Real estate agencies concerned about skyscraper construction boom in central Tokyo

TOKYO — Central Tokyo is seeing the completion of a series of high-rise office buildings this year. Behind the backdrop of major urban development projects, some in the real estate industry are concerned about the so-called “2023 problem,” in which vacancies in existing buildings are expected to increase due to the large supply of new office space.

The approximately 330-meter-high Azabudai Hills Mori JP Tower, the tallest building in Japan, and the 49-story, about 266-meter-high Toranomon Hills Station Tower were completed in Minato Ward in June and July, respectively. Furthermore, the 39-story, about 179-meter-high Shibuya Sakura Stage SHIBUYA Tower is scheduled for completion in November in front of Shibuya Station.

Mori JP Tower, developed by Mori Building Co., has 64 stories above ground and five basement floors. It has attracted much attention by surpassing the 300-meter-tall Abeno Harukas building in Osaka — what used to be the tallest building in Japan. The area around the tower will be occupied by commercial facilities, a hotel, and green areas including orchards and vegetable gardens, and will open in November as the Azabudai Hills complex. The total project cost, including the tower, was approximately 640 billion yen (about $4.38 billion), and it took more than 30 years from planning to completion.


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