As Japanese Impact Assessment is applied to only huge projects, it does not work for pursuing a sustainable society. More human actions including real estate developments, should be applied to IA. One way is to expand the application of IA through introducing concise EIA and the other is to apply IA at planning stage through Strategic Environmental Assessment. These are major challenges for making Japan as a sustainable society.

Okinawa General Bureau and Osaka Civil Aviation Bureau have studied the construction of the second runway in Naha Airport. And when creating the second runway plan, several plans were examined by many evaluation items regarding social aspect, economical aspect and environmental aspect at each phase；“Comprehensive Survey Phase　（2003～2007）,　“Conceptual Phase (2008)” and “Facility Planning Phase (2009).” In addition, the Public Involvement（PI） procedure has been adopted to provide residents and airport users with project information, and the planning of the project has been matured with their opinions.

This paper examines Strategic Environmental Assessment (SEA) system and its case study on a spatial plan in the Netherlands. The Netherlands has long experience on SEA and its new SEA system after the EU SEA Directive has the following characteristics；1)SEA process is similar with EIA process, 2)SEA is applied at later step of decision making, and 3)SEA system mainly assess environmental impact of plans. In case of SEA on spatial plans, most of alternatives are about location of development projects. One of the advantages of SEA on spatial plans in the Netherlands is appraising impact of the plan by GIS and expresses it visually, so it is easier to understand the process and contents of SEA. On the other hand, one of the disadvantages is how to achieve a balance between environmental, social and economic aspect is not clear.

A regression model is developed to estimate the actual cash flow of commercial real estate from market data. The results indicate highly useful coefficients that are consistent with qualitative request against the character of properties, and time series analysis shows that the actual rent changes along ups and downs of real-estate market. Using the results and estimated cap rate from our previous study, the driver of market value change is analyzed. The empirical analysis suggests that most of the changes in the expected value are due to the changes in cap rates rather than the changes in cash flows.