[Must-Save] The Headquarters of the Greater Shinagawa Area: A Comprehensive Summary of Shinagawa Station

─Asset value and lifestyle changes in the Greater Shinagawa area from the perspectives of redevelopment, corporate attraction, and infrastructure development─

Introduction

In the Tokyo condominium market, attention toward the Shinagawa area is increasing year by year.

"Toyota is moving its headquarters," "It will become the starting station for the Maglev," "Takanawa Gateway City has opened"—while many such fragmented pieces of information are circulating, the meaning of each fact and how it connects to real estate asset value is rarely explained in an organized manner.

In this article, based on official documents from Minato City, the Tokyo Metropolitan Government, and various operators, we will organize the overall picture of the redevelopment currently underway in the Shinagawa area and examine it in order from the perspectives of asset quality and "what life is actually like living here." Regarding figures, sources will be clearly stated, and descriptions will be based on primary information that has been verified.

Chapter 1: Three Development Zones Organized by Minato City

According to official documents from Minato City (Urban Development Around Shinagawa Station, updated April 1, 2026), urban development around Shinagawa Station consists of the following three zones.

• Ⓐ Shinagawa Station North Area District

• Ⓑ Shinagawa Station Block District

• Ⓒ Shinagawa Station West Exit District

Furthermore, to the north, the redevelopment of the Sengakuji Station District is also proceeding in conjunction.

Ⓐ Shinagawa Station North Area District (Takanawa Gateway City) ── Grand Opening Completed March 2026

As I have mentioned many times on this account, let's look at it again.

TAKANAWA GATEWAY CITY, developed by JR East, celebrated its opening on March 27, 2025. It is a project with a total investment of approximately 600 billion yen, with a total site area of approximately 74,000 square meters and a total floor area reaching approximately 845,000 square meters.

According to official documents from Minato City (September 2021 Construction Standing Committee materials), this Ⓐ district is an approximately 18-hectare area centered on the former JR railyard site, and the building specifications for Zones 1-4 (approximately 11 hectares) are as follows.

Changes are also appearing in the figures regarding passenger numbers. The number of passengers at Takanawa Gateway Station, which was approximately 20,000 before the opening, increased to approximately 60,000 after the facility opened in September and October 2025. After the grand opening on March 28, 2026, it is expected to become a town visited by approximately 100,000 people per day.

Ⓑ Shinagawa Station District: Redevelopment 'directly above' Shinagawa Station, scheduled for completion between 2030 and 2036

Ⓑ The Shinagawa Station District is a large-scale mixed-use development utilizing the space above the tracks at Shinagawa Station. It is a project that will transform the Shinagawa Station terminal itself, including the space created after the Keikyu Line is moved to ground level.

According to official Minato City documents (November 2023 Construction Standing Committee materials, Shinagawa Station District), the project specifications are as follows.

The project site is located in Takanawa 3-chome and Konan 2-chome, Minato-ku, Tokyo. The site area is approximately 33,500 square meters, and the planned floor area ratio is approximately 980%.

The station infrastructure development schedule linked to the Ⓑ district can also be confirmed in the Minato City documents.

• Fiscal Year 2027: Completion of JR Shinagawa Station North Exit improvements (north side ticket gate development), completion of Keikyu Shinagawa Station ground-leveling, and opening of Loop Road No. 4 (Section 7).

• Fiscal Year 2029: Completion of the continuous grade separation project.

• Fiscal Year 2030: Completion of the North District.

• Fiscal Year 2032: Completion of South-b.

• Fiscal Year 2036: Completion of South-a (final completion of the Shinagawa Station District).

According to Minato City documents, the concept for the Shinagawa Station District is defined as 'the formation of an "Ekimachi" (station-town) that connects with the world and creates and disseminates new value.'

There is one important point here. The 2030 completion date for the North District falls just one year after the Ⓒ West Exit Toyota Tokyo Headquarters (2029). Both the east and west sides of Shinagawa Station will be reborn simultaneously over the two-year period from 2029 to 2030.

Ⓒ Shinagawa Station West Exit District (Keikyu Corporation x Toyota Motor Corporation) — Scheduled to open in 2029

This is a large-scale urban reorganization project covering an area of approximately 15 hectares (about three times the size of Tokyo Dome), where building reconstruction and infrastructure development will be carried out across a total of six blocks, divided into districts A through D.

The project outline for the central A district is as follows (Source: Keikyu Corporation news release, May 2025).

Toyota Motor Corporation plans to acquire a portion of the office space within this planned building and open it as its new Tokyo headquarters in fiscal year 2029. Together with Toyota, which operates globally, Keikyu Corporation will continue to promote urban development to maximize the potential of the area in front of Shinagawa Station, which is expected to become even more internationalized due to its proximity to Haneda Airport and its connection to Nagoya and Osaka via the Linear Chuo Shinkansen.

In District C, a 155-meter skyscraper will be developed as a hub to enhance international competitiveness, concentrating MICE* functions. The total project cost is planned to be approximately 144.5 billion yen.

*MICE: A collective term for Meetings, Incentives, Conventions, and Exhibitions. It refers to functions that serve as a venue for large-scale international events.

Sengakuji Station District (Tokyu Land Corporation x Keikyu, implemented by the Tokyo Metropolitan Government) — Scheduled for completion in March 2032

The redevelopment of the Sengakuji Station district is a project linked to A, B, and C in the Minato City documents.

• Planned site: 2-chome, Takanawa, Minato-ku, Tokyo

• Site area: approx. 8,490㎡

• Total floor area: approx. 112,300㎡

• Scale: 30 floors above ground, 3 floors below ground, maximum height approx. 145m

• Main uses: Housing (approx. 350 units), offices, shops, subway station facilities, childcare support facilities, parking

• Implementer: Tokyo Metropolitan Government

• Specified builder: Consortium of Tokyu Land Corporation and Keikyu Corporation

• Construction start: November 1, 2024

Sengakuji Station serves as a connecting station between the Keikyu Line, which provides access to Haneda Airport, and the Asakusa Line, which provides access to the city center and Narita Airport, playing a role in connecting the region over a wide area. It is planned to connect to a pedestrian deck leading to Takanawa Gateway Station, and a pedestrian deck connecting the area around the north side of Shinagawa Station to each future block is planned to be developed.

In other words, the redevelopment of the Sengakuji Station district is not a standalone project, but is designed to function as part of a pedestrian network for the entire Shinagawa area. The only transfer hub that directly connects Haneda Airport (Keikyu) and Narita Airport/city center (Toei Asakusa Line) will be directly connected to the Takanawa GWC via a deck.

Chapter 2: Overall Picture of Confirmed Schedules and Scale

Overall Schedule (Based on official documents from Minato City and each operator)

Total floor area of developments already under construction

The total floor area of developments currently under construction or with confirmed project plans is as follows.

For reference, the total floor area of Roppongi Hills is approximately 726,000㎡ (Source: Mori Building official documents). The total of developments already under construction in the Shinagawa area is equivalent to approximately 2.3 Roppongi Hills. Note that this figure does not include Districts B-D of the West Exit (C) or Areas 5 and 6 of the future development plan.

Chapter 3: Why this development is fundamentally different from previous ones

I have organized the facts up to this point, but I have not yet answered the question of 'how this translates into asset value.' It is not a simple matter of saying that larger scale equals higher asset value. In this chapter, I will summarize the core of this issue.

Difference 1: Not 'creating a town next to a station,' but 'the station itself becoming a town'

Roppongi Hills (completed in 2003, total floor area approx. 726,000 m²) was described at the time as 'a single town turned into a building.'

I felt the arrival of a new era that organically connects greenery, housing, offices, and shops while being in the city.

On the other hand, its nearest stations are Roppongi Station and Azabu-Juban Station, and the railway infrastructure itself was not the target of redevelopment. The town and the station were 'adjacent,' but not integrated.

Large-scale redevelopment in Shibuya (from the 2010s onwards) is a development more integrated with the station, but it does not involve a connection with national infrastructure. The large-scale redevelopment of Shibuya is also remarkably progressive, and it is a town where I discover something new every time I visit. Recently, there have been various opinions, such as the closing of the Seibu Department Store and the loss of Shibuya's culture, but it will likely continue to be the center for the dissemination of new culture. On the other hand, because it is a development led by Tokyu, I have the impression that it does not go as far as newly connecting and coordinating with JR, the Shinkansen, the Maglev, or airports.

The structure of Shinagawa is fundamentally different from these two.

Currently, the JR Yamanote Line, Keihin-Tohoku Line, Tokaido Line, Yokosuka Line, Tokaido Shinkansen, and Keikyu Line serve Shinagawa Station. In the future, the terminal station for the Chuo Shinkansen (Maglev) and the extension of the Tokyo Metro Namboku Line will be added to this.
And the B Shinagawa Station District is a plan to build a 150m-tall complex building by utilizing the space above the station's tracks.

The structure where 'the station itself becomes a town' exists only in Shinagawa in the history of domestic development.

Difference 2: Multiple national projects overlapping at the same location

Around Shinagawa Station, the following national and quasi-national level projects are proceeding simultaneously.

• Chuo Shinkansen (Maglev) (JR Central, total construction cost approx. 7 trillion yen)

• Extension of the Tokyo Metro Namboku Line (Tokyo Metropolitan Government)

• Development of Loop Road No. 4 (Tokyo Metropolitan Bureau of Construction)

• Development of a deck above the national highway (Ministry of Land, Infrastructure, Transport and Tourism, Kanto Regional Development Bureau)

• Keikyu Shinagawa Station ground-leveling and continuous grade separation project (Tokyo Metropolitan Bureau of Construction)

• Sengakuji Station District Type 2 Urban Redevelopment (implemented by the Tokyo Metropolitan Government)

Even in private development, a group of companies including JR East, Keikyu Corporation, Toyota Motor Corporation, and Tokyu Land Corporation are lined up.

Because multiple independent projects are designed to complement each other's functions, the structure is such that if one is delayed, others can substitute for it. It can be said that there is no precedent in domestic development history for a case where so many public and private players concentrate investment in the same area.

Difference 3: "Cumulative Step-by-Step Value" Continuing Until 2036

In the real estate market, there is a tendency for prices to be updated every time a large-scale redevelopment nears completion while it is still ongoing. In the case of Shinagawa, the confirmed completion schedule continues until 2036. It is a structure where daytime population, consumption, and transportation convenience accumulate each time new functions, new facilities, and new workers are added at each stage.

The nature of this timeline is fundamentally different from Roppongi Hills, which was completed all at once in 2003. It is a structure that "moves continuously at each completion stage" rather than "jumping once after completion."

Comparison with Past Developments

This structural difference is considered one of the reasons why prices in the Shinagawa area are moving continuously.

Chapter 4: Structure of Infrastructure Accumulation

In addition to the lines currently serving Shinagawa Station, we will organize the transportation infrastructure planned for future development.

Extension of the Tokyo Metro Namboku Line: The development of a branch line of the Tokyo Metro Namboku Line (between Shinagawa and Shirokane-takanawa) is planned. Once the Namboku Line is connected to Shinagawa, direct access to the Shirokane-takanawa, Meguro, and Tameike-sanno areas will be realized.

Grounding of Keikyu Shinagawa Station: The Keikyu Corporation Shinagawa Station, which is currently an elevated station, is scheduled to become a ground-level station by around 2027. With the grounding, the east-west flow between the station and the city, which had been divided by the elevated tracks, will be improved.

National Highway Overpass Deck: In the Shinagawa Station West Exit area, the station and the city have long been divided by a national highway. If a deck is installed above the national highway, the flow connecting the station and the city will be improved, making it possible to move back and forth without vertical movement or waiting for traffic lights.

Linear Chuo Shinkansen: On March 29, 2024, JR Central officially announced that it would "give up on opening in 2027" for the section between Shinagawa and Nagoya. The outlook is that it will open in 2034 at the earliest. The postponement of the opening date is a fact, and one should be cautious about overestimating the short-term impact on prices. However, the plan itself to connect Shinagawa and Nagoya in as little as 40 minutes and Shinagawa and Osaka in just over an hour remains unchanged, and the fact that Shinagawa is the starting station on the Tokyo side also remains unchanged.

Chapter 5: Current Status Seen from Price Data

Land Price Trends

According to the Ministry of Land, Infrastructure, Transport and Tourism's Land Price Publication (2025), the average published land price in the Shinagawa Station area (Minato Ward) is 4.95 million yen/m², and the average price per tsubo is 16.36 million yen/tsubo. The fluctuation rate from the previous year is an increase of **+11.99%**.

An increase of about 12% in one year suggests that, in addition to the rise in the overall market, redevelopment expectations are being continuously factored into prices. It should be noted that published land prices are surveyed once a year and have an aspect of reflecting market changes with a delay.

Price Trends per Tsubo for Used Tower Mansions (Konan Area)

Source: Mansion Market (based on REINS and other databases), Mansion Review (actual sales results as of March 2026)

Long-term price changes (Cosmopolis Shinagawa, Konan)

Source: Mansion Market (Cosmopolis Shinagawa Sales History Database)

From before 2010 to the 2021-2024 period, the price per tsubo has increased by approximately 1.8 times.

Chapter 6: Structural Background of Real Estate Prices

We will organize the structural background behind why condominium prices in central areas like Shinagawa tend to rise.

Demand side: Growth in the number of households exceeds population growth

According to the Tokyo Resident Basic Ledger, while the population of Tokyo increased by approximately 19% from 2000 to 2025, the number of households increased by approximately 42%.

The number of people per household has fallen from 2.18 to 1.82, and the increase in single-person and small households is driving up housing demand. In the long term, growth in the three central wards (Chiyoda, Chuo, and Minato) has been significant, with the household growth rate in Minato Ward reaching +88.6% over 25 years.

Supply side: New construction supply is limited

According to the Real Estate Economic Institute's "Market Trends for New Condominiums in the Tokyo Metropolitan Area: 2025 Summary," the number of new condominiums supplied in the 23 wards of Tokyo in 2025 was 8,064 units. The increase in households in the 23 wards over the last five years (2020-2025) reached approximately 291,000, and new construction supply remains at a scale of only about 18% of that.

Cost side: Rising construction costs are pushing up the price floor

Referring to the financial results of major developers (Nomura Real Estate, Tokyu Land Corporation, Mitsubishi Estate), the cost per unit has risen from the level of approximately 50 million yen in 2021 to over 70 million yen recently. Rising construction and labor costs are structurally raising the floor for new construction prices.

In addition to these structures, the Shinagawa area is also benefiting from an "area premium due to redevelopment."

Chapter 7: Organizing Asset Value by Area

Even within the Greater Shinagawa area, there are differences in current price levels depending on the area. The following is for reference only and does not definitively indicate future price trends.

Minato Ward Konan/Takanawa (within 10 minutes of Shinagawa Station): Redevelopment has already been factored in, and prices are already at a high level. The turning point for judgment is how much "unfactored" value remains from the phased completions between 2029 and 2036.

Shinagawa Ward Osaki/Tennozu Isle: The key point for judgment is whether you can accept the price difference of "not having a Minato Ward address." There is a possibility of enjoying the ripple effects of the Greater Shinagawa area.

Shinagawa Ward Kita-Shinagawa: Despite being within walking distance of Shinagawa Station, there is a price difference compared to Minato Ward, and there is a possibility of price appreciation.

Chapter 8: What is it actually like to live there?

It is difficult to judge based solely on asset value. Let's confirm specifically what daily life is actually like here.

Supermarkets

There are multiple supermarkets in the Konan-guchi and Takanawa-guchi areas.

There are six supermarkets within walking distance of Shinagawa Station.

• Takanawa-guchi side: Keikyu Store Shinagawa, KINOKUNIYA entrée Lumine The Kitchen Shinagawa, Green Market MOA Takanawa (3 stores)

• Konan-guchi side: Queen's Isetan Shinagawa, Maruetsu Petit Konan City Tower, Maruetsu Konan World City (3 stores)

Furthermore, in April 2025, Maruetsu will open an urban small-format store, 'Maruetsu Petit Konan 3-chome,' in Minato Ward, Tokyo. Located approximately 900m northeast of the JR Shinagawa Station Konan-guchi, the trade area population includes 4,156 households and 8,851 people within a 300m radius. The store location is in an area where development plans are progressing as part of the 'Shinagawa Station Peripheral District Plan.'

Additionally, 'Shinagawa Intercity' is a large-scale skyscraper complex consisting of three office buildings, a commercial building, and a hall building, which opened in November 1998. The commercial area is currently undergoing a major renewal, and the new food area 'Shina Terrace Kitchen' was introduced in March 2026. Shinagawa Intercity gathers facilities necessary for daily life, including restaurants, convenience stores, drugstores, bookstores, clinics, and ATMs.

Commercial Facilities, Dining, and Lifestyle

'NEWoMan TAKANAWA' is a new commercial facility with a total floor area of approximately 60,000㎡, the largest in Lumine's history. It features about 200 shops with diverse business formats, offering not only shopping but also a rich selection of lifestyle and gourmet stores.

The Luftbaum area is located about 150m above ground with a total floor area of approximately 8,000㎡, featuring greenery and a space created in collaboration with craftsmen from various industries, including culinary genres, acoustic equipment, and landscaping. The shops include all-day dining, cafes and bars, soba and natural wine, and Japanese cuisine and izakaya. The space is designed to feel like a 'villa in the city center.'

Also, Atre Shinagawa houses a supermarket a 1-minute walk from Shinagawa Station Konan-guchi (business hours 10:00–22:00). There are multiple convenience stores located around the Konan-guchi, with stores such as Shinagawa East One Tower and Shinagawa Station Konan-guchi (7-Eleven) concentrated within a few minutes' walk.

Parks and Green Spaces

Many areas have had parks developed in conjunction with redevelopment, and in particular, 'Konan Ryokusui Park' faces the Keihin Canal and is equipped with playground equipment for children. At 'Shibaura Chuo Park,' you can relax in the lawn plaza, and it also features a beautiful rose garden.

Education and Healthcare

The premises of World City Towers include a 24-hour supermarket, as well as clinics and a licensed nursery school. Tokyo International School is scheduled to open in the Takanawa Gateway City Residence starting in August 2026, and an international living environment is being established.

Summary of Lifestyle Changes

Buildings created through redevelopment include supermarkets, convenience stores, clinics, and childcare facilities, allowing many errands to be completed in one place. The redevelopment has ensured green spaces, and living convenience has also improved, such as through the widening of sidewalks on surrounding roads.

As of 2026, daily life in the area is supported by the approximately 200 stores at NEWoMan Takanawa, the commercial and dining facilities at Shinagawa Intercity, multiple supermarkets within walking distance, and green spaces along the canal. With the opening of the Toyota Tokyo Headquarters and the completion of the Shinagawa Station North District scheduled between 2029 and 2030, further growth in employment and consumer activity is expected.

Chapter 9: Risks to Consider

While the development and price trends introduced in this article are based on certain evidence, the following points should be considered with caution.

1. Current price levels are high compared to the past

In many properties in the Minato-ku and Shinagawa areas, the price per tsubo has risen by 50-100% compared to five years ago. Even if the logic that 'redevelopment creates value' is correct, it is important to distinguish between the parts already priced in and those that are not.

2. Uncertainty regarding the opening date of the Maglev

The outlook of 2034 or later is only current as of now. The possibility of further delays is not zero, so it is advisable to assume a conservative timeline when performing asset valuations based on the Maglev effect.

3. Changes in the interest rate environment

If the Bank of Japan continues to raise interest rates, it could exert downward pressure on the entire condominium market through its impact on variable mortgage rates.

4. Risk of construction delays

Against the backdrop of soaring construction costs and labor shortages, there is an increasing number of cases where construction periods for large-scale redevelopment projects are being extended. The Shinagawa Station West Exit District A, scheduled for completion in 2029, may be no exception.

Summary

To summarize what we have covered so far, the situation in the Shinagawa area can be organized as follows:

Certainty of development

Takanawa Gateway City completed its grand opening in March 2026, construction on Shinagawa Station West Exit District A began in May 2025, the schedule for the Shinagawa Station District is clearly stated in official Minato-ku documents, and construction on the Sengakuji Station District began in November 2024. All of these are 'facts in progress,' not just 'concepts.'

Attracting companies

Toyota Motor Corporation's plan to open its Tokyo headquarters in Shinagawa in 2029 is confirmed.

Transportation infrastructure

Although the opening of the Maglev has been postponed to 2034 or later, the fact that Shinagawa is the starting station remains unchanged. Furthermore, additional infrastructure such as the extension of the Tokyo Metro Namboku Line, the ground-leveling of the Keikyu Line, and the deck above the national highway will be developed sequentially between 2027 and 2029.

Price

The price per tsubo for high-rise condominiums in the Konan area has risen by approximately 1 to 1.6 million yen over the past one to two years, and official land prices have also been confirmed to have increased by about 12% compared to the previous year.

Living

Multiple supermarkets within walking distance, approximately 200 stores at NEWoMan Takanawa, commercial and dining facilities at Shinagawa Intercity, and green parks along the canal are already in place, with further enhancements expected between 2029 and 2036.

Furthermore, the structure where these developments continue in stages until 2036 is fundamentally different in nature from types like Roppongi Hills, which are "completed all at once, causing a price reaction."
A structure where daytime population, consumption, and employment continue to accumulate at each completion stage is considered one of the reasons why prices in the Shinagawa area continue to move steadily.

Of course, it is unclear whether this trend will continue in the same direction in the future.
Prices are already at a high level in many respects, and there may be times when it becomes necessary to revise one's perspective depending on interest rate environments and changes in construction schedules.
The extent to which this is already priced in versus what remains unpriced depends on individual properties and timing.
Nevertheless, I believe we have confirmed the structural reasons for why prices in this area are moving through this summary.

Please be sure to visit the properties you are interested in and look for one that aligns with your own thoughts after receiving a satisfactory explanation!

Reference Materials and Sources

• Minato City, "Regarding Urban Development Around Shinagawa Station" (Updated April 1, 2026)

• Minato City, Construction Standing Committee Materials, "Regarding Urban Development in the Area North of Shinagawa Station" (September 2021)

• Minato City, Construction Standing Committee Materials, "Regarding Urban Development in the Shinagawa Station Block Area" (November 2023)

• Keikyu Corporation, News Release, "Decision to Commercialize the (Tentative Name) Shinagawa Station West Exit Area A New Construction Project" (March 2024)

• Keikyu Corporation, News Release, "Keikyu Shinagawa Development Project Fully Underway" (May 2025)

• Tokyu Land Corporation & Keikyu Corporation, News Release, "Notice of Commencement of Construction for the Sengakuji Station Area Type 2 Urban Redevelopment Project" (November 2024)

• Tokyo Metropolitan Government Bureau of Urban Development, "Sengakuji Station Area Type 2 Urban Redevelopment Project"

• JR East, TAKANAWA GATEWAY CITY Official Website (Grand Opening March 2026)

• Lumine, News Release, "NEWoMan Takanawa" (2025)

• Nikkei, "JR Central Abandons 2027 Linear Chuo Shinkansen Opening" (March 2024)

• Ministry of Land, Infrastructure, Transport and Tourism, Land Price Publication Data (2025)

• Mansion Market, Individual Property Sales History Data (Based on REINS Data Library, etc.)

• Real Estate Economic Institute, "Metropolitan Area New Condominium Market Trends: 2025 Summary"

• Tokyo Metropolitan Government: Households and Population of Tokyo based on the Basic Resident Register

• Ryutsu News: Article on the opening of 'Maruetsu Petit Konan 3-chome Store' (April 2025)