 4.5 4.6 4.6 4.2 5.2 3.7 3.6 4.6 Approximation curve 4.0 4.0 3.7 3.7 3.4 3.6 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 '19 '20 '21 '22

Fig. 4 shows the trends in supply shown in Fig. 1, separating properties with gross office floor space of 10,000 m or more and less than 10,000 m . In terms of properties with gross office floor space of 10,000 m or more, supply for 2020 (1,100,000 m ) is expected to be the highest figure since the study began. Furthermore, the percentage of properties with gross office floor space of 10,000 m or more supplied in a single year is expected to exceed 50% in 2018 (66%) and 2020 (65%). In comparison with 2003 and 2012 in which supply was high with properties with gross office space less than 10,000㎡, the supply of large office buildings of 100,000 m or more is expected to be high in 2018 and 2020.

Figure 4: Trend in Supply of Properties with 100,000 m2 or More of Gross Office Floor Space

100,000 m or more (10,000 m ) Less than 100,000 m (10,000 m ) Percentage of 100,000 m or more (%) 66 65 53 56 53 51 47 49 41 42 40 40 37 36 28 42 24 23 24 37 14 33 11 9 29 28 25 20 12 216 11 0 0 0 0 0 0 0

183 175 168 154 137 146 59 111 125 121 118 119 119 117 105 49 114 109 108 104 100 99 99 109 97 92 91 52 83 72 86 85 87 74 77 48 72 68 69 91 108 65 89 50 58 56 82 54 58 55 86 93 103 118 46 52 49 68 110 81 97 42 27 83 36 85 47 74 79 47 52 67 39 19 55 73 51 53 70 58 47 45 41 41 41 30 36 38 28 26 27 18 18 28 23 22 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

‒ 2 ‒ Detailed Market Trend Survey

1-3 Supply Volume Trends by Area

○ Supply in the Central 3 Wards for 2018 and 2020 will exceed the recent high in 2012. ○ Approximately 70% of the supply over the next 5 years from 2018 to 2022 will be concentrated in 5 specific areas within the main business areas.

The supply volume of large-scale office space in the Central 3 Wards (Chiyoda, Chuo and Minato Wards) over the next 5 years is expected to average 700,000 m /year, exceeding the 600,000 m /year average of the past decade (Figure 5). Of particular note are 2018 and 2020, with supply volumes of 1,090,000 m and 1,150,000 m respectively, figures that both exceed the most recent high of 970,000 m recorded in 2012. Furthermore, the supply to the Central 3 Wards is forecast to account for 69% of the total supply over the next 5 years. Although this is below the average of 77% for the past five years, it is still at a high level (Fig. 6).

Figure 5: Shifts in Large-scale Office Building Supply Volume by Area

Central 3 Wards Other 20 Wards

2 175 Unit (10,000m ) 168

2008 – 2017 146 Average Supply 54 in the Central 3 Wards: 78 2 600,000m /year 37 117 109 99 97 31 2018 – 2022 86 85 87 27 Average Supply in the Central 3 Wards: 17 43 21 81 2 69 700,000m /year 65 58 49 17 115 21 4 109 52 97 11 42 78 70 70 11 65 54 52 57 44 37 41 36 31

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22

Figure 6: Large-scale Office Building Supply Volume Share by Area

Central 3 Wards Other 20 Wards Unit (10,000m2)

'08～'12 53%(560,000m2/year) 47%(500,000m2/year)

2 2 '13～'17 77%(650,000m /year) 23%(190,000m /year)

2 2 '18～'22 69% (700,000m /year) 31%(310,000m /year)

‒ 3 ‒ Detailed Market Trend Survey

Fig. 7 shows the forecast supply trends for the next 5 years between 2018 and 2022 by major business area. Fig. 8 shows the share of the top 5 areas. Of the total supply for Tokyo’s 23 wards (5,080,000 m ) over the next 5 years, 67% (3,380,000 m ) is located in the top 5 areas. The largest supply is the Marunouchi Otemachi area (1,200,000 m , 24%), due to multiple large-scale developments in progress. The second is the Nihombashi-Yaesu area (650,000 m2, 13%), which is boosted by the development of Nihombashi and large-scale development in Yaesu. The third is the -Kaigan-Hamamatsucho area (620,000 m , 12%), with large-scale developments in progress around the Hamamatsucho Station and Station accounting for most of the supply. The fourth is the Shimbashi-Toranomon area (600,000 m , 12%), with several large-scale developments in progress around Toranomon Hills. The fifth is the Shibuya area (300,000 m , 6%), with multiple buildings becoming available around by 2019.

Figure 7: Supply Volume by Major Business Areas for the Years 2018 – 2022

0 50 100 Unit (10,000m2) Marunouchi–Otemachi 121

Nihonbashi–Yaesu 65 Shibaura–Kaigan– Hamamatsu 62 Shimbashi–Toranomon 60 2018 – 2022 Shibuya 30 Total Supply Volume: 5,080,000m2 –Shinonome–Tatsumi 28

Gotanda–Osaki 20

Nishi- 16

Ikebukuro 12

Koishikawa 11

Yotsuya 3chome 10

Kojimachi 10

Akihabara 9

Jimbocho 8

Ichigaya--Waseda 7 Kita - Higashi Shinagawa 5 5

Other 29

Figure 8: Supply Share by Major Business Areas for the Years 2018 – 2022

Marunouchi-Otemachi 1,210,000m2 Outside 24% the top 5 areas 1,700,000m2 33% 2018 – 2022 Total Supply Volume： 2 5,080,000m - Yaesu 2 650,000m Top 5 areas 13% Total Supply Volume： 3,380,000m2 Supply Share % Shibaura-Kaigan- ： 67 Shibuya Shimbashi- Hamamatsu 2 Toranomon 300,000m 2 2 620,000m 6% 600,000m 12% 12%

‒ 4 ‒ Detailed Market Trend Survey

2-1 Tenant Office Needs

○ Over 60% of firms planning to lease new office space are ‘planning to expand office space’. ○ For the fifth consecutive year, the number one reason was ‘to expand business/to accommodate an increase in employees’. ○ 40% 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 Wards” (taken in October 2017), 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 Wards. When companies were asked about plans to lease new offices, 24% answered yes. This proportion has been increasing since 2013 (Fig. 9). When companies indicating plans to lease new office space were asked about plans for expansion or reduction of space, 59% indicated that they have plans for expansion (Fig. 10). Company enthusiasm for expansion is robust, indicating that demand for office space at present is firm.

Figure 9: Future Plans to Lease New Office Space Figure 10: Plans for Expansion vs. Reduction of Space Yes,we have plans No plans

0% 50% 100%

2013 Reduction 20%（433） 80%（1,707） n=2,140 12% （59） 2014 20%（413） 80%（1,641） n=2,054 Expansion No change 59% 2015 22% 482 78% 1,727 29% n=2,209 （ ） （ ） （285） （139）

2016 22% 446 78% 1,622 n=2,068 （ ） （ ）

2017 24% 484 76% 1,551 n=483 n=2,035 （ ） （ ）

In terms of the reason for planning to lease new office space, ‘to expand business/to accommodate an increase in employees’ was 1st for the fifth consecutive year. Thereafter ‘wanting to move to a better location’ was in 2nd place, switching places with ‘wanting more floor space per floor’ (Fig. 13). Compared with last year, the breakdown of the top 3 shows the same result, and positive trend for office relocation continues.

Figure 11: 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 No. 1:To Expand Business / To Accommodate an No. 1 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:Low er Rent / Lower-Priced Building No. 7 No. 7:Superior Security

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, 42% of companies answered that it had ‘increased’ (Fig. 11). Subsequently, when asked about the prospects for the future, 42% of companies said they ‘expect an increase’ (Fig. 12). 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 12: Changes to Employee Numbers Over Figure 13: Outlook for Employee Numbers Previous Year

Decreased greatly Increased greatly Decrease greatly Increase greatly 1％(29) 5％(94) 0％(8) 3％(63)

Decrease slightly Slightly 4％(76) decreased 12％(241) 42% 42%

Slightly Increase increased slightly 37％(741) No change 39％(794) No change 54％(1088) 46％(924)

( )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 Wards at the end of 2017 dropped to 2.6% due to absorption capacity exceeding supply volume. ○ Despite the high supply level, the vacancy rate at the end of 2018 is expected to be flat at 2.7% due to robust office demand. ○ The vacancy rate at the end of 2019 is expected to improve to 2.5%, with less supply and steady demand.

Absorption capacity for large office buildings in Tokyo’s 23 wards in 2017 was 850,000 m , exceeding supply which was 690,000 m , causing the vacancy rate to drop from 3.2% to 2.6% (Fig. 15), improving to the 2% level since 2007, when the vacancy rate was at a low 2.5%. By area, the central 3 wards decreased by 0.3 points (3.4% 3.1%)and the other 20 wards dropped by 1.0 point (2.8% 1.8%), which led the overall vacancy rate to drop (Fig. 16).

The buoyant demand for office space continues. Companies are expanding their business regardless of the size and type of industry, and are strongly motivated to recruit due to a lack of personnel, and positive relocation cases such as expanding office space and moving to a better locationare increasing. As a result, in 2017, the market as a whole, both newly-supplied buildings and existing buildings, have improved vacancy rates. Access to the city center is particularly good, and it appears that the consumption of vacancies is advancing in the area on the area around the central 3 wards where rents are lower than the city center.

Asthe moderate economic recovery phase continues in 2018 and employment expansion of companies is expected to continue, office demand is also expected to be steady. Despite the high number of supply in 2018, enthusiasm for companies to expand is strong and tenant candidates are decided in many buildings to be supplied. Vacancies in existing buildings (‘secondary vacancies’) due to relocation are expected to gradually become apparent, however, vacancy rate at the end of 2018 is expected to be almost flat at 2.7% due to robust office demand.

The Japanese economy is expected to continue its recovery trend towards the Tokyo Olympic Games in 2020, and office demand is expected to remain steady in 2019. Although there is a high possibility that secondary vacancies will become apparent during 2018, the appearance of secondary vacancies that are more affordable than newly-supplied buildings is expected to push companies that are looking to relocate in the current low vacancy situation. Furthermore, since the supply in 2019 (990,000 m ) is more limited than the supply in 2018(1,460,000 m ), assuming that consumption of vacancies will outstrip supply, the vacancy rate at the end of 2019 is expected to improve to 2.5%.

Figure 15: Supply Volume, New Demand (Absorption Capacity) and Vacancy Rate Trends (Tokyo’s 23 Wards)

Vacancy rate(%) 8.1 7.8 6.7 6.9 6.3 6.2 5.9 5.3 4.3 Projected Values 3.8 3.9 3.6 3.2 3.2 3.1 2.8 2.5 2.6 2.7 2.4 2.5 1.2 224 216 Supply Volume (10,000㎡)

Absorption Capacity (10,000㎡)

175

154157 146 142 139 139 140 125 121 119122 119 115 117 114 109 101 99 99 97 99 91 91 91 88 86 85 87 85 77 72 69 69 65 58 54 48 44 36 34 31

'98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19

‒ 7 ‒ Detailed Market Trend Survey

Figure 16: Supply Volume, New Demand (Absorption Capacity), and Vacancy Rate Trends by Area

Central 3 Wards Other 20 Wards Central 3 Wards Supply Volume Supply Volume (10,000m2) Vacancy Rate (%) Central 3 Wards Other 20 Wards Other 20 Wards New Demand New Demand (10,000m2) Vacancy Rate (%) 9.3 8.0 8.4 6.6 6.1 6.5 5.7 5.2 5.0 Projected Values 4.2 4.5 5.6 5.9 3.4 3.1 3.2 3.1 3.6 3.3 3.5 2.8 1.9 1.8 1.8

78 37 33 35 61

31 39 48 27 38 43 43 21 81 17 21

49 19 17 21 70 4 106 109 97 105 78 78 70 75 70 71 5 65 61 64 50 54 52 57 58 44 37 29 35 36 21 -4 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19

‒ 8 ‒ Detailed Market Trend Survey

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)

2018

G-BASE Tamachi 18,200 5,506 Fudosan Co., Ltd., Shiba, Minato-ku

Shinjuku M-SQUARE 11,800 3,570 Co., Ltd. Shinjuku, Shinjuku-ku

Sumitomo Fudosan Osaki Garden Tower 178,100 53,875 Redevelopment Association (Sumitomo Realty & Development Co., Ltd.) Nishi-Shinagawa, Shinagawa-ku

Taiyo Seimei Nihonbashi Building 60,100 18,180 Redevelopment Association Chuo-ku, Nihonbashi (Mitsui Fudosan Co., Ltd.,Taiyo Life Insurance Company, Teikoku Sen-I Co., Ltd.)

Tokyo Midtown 189,000 57,173 Mitsui Fudosan Co., Ltd. Yurakucho, Chiyoda-ku

TMG Hacchobori Building 10,400 3,146 Motor Corporation Hatchobori, Chuo-ku

Akihabara i-MARK Building 16,000 4,840 Shimizu Corporation Taito, Taito-ku

Takeda Global Headquarters 45,600 13,794 Mitsui Fudosan Co., Ltd., Takeda Pharmaceutical Company Limited, Nihonbashi-Honcho, Chuo-ku Takeda Pharmaceutical Real Estate Co, Ltd.

Sumitomo Fudosan Koji-machi First Bldg. 13,500 4,084 Sumitomo Realty & Development Co., Ltd. Koji-machi, Chiyoda-ku

Sumitomo Fudosan Onarimon Tower 32,700 9,892 Sumitomo Realty & Development Co., Ltd. Shiba-koen, Minato-ku

msb Tamachi Tower S 138,300 41,836 Mitsui Fudosan Co., Ltd., Co., Ltd. Shibaura, Minato-ku

Koto-ku Shinsuna 3-chome Company Building Project 10,600 3,207 HASEKO Corporation Shinsuna, Koto-ku

Teikoku Seiyaku Nihonbashi-Honcho 2-chome Building 12,500 3,781 Teikoku Seiyaku Co., Ltd. Nihonbashi-Honcho, Chuo-ku

Nihonbashi Mitsui Building 148,100 44,800 Redevelopment Association Chuo-ku, Nihonbashi (Mitsui Fudosan Co., Ltd., Taiyo Life Insurance Company, Teikoku Sen-I Co., Ltd.)

Otemachi Place West Tower 202,000 61,105 NTT Urban Development Corporation Otemachi, Chiyoda-ku

Otemachi Place East Tower 152,000 45,980 Urban Renaissance Agency Otemachi, Chiyoda-ku

Mitsubishi Pencil New Head Office 14,100 4,265 Mitsubishi Pencil Higashi Ooi, Shinagawa-ku

Shibuya Stream 116,700 35,302 , Others Shibuya, Shibuya-ku

Nissay Hamamatsucho Crea Tower 99,200 30,008 Nippon Life Insurance Company, Hamamatsu-cho, Minato-ku

JP Building Reconstruction Project 28,500 8,621 Pulp & Paper Nihonbashi-Muromachi, Chuo-ku

Shin Tora Dori CORE 17,400 5,264 Mori Building Co., Ltd., Obayashi-Shinseiwa Real Estate Co., Ltd. Shimbashi, Minato-ku

Marunouchi Nijubashi Building 174,100 52,665 Mitsubishi Estate Co., Ltd., The Tokyo Chamber of Commerce and Industry, Marunouchi, Chiyoda-ku Tokyo Kaikan Co., Ltd.

Tokyu Building 11,200 3,388 Tokyu Corporation Koji-machi, Chiyoda-ku

Sumitomo Fudosan Fukuoka Hanzomon Bldg. 11,700 3,539 Sumitomo Realty & Development Co., Ltd. Koji-machi, Chiyoda-ku

Sumitomo Fudosan Akihabara North Exit Project 11,700 3,539 Sumitomo Realty & Development Co., Ltd. , Taito-ku

2019

Hato Bus Konan Building – Konan 1-chome 39,500 11,949 HATO BUS Co., Ltd., Urban Renaissance Agency Konan, Minato-ku Urban Residential Joint Reconstruction Project

Nihonbashi-Muromachi 3-chome Area 168,000 50,820 Redevelopment Association (Mitsui Fudosan Co., Ltd.) Nihonbashi-Muromachi, Chuo-ku Redevelopment Project, Area A

Seibu Railway Building Reconstruction Project 49,700 15,034 Seibu Railway Co., Ltd. Minami-Ikebukuro, Toshima-ku

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

Nittetsu Nihonbashi Building Reconstruction 27,400 8,289 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, Shinjuku-ku

New Japan Sports Association & JOC Hall 19,500 5,899 Japan Sports Association / JOC , Shinjuku-ku

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

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

Sumitomo Fudosan Nishi-Shinjuku 6-chome Project 61,300 18,543 Sumitomo Realty & Development Co., Ltd. Nishi Shinjuku, Shinjiku-ku

Toranomon 2-10 Project 180,100 54,480 Hotel Okura Co., Ltd. Toranomon, Minato-ku

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

Nagasaka Sangyo Kyobashi Building 41,800 12,645 Nagasaka Sangyo Kyobashi, Chuo-ku

Shimbashi 1-chome Project 36,100 10,920 NTT Urban Development Corporation Shimbashi, Minato-ku

Misaki Cho 3-chome Project 11,400 3,449 Tokyu Land Corporation Misaki-cho, Chiyoda-ku

Shinjuku South Exit Project 44,100 13,340 Mitsubishi Estate Co., Ltd., Nippon Flour Mills Co., Ltd. , Shibuya-ku

‒ 9 ‒ Detailed Market Trend Survey

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

Sotokanda 1-chome Project, Building A 26,700 8,077 Sumitomo Realty & Development Co., Ltd. Sotokanda, Chiyoda-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

Dogenzaka 1-chome Station Area Redevelopment Project 59,000 17,848 Redevelopment Association (Tokyu Land Corporation) Dogenzaka, Shibuya-ku

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

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

Toranomon 1-chome Redevelopment 173,200 52,393 Redevelopment Association (Mori Building, Nishimatsu Construction) Toranomon, Minato-ku

Higashi Ikebukuro 4-chome Project 16,500 4,991 Mitsubishi UFJ Trust and Banking Higashi Ikebukuro, Toshima-ku

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

2020

Yotsuya Station Area Redevelopment 139,600 42,229 Urban Renaissance Agency, Mitsubishi Estate and others Yotsuya, Shinjuku-ku

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

OH-1 Project 358,000 108,295 Mitsui & Co., Ltd., Mitsui Fudosan Co., Ltd Otemachi, Chiyoda-ku

Kita Shinagawa 5-chome Project 48,000 14,520 Sumitomo Realty & Development Co., Ltd. Kita Shinagawa, Shinagawa-ku

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

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

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

D Tower Nishi Shinjuku 39,500 11,949 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. Toyosu, Koto-ku

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

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

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

Takeshiba Waterfront Development Project 108,500 32,821 East Japan Railway Company Kaigan, 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 Corporation Otemachi, Chiyoda-ku

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

2021

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

Shinbashi Tamuracho Area Redevelopment 106,000 32,065 Redevelopment Association (Mitsui & Co., Ltd. Urban Development) Nishi , Minato-ku

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

Nihonbashi , 7-district Development Plan 38,000 11,495 Co., Ltd., Yamadane Fudosan, Chibagin Securities Co., Ltd. Nihonbashi Kabuto-cho, Chuo-ku

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

Toyosu District 4-2, 3-block Development Plan 84,000 25,410 Shimizu Corporation Toyosu, Koto-ku

2022

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

Kudan Kaikan Refurbishment 68,000 20,570 Nove Grande (Tokyu Land Corporation, Kajima Corporation) Kudan Minami, Chiyoda-ku

Yaesu 2-chome North Redevelopment, Districts A-1 and A-2 293,100 88,663 Redevelopment Association (Mitsui Fudosan Co., Ltd.) Yaesu, Chuo-ku

* 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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