The Shortening Investment Time Horizon in Urban Development in Tokyo and Global Cities

I believe that Tokyo is a wonderful city, even when compared to other major cities around the world.

However, when I look at the large-scale real estate development projects that have been proceeding one after another in Tokyo in recent years, I get the impression that they are somehow lackluster. Although places like Azabudai Hills made headlines as the "tallest building in Japan," when you visit, the crowds are sparse. Toranomon Hills is the same, and it seems that none of them have become the kind of places that leave a strong impression in people's memories.

And these developments will continue. Around Tokyo Station, the "Tokyo Torch" project and the construction of a building on the site of the former Nomura Securities headquarters, commonly known as the "Gunkan Building," are underway. Huge redevelopment projects are also taking place in Nihonbashi 1-chome and 2-chome, and there is a plan to rebuild the headquarters of Mitsubishi UFJ Bank in Marunouchi. While new buildings appear one after another, isn't the overall appeal and freshness becoming diluted? I am probably not the only one who feels this way.

The Limits of Hills-Style Redevelopment

Looking back at the redevelopment projects currently underway, I cannot help but feel a lack of "novelty." Most of these "pack-everything-in" configurations, which feature offices and hotels in high-rise buildings with restaurants, shops, parks, and residences on the lower floors, originated with the Marunouchi Building, which opened in 2002.
In 2003, Roppongi Hills opened, followed by the Shin-Marunouchi Building in 2005 and Tokyo Midtown in 2007; at the time, these projects were in the spotlight as a new urban vision. The term "Hills-zoku" (Hills tribe) was coined, and the presence of foreign companies, luxury hotels, and celebrities living there became a hot topic.
However, now that 20 years have passed, the newly emerging buildings do not possess the same brilliance as "future visions of the city" or "hubs of culture" that they did back then.

Destroying History to Build the Future

My concern regarding redevelopment is that the short-term perspective has become too dominant.
For example, the "Uchisaiwaicho 1-Chome Central Tower" project currently underway. This project involves Mitsui Fudosan constructing a new skyscraper on a vast site that includes the former headquarters of Dai-ichi Life, Tokyo Electric Power, the Imperial Hotel, and a portion of Hibiya Park.

This Hibiya Park is a historic site established in 1902 (Meiji 35). It is an urban park originally built on the site of a daimyo's residence from the Edo period, and its Western-style flower beds and Western-style restaurants still retain the atmosphere of the Meiji era. A plan to cut down over 1,000 trees in such a precious park and redevelop it became a topic of discussion around 2023. Although the Tokyo Metropolitan Government explains that they will "transplant as many as possible," it is inevitable that the landscape that has continued for 120 years since the Meiji era will be destroyed.

The Shortening of Redevelopment Cycles

The Dai-ichi Life headquarters building was built in 1981, and the Imperial Hotel in 1970. Both are being rebuilt after only 40 to 50 years. This short-term redevelopment is not limited to this project but is spreading throughout Tokyo. The cycle of redevelopment has become so short that there is no sense of "permanence" or "cultural layering" in urban planning.
Tokyo was originally a city designed with calculation since the Edo period, and that design philosophy still influences the present day. However, in recent years, it seems to me that such a long-term urban vision is being lost.

Urban Development That Has Forgotten "Time"

New York's Empire State Building has not faded even after nearly 100 years, and buildings from the 18th century are still in active use in London and Paris.
However, the redevelopments taking place in these cities in recent years, such as London's Canary Wharf and the City district, or New York's Hudson Yards, give the impression that they are not much different from Shinjuku or Marunouchi in Japan.
While the differences in building materials and seismic structures may be a factor, I feel that the nature of capitalism—namely, the "pursuit of short-term profits"—is making urban development homogeneous and boring. Investors seek faster and higher returns. To meet those demands, developers cut costs, use cheaper materials, and prioritize designs that can be recouped in a short period. As a result, the city loses its long-term perspective.

Leaving "Memories" in the City

In the past, real estate owners were entities with a long-term perspective, such as aristocrats and noble families. They thought about the state of the city not just for their own generation, but for their descendants and the next generation. However, in the modern era, the time horizon for all investments has shortened. This has spread to urban development, and now only the efficiency and profitability of the present moment are being emphasized.
Of course, there are various other issues regarding Tokyo's redevelopment. I cannot cover everything here, but looking back at the flow of history, it is undeniable that urban development has clearly become short-term oriented. Hibiya Park, built 120 years ago, is being demolished in just a few decades. I am surely not the only one who finds this regrettable.

To the Tokyo of the Future

To me, a Tokyo where Hibiya Park, which has continued since the Meiji era, remains until the 22nd century is far more attractive than new parks like those in Roppongi Hills or Azabudai Hills. However, realizing this within the current trend of capitalism is not easy.
Although Tokyo is a city with a long history, there is also the circumstance that few old buildings remain due to the Great Kanto Earthquake and World War II. Time is something that, once lost, cannot be regained. That is precisely why I cannot help but think that we should cherish what we have built so far a little more.
In this article, I have expressed my own personal opinions regarding Tokyo's redevelopment. Thank you for your continued support.

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