I am always intrigued by references to "Japan" building things. It is as if people believed it were not individual firms making decisions on construction and urban redevelopment.
The Spike piece was interesting, and at times amusing. Heathrow over Narita as an airport for example.
Pass the pipe.
In general I think the biggest issue is not so much how much supply there is, it is more a function of how quickly pricing adjusts. The market, the residential and commercial sectors anyway, is highly elastic and when buildings are full prices rise. It is manageable, but it takes a bold approach to get past the short term slow down.
Would certainly agree that the real-estate market in Tokyo....and laterally the ROJ would take a bold approach. When I was whiling away time wandering the hallowed streets I began to notice that many of the smaller/and often times just completed buildings were empty, or had at least a few floors empty. This might just be in places like Omoetaesando/Shibuya/Aoyama/Daikanyama etc. that have a lot of space for retail.(this brought back memories of my former burg...and the spread to Fukuoka). I guess it would mean that the landlords and their prospective clients can not meet on a price. That said, they still keep on building....with Tokyu bringing online new buildings in Shibuya/Harajuku. I really had to wonder what percentage of Hikarie will be rented from the outset? And what effect this will have on the buildings around it ? Will you see more vacancies than there were 3 months ago, when I last stopped by?