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he greater presence of foreign investment in the real estate sector and the encouragement of westernstyle property management focusing on ROI have spurred urban revitalization to greater heights. According to the “White Paper on Land and Real Property (2007),” issued by the Ministry of Land, Infrastructure, Transport and Tourism (MLIT): “Japan’s land markets appear to have been structurally transforming into a market where market mechanisms appropriately work to price land assets according to their utility values. With the development of real estate-based financial products, it has become important to establish a stable flow of funds in the financial and real estate markets. “In the context of such structural changes to the land market, land demand has been increasing in regions that offer convenience and profitability,” the report says. “The expanding real estate securitization markets have helped invigorate investment focused on profitability in the real estate sector. Under such circumstances, land price hikes have shown remarkable growth in the three largest metropolitan regions and in major cities in other regions.” Within a relatively short time, urban development and construction has produced astronomical alterations to the Tokyo skyline, which includes multipurpose towers. The same MLIT White Paper notes, “In Fiscal Year 2005, newly constructed floor space of offices in Japan totaled 7.759 million square meters [83.518 million square feet], representing a decrease of 4.0% on the previous year.” Most critically, residents have responded. According to the Statistics Bureau of the Ministry of Internal Affairs and Communication, the “Current Population Estimates as of October 1, 2007” (two years following the last five-year census) indicate that the top-five prefectures are Tokyo, Kanagawa, Osaka, Aichi and Saitama, representing about 35.1% of the total population. While Tokyo, not surprisingly, had the largest population, it also enjoyed having 10.0% of the total population for the first time in 28 years and the highest rate of increase in population, to 12.758 million. In this context, the ACCJ and its member companies play a vital role in ensuring sensible urban growth, both commercial and residential. Three committees come to mind in regard to providing fora for discussion and effective instruments for advocacy endeavors. The ACCJ Architecture, Construction and Real Estate Committee (ACRE) designs and implements programs to facilitate networking opportunities within the committee
Urban Renewal More people and businesses coming to town. and among other committees that have similar interests. In particular, the committee expands the knowledge base of members by discussing general industry issues and specific situations at regular programs and closed committee meetings. Also, ACRE expands committee membership to include a broader spectrum of related industries, thereby improving networking, information sharing and learning opportunities for members. Furthermore, the committee identifies and supports advocacy issues that are of concern to the committee members. Most critically, the committee provides an interactive forum for U.S. and Japanese businesses and organizations that are involved in architecture, construction, engineering and real estaterelated industries, as well as for individuals who have an interest in these businesses and activities. ACRE functions as a proactive point of contact among member companies, U.S. and Japanese government agencies, and the Japanese business community. The ACCJ Environmental Committee works on various kinds of environmental issues, recognizing the increasing legal, as well as market-driven, imperatives to address environmental issues in all sectors of business. The ACCJ Information, Communications and Technology Committee supports and promotes the expansion and diversification of sales of high-tech goods and services by U.S. companies in Japan. Programs include guest speakers from government, leading technology companies and service providers. In addition, there is an active advocacy component addressing issues such as privacy, telecommunications tariffs, and international standards. The divisions of the committee are Telecommunications, Aerospace, e-Business and Healthcare IT. Such sustained coordination and consensus building can provide a solid foundation for Japan’s further urban redevelopment. David Umeda Senior Editor ACCJ Journal
September 2008 / ACCJ Journal / 45