2015 Volume 10 Pages 89-102
This study examined the transformation in urban space within the central business district (CBD) of downtown Hiroshima City for 20 years since the early 1990s, with a focus on the relationship between office location trends and office space supply. Offices with small staff were vacated or consolidated, and a reduction of branch offices was seen. Large-scale buildings were constructed in the central area for the collective relocation of offices. A shift towards the supply of offices with local capital progressed with the sales of real estate by financial institutions owning numerous buildings in the downtown district. As the targets of listed real estate investment trusts (REIT) have been restricted to newer large-scale buildings or to buildings in favorable locations, the selection of buildings for capital from outside the city was conducted.
In the central area, offices of the manufacturing industry and financial institutions were either vacated or relocated to new buildings in another area. Offices of business service and personalized service and educational institutions moved the vacated offices, which led to a transformation in the function of the central area. Further, sites of former buildings have seen the opening of coin parking lots and the construction of condominiums, and thus the continuity of the central business district that has been formed since the end of the war has weakened.
https://ror.org/00ws30h19 