In fiscal year 2026, the Miyamasuzaka District Urban Redevelopment Association is proceeding with the approval process for the rights conversion plan, entering a phase approximately one and a half years before construction. When the massive mixed-use facility with a total project cost of approximately ¥243.1 billion, 33 floors above ground, and a height of approximately 180m is completed in 2031, the urban structure of the Shibuya East Exit area will fundamentally change. For real estate investors and owners, we organize the full scope of the project and market data to clarify what to keep an eye on during this "preparation period."
What is the Miyamasuzaka District Redevelopment — The Opening of Shibuya East Exit's "Second Stage"?
Large-scale redevelopment around Shibuya Station has long centered on the west and south exit areas. However, the Miyamasuzaka area on the east side of Shibuya Station has lagged behind in urban infrastructure development due to its steep terrain and aging cityscape. To address these challenges, the Miyamasuzaka District Town Development Study Council was established in 2015, and public-private collaboration efforts have been accumulated over approximately 10 years.
Shibuya Ward determined the urban plan on April 12, 2023 (Shibuya Ward Notification No. 129), and the Tokyo Metropolitan Governor approved the establishment of the association on April 30, 2025. The implementer is the Miyamasuzaka District Urban Redevelopment Association, with Tokyu Corporation and Hulic Co., Ltd. as project cooperators and participating members. A landmark that will become the "face" of Shibuya East Exit will be born in the approximately 1.4-hectare planned site near the Miyamasuzaka intersection.
Full Scope of the Project — 3-Block Structure, Total Project Cost of ¥243.1 Billion
This project consists of 3 blocks: A, B, and C. The core Block A boasts a scale of 33 floors above ground, 2 penthouse floors, 3 floors below ground, a height of approximately 180m, and a total floor area of approximately 192,057 m². The functional composition places a hotel (international-standard accommodation) on the upper floors, offices on the middle floors, and a large hall, conference facilities, and industry development support facilities on the lower floors, with shops and parking in the basement.
Block B is a commercial building with 7 floors above ground and 2 below, with a total floor area of approximately 8,490 m². Block C has 2 floors above ground and 1 below, with a total floor area of approximately 754 m², and is the section for rebuilding and redeveloping the Ontake Shrine within the district. The total project cost amounts to approximately ¥243,140,800,000 (of which construction costs are approximately ¥175,099,900,000). The design is handled by a joint body of Mitsubishi Jisho Sekkei and Nihon Sekkei (Miyamasuzaka Development Design Joint Body), and MOUNT FUJI ARCHITECTS STUDIO (Masahiro Harada and Mao Harada) has been appointed as the design architect.
Restructuring the Pedestrian Network — Integration with the Station and Opening of the City
The reason this project goes beyond mere ultra-high-rise construction lies in its multi-layered pedestrian connection with Shibuya Station. By combining underground plazas and elevated walkways, a seamless flow from the Shibuya Station East Exit ticket gates to Blocks A and B will be secured. This will eliminate the current "sense of separation from the station" that the Miyamasuzaka area has, significantly enhancing the walkability of the entire east exit area.
Furthermore, a plan to redevelop Miyamasuzaka itself into a pedestrian-centered space in cooperation with the Oyama Kaido Environmental Improvement Project promoted by Shibuya Ward is also incorporated. The completion date is September 2031, coinciding with the scheduled completion of Shibuya Scramble Square Phase II (central and west buildings) in the same fiscal year. With both the east and west exits being reborn simultaneously, the overall urban value of the area around Shibuya Station is expected to be elevated.
Project Schedule and Current Progress (as of March 2026)
The current phase is in the process of "rights conversion plan approval." The approval is expected within fiscal year 2026, followed by construction scheduled for October 2027 and completion in September 2031. The main milestones are as follows:
- April 30, 2025: Urban Redevelopment Association establishment approved (Tokyo Metropolitan Governor)
- Fiscal year 2026 (current): Rights conversion plan approval process underway
- October 2027: Scheduled construction start
- September 2031: Scheduled completion
From an investment decision perspective, the "quiet preparation period" before construction start spans approximately two years from this fiscal year through 2027. There is a risk of missing undervalued acquisition opportunities after the area value becomes apparent following completion. This is an important implication when considered together with the market data described below.
Shibuya Area Real Estate Market and Investment Impact
When discussing the Miyamasuzaka District redevelopment, surrounding land price and rental trends are essential background data. According to the 2025 published land prices, Shibuya Ward's residential land rose 7.0% year-on-year, and commercial land rose 7.3% year-on-year. The average published land price in the Shibuya Station area has reached approximately ¥9.61 million/m² (up 12.87% year-on-year), maintaining a top-class land price level within Tokyo.
In terms of office rents, the Shibuya area is also showing notable movement. Among the five central wards of Tokyo, it has the highest average rent increase rate, at 8.24% year-on-year. In addition, the volume of large-scale office supply in 2026–2028 is projected to be approximately 600,000 m² per year, below the average of 820,000 m² per year for 2024–2028. With the large office floors of the Miyamasuzaka District being added during a period of constrained supply, the supply-demand balance in the surrounding area may tighten further.
Furthermore, this project has received National Strategic Special Zone designation, and the development of international-standard hotels, large halls, and conference facilities is positioned as a specific project. The industry development support facilities are also planned to serve as a hub for startups and international business exchanges, serving as the core of public-private cooperation toward realizing "Tokyo Shibuya as a world-leading international business exchange city."
For the overall picture of redevelopment around Shibuya Station, please also refer to Overview of Shibuya Station Area Redevelopment and Its Impact on Real Estate Values.
Actions Owners Should Take
The Miyamasuzaka District is scheduled for completion in September 2031. However, the advance evaluation of area value typically begins 2–3 years before completion in normal market trends. As specific actions to take now, we present the following three points:
1. Portfolio review for the area around Miyamasuzaka — For those with existing properties in the Shibuya East Exit area, now is the time to review rent settings in anticipation of post-redevelopment completion and confirm long-term holding policies. By considering tenant relationship strengthening and facility upgrades before competing new properties are completed, vacancy risk can be reduced.
2. Consideration of new acquisitions in surrounding areas — Residential and commercial properties along Meiji Street and within walking distance of Miyamasuzaka are well-positioned to capture increased demand after the landmark's completion. The "premium for redevelopment certainty" is still limited at this stage, and entry before construction (2027) leads to long-term advantages.
3. Monitoring of the latest schedule — The timing of rights conversion plan approval and confirmed construction arrangements are important starting points for investment decisions. Regularly checking the Shibuya Ward official website and the association's notices and adjusting actions according to progress is important.
For a quantitative analysis of the impact that redevelopment in Tokyo's city center has on real estate values, please see Impact of Tokyo Urban Redevelopment on Real Estate Values | Investment Analysis of Toranomon, Shibuya, and Shinagawa.
Summary
The Miyamasuzaka District Class 1 Urban Redevelopment Project is Shibuya East Exit's largest project, with a total project cost of ¥243.1 billion, a height of approximately 180m, and scheduled completion in September 2031. With the rights conversion plan approval expected in fiscal year 2026, market attention is growing during this preparation period before construction begins.
- Implementer: Miyamasuzaka District Urban Redevelopment Association (Project cooperation: Tokyu Corporation, Hulic)
- Block A: 33 floors above ground, height ~180m, total floor area ~192,057 m² (offices, hotel, large hall, etc.)
- Total project cost: approximately ¥243,140,800,000
- Construction start: October 2027 / Completion: September 2031
- Shibuya Ward commercial land price: +7.3% year-on-year; Shibuya district office rent: +8.24% year-on-year
- National Strategic Special Zone designation; development of international business exchange hub functions
This project, which commits more than ¥240 billion from both public and private sectors to the long-standing challenge area of Shibuya East Exit, will significantly impact the value formation of the entire Shibuya area from the late 2020s through the early 2030s in the real estate market. Continuously tracking schedule and market changes is essential as a prerequisite for investment decisions.
Frequently Asked Questions (FAQ)
Q1. When is the Miyamasuzaka District redevelopment scheduled for completion?
Completion is scheduled for September 2031. Currently (March 2026), the rights conversion plan approval process is underway, with preparations progressing toward construction start in October 2027.
Q2. Which companies are participating in the Miyamasuzaka District redevelopment?
The implementer is the Miyamasuzaka District Urban Redevelopment Association. Tokyu Corporation and Hulic Co., Ltd. are participating as project cooperators and member developers, and the design is handled by the Miyamasuzaka Development Design Joint Body (Mitsubishi Jisho Sekkei and Nihon Sekkei). The design architect is MOUNT FUJI ARCHITECTS STUDIO.
Q3. How much have land prices risen in the Shibuya East Exit area?
According to the 2025 published land prices, Shibuya Ward's commercial land rose 7.3% year-on-year, and the average published land price in the Shibuya Station area has reached approximately ¥9.61 million/m² (up 12.87% year-on-year). The progress of redevelopment is considered to be one of the factors contributing to the rise in land prices.
Q4. What is the relationship between the Miyamasuzaka District redevelopment and Shibuya Scramble Square?
Shibuya Scramble Square Phase II (central and west buildings) is also scheduled for completion in fiscal year 2031, coinciding with the Miyamasuzaka District redevelopment. With both the east and west exits being renovated simultaneously, increased walkability and elevated urban value for the entire area around Shibuya Station are expected.
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References
- Tokyu Corporation "Notice of Urban Redevelopment Association Establishment Approval for 'Miyamasuzaka District Class 1 Urban Redevelopment Project'" (April 30, 2025)
- PR TIMES (Tokyu Corporation) "Notice of Urban Redevelopment Association Establishment Approval" (April 30, 2025)
- Shibuya Ward "Miyamasuzaka District Class 1 Urban Redevelopment Project (April 12, 2023, Shibuya Ward Notification No. 129)"
- Shibuya Ward "Miyamasuzaka District Urban Redevelopment Association – Documents Showing the Implementation District and Design Outline" (PDF)
- Cabinet Office National Strategic Special Zone "Outline of Urban Plan for Special Urban Renaissance District (Miyamasuzaka District)" (PDF)
