Spatial changes in the central tokyo office market in the early 1990s

概要

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An oversupply of office floors and an ephemeral decline in demand following the collapse of the bubble economy led to a large amount of vacant space and a fall in office rents. The purpose of this paper is to investigate the spatial differentiation of the central Tokyo office market in the early 1990s, brought about under this change, in terms of its polarization. The spatial differentiation of the office market is due to the difference in vacancy risk management on the supply side. And the change of demand contributes to restructuring town center and forming the polarization of the office market. Economic globalization accelerates large-scale office development and increases property risk and vacancies in low-return small buildings. Although a spatial system of risk management can maintain a balance between demand and supply in a stable market, it magnifies property risk and the imbalance between supply and demand in today's oversupplied market.
首都大学東京の論文