Abstract
The purpose of this paper is to analysis the impacts on the property investment of mass supplies of the super high-rise office building in Tokyo (2003 problems).
The office building market can be classified into several types market by the grade: super A-class, A-class, B-class and C-class buildings market. The impacts on each type market of 2003 problems are different from another type market. The impacts on B-class and C-class buildings market are greater than that on A-class buildings market because of the filtering effect, which some of tenants of B-classand C-class buildings move to A-class buildings.
Thus, the redevelopments or the conversion (to residence) of B-class and C-class buildings may be promote because the vacancy rate of B-class and C-class buildings increase and their building value approach to zero.
