Excess supply of office space caused the so called 2003 shock in real estate market for offices. This shock became a social issue due to its structural effect to real estate market. One of fundamental factor is the lack of information on other development projects, and thereby misleads developers' decision making. One remedy for this is to set up a development information system that publicizes all the approved projects comprehensively to assist developers for appropriate decision making. A related issue is the need for planning measure to ensure improvement of urban environment in the future.To enable it, tax and property right system as well as development regulation should be amended so that cooperative projects and conversion projects are promoted.

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The increase of office floor supply makes the office rent lower.It may promote the conversion from the office floor to the residential floor. Oversupply of the office floor might seem to cause some serious land use problems. But the government has no reason to regulate the land use or introduce the land tax system to decrease the office floor supply when the oversupply of the office floor does not cause any market failure.Especially FAR Regulation is not efficient not only for the purpose of supply control on the office floor area but for the purpose of demand control for the urban infrastructure services.Land tax system should be the neutral system to any land use and should not be the barrier of land transaction.

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Under the present conditions, office demand cannot be expected to expand. The inevitable result of the large supply in 2003 will be an increased vacancy rate and lower rents.
Competition to attract tenants is expected to result in a zero-sum game.
During the decade from 2000 to 2010, the number of office workers in the 23 wards of Tokyo is expected to decrease by 5%.

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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.

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Now, in Tokyo, the so-called “2003 problem” has become the big center of attention. It came to the urban redevelopment last in the Yamanote Line inner side which became the forerunner of the “2003 Problem” of the 20th century, and the environmental load by which the major urban redevelopment in the Tokyo newly emerging city center brings Yebisu Garden Place in an area to an example by thispaper, and quantitive consideration was tried in it. For the environmental load which a major urban redevelopment brings about, various things, such as air pollution, noise, vibration, water pollution, greenhouse gas, a wind damage, sunshine prevention and so on can be considered. This paper considered environmental load by making air pollution (nitrogen dioxide, nitrogen oxide) into a representation index. Consequently, it is before and after enforcement of a redevelopment project, and it turns out that automobile traffic increases twice and the environmental load of the air pollution resulting from an automobile exhaust gas increases 1.8 times. Furthermore, it also turns out the influence area of high concentration air pollution, and that it increases centering on a place along the route more sharply than development before.

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In terms of quantity it may be said that today's supply of office space (in Tokyo) is almost meeting the demand.
We, however, recognize the necessity of renovating the functions of office buildings because the per capita office space and outdated earthquake-proof systems are not meeting today's market needs. In fact major office buildings completed in 2003 already obtained high occupancy rates, and this fact proves the end of so-called the Year 2003 Problem.
Considering the furthering globalization in Japan's socio-economic activities, arising market demand is anticipated not only for office buildings but also for buildings for diverse uses.
To revitalize Japanese economy, it is inevitable to create attractive multi-functional cities that meet the needs of the new era. The mass supply of office floors in 2003 should be seen as the beginning of urban revitalization for the realization of an attractive city.

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