This information is current as of September 2026.
Looking at the relationship between the Oimachi redevelopment and condo prices through MLIT transaction data that we compiled ourselves, the median price per m² for resale condos in the town of "Oi" (大井) rose +11.8% year-on-year in 2025, outpacing Shinagawa Ward's overall +6.4%. Neighboring "Higashi-Oi" (東大井), on the other hand, has remained below the ward average.
With OIMACHI TRACKS now open, many people are asking, "will Oimachi condos go up?" In this article we first confirm the redevelopment's content and schedule from primary sources, then line up price data by town name, and in a separate final section we share our own view as INA.
Key points in this article
- OIMACHI TRACKS opened on March 28, 2026, and Shinagawa Ward's new city hall is scheduled to open in September 2029.
- Based on figures we compiled from MLIT data, the median price per m² for resale condos in Oi reached ¥1,461,000 in 2025, 12.4% above Shinagawa Ward overall.
- Higashi-Oi grew +15.6% from 2023 to 2025, but its level still sits below the ward overall.
- The housing inside OIMACHI TRACKS is rental and serviced-residence units only; no for-sale condominiums are being supplied.
- 2026 so far covers Q1 only, with a low transaction count, so the recent trend cannot yet be judged.
What is the Oimachi redevelopment? OIMACHI TRACKS and the new city hall are the two pillars
The Oimachi redevelopment is a plan in which JR East's "OIMACHI TRACKS" and Shinagawa Ward's new city hall project are being advanced together, in an integrated way, in the same Hiromachi district. Shinagawa Ward formulated its "Oimachi Station Area Community Development Policy" in November 2020, positioning the Hiromachi district as a future core of the ward through large-scale land-use conversion.
The foundation for this is the roughly 6.1-hectare Hiromachi 2-chome land readjustment project, undertaken by the Urban Renaissance Agency (UR). It reorganizes former JR East employee-housing sites and ward-owned land, developing roads and a north station plaza while re-arranging the underlying building lots.
The scale of OIMACHI TRACKS
According to JR East's published materials, the core A-1 block of OIMACHI TRACKS has a total floor area of approximately 250,000 m², rising 26 floors above ground to a height of roughly 115 meters. It comprises approximately 124,000 m² of office space, approximately 19,700 m² of retail space, a 285-room hotel, and 272 residential units.
On the left side of the diagram, the dotted outline above TRACKS PARK marks the location of Shinagawa Ward's new city hall. The layout is drawn with a pedestrian deck connecting Oimachi Station, past the hotel/residential tower, the office tower, and the plaza, through to the new city hall side.
We introduce the facility's design philosophy and environmental initiatives in the urban-development philosophy behind OIMACHI TRACKS. From here, this article focuses narrowly on what it means for condo prices.
The Oimachi redevelopment timeline (Target)
In the Oimachi redevelopment, OIMACHI TRACKS has already opened as of March 2026, and Shinagawa Ward's new city hall is scheduled to open in September 2029. Reuse of the current city hall site is a later-stage question. We separate what has actually happened from what is still planned.
| Timing | Event | Status |
|---|---|---|
| November 2020 | Shinagawa Ward formulates its "Oimachi Station Area Community Development Policy" | Actual |
| November 2021 | City-planning decision for the Hiromachi 2-chome land readjustment project (decided by Shinagawa Ward) | Actual |
| September 2023 | Oimachi Station West Exit E District urban redevelopment preparatory association established | Actual |
| December 2024 | Amendment to the Hiromachi district plan (a district plan that designates a redevelopment-promotion zone) | Actual |
| October 1, 2025 | Construction begins on Shinagawa Ward's new integrated city hall | Actual |
| March 28, 2026 | OIMACHI TRACKS grand opening | Actual |
| June 2029 | Shinagawa Ward's new city hall completed | Target |
| September 2029 | Shinagawa Ward's new city hall opens | Target |
| FY2029 onward | Demolition of the current city hall and reuse of the site (to go through plan formulation, a city-planning amendment, and an operator selection process) | Target (details undecided) |
| FY2033 | End of the Hiromachi 2-chome land readjustment project period | Target |
OIMACHI TRACKS held its grand opening on the same day — March 28, 2026 — as TAKANAWA GATEWAY CITY at Takanawa Gateway Station. JR East announced both facilities together as part of "Greater Shinagawa" community development. We cover the Takanawa-side plan in the Shinagawa Station North District redevelopment and its impact on real estate values.
Regarding the current city hall site, Shinagawa Ward states in materials dated May 2025 that it is "advancing consideration of site reuse with an eye toward demolishing the current building from FY2029 (Reiwa 11) onward." The current city hall site covers approximately 13,484 m², and what will be built there has not yet been decided.
The Oimachi Station West Exit E District, according to information published by the ward, is at the stage where a preparatory association was established in September 2023. The scale of the building and its completion timing have not been announced.
How has redevelopment affected condo prices in Oimachi?
Resale condo prices in Oimachi rose sharply in the town of "Oi" and outpaced the ward overall in 2025. The table below shows our own tabulation, by town name, based on MLIT's real estate transaction price information. It covers "resale condominium" transactions, with prices shown as the median per m².
Median price per m² and transaction counts by year
| Year | Oi price/m² | Oi transactions | Higashi-Oi price/m² | Higashi-Oi transactions | Shinagawa Ward overall price/m² | Shinagawa Ward overall transactions |
|---|---|---|---|---|---|---|
| 2023 | ¥1,243,000 | 78 | ¥1,081,000 | 128 | ¥1,140,000 | 1,753 |
| 2024 | ¥1,307,000 | 75 | ¥1,192,000 | 108 | ¥1,222,000 | 1,821 |
| 2025 | ¥1,461,000 | 100 | ¥1,250,000 | 121 | ¥1,300,000 | 2,043 |
| 2026 (Q1 only, provisional) | ¥1,350,000 | 11 | ¥1,200,000 | 27 | ¥1,338,000 | 358 |
Oi rose +11.8% year-on-year in 2025, outpacing Shinagawa Ward's overall +6.4%. Over the two full years from 2023 to 2025, Oi rose +17.5%, versus +14.0% for the ward overall. The gap with the ward widened from +7.0% in 2024 to +12.4% in 2025.
Higashi-Oi rose +15.6% over the same two years — a growth rate that itself outpaces the ward overall. However, its level has stayed below the ward overall throughout, and in 2025 it was ¥1,250,000, 3.8% below the ward average.
2026 has only Q1 data available, with 11 transactions in Oi and 27 in Higashi-Oi. Because the transaction counts are so low, it is not possible to judge whether prices rose or fell in 2026. In the same way, Oi runs at roughly 100 transactions a year, meaning a typical quarter falls short of 30 transactions, so we are not treating quarter-to-quarter moves as evidence of a trend either.
Actual transaction prices and building-age mix
We also check transactions from January 2025 through March 2026 in terms of total price and floor area.
| Item | Oi | Higashi-Oi | Shinagawa Ward overall |
|---|---|---|---|
| Transactions | 111 | 148 | 2,401 |
| Median transaction price | ¥75 million | ¥65 million | ¥60 million |
| Interquartile range (middle 50%) of transaction price | ¥44 million–¥150 million | ¥33 million–¥97 million | ¥32 million–¥100 million |
| Median exclusive floor area | 55 m² | 55 m² | 55 m² |
| Share built 2016 or later | 31.5% (35 transactions) | 13.5% (20 transactions) | 22.8% (548 transactions) |
| Share built 1999 or earlier | 29.7% (33 transactions) | 39.9% (59 transactions) | 37.1% (891 transactions) |
In Oi, the middle 50% of transactions spans a wide upper range, from ¥44 million to ¥150 million. By building age, over 30% of Oi's transactions are properties built in 2016 or later, while roughly 40% of Higashi-Oi's transactions are properties built in 1999 or earlier.
Note that the median transaction price and the median price per m² are tabulated separately, so their rankings do not always line up the same way.
Source: Ministry of Land, Infrastructure, Transport and Tourism (MLIT), Real Estate Information Library (国土交通省 不動産情報ライブラリ, https://www.reinfolib.mlit.go.jp/), "Real Estate Transaction Price Information" (MLIT), compiled by INA&Associates Inc. Based on data retrievable as of September 2026. The most recent quarter is a provisional figure because transactions are added later. This data is not guaranteed to be the most up-to-date, accurate, or complete.
Even within the same Shinagawa Ward redevelopment landscape, the data tells a different story elsewhere. Meguro Station front redevelopment and price data uses the same tabulation method to look at the Meguro Station front area, where the median price per m² peaked in 2024 and then fell even as the ward overall kept rising.
Will redevelopment increase housing supply in Oimachi?
All of the housing created within OIMACHI TRACKS is rental or serviced-residence units; it includes no for-sale condominiums. Per JR East's project overview, the 272 residential units at OIMACHI TRACKS break down into 174 rental-residence units, 20 SOHO units, and 78 serviced-residence units.
According to the official site, "OIMACHI TRACKS RESIDENCE" is a luxury rental tower with 194 units in total, with residences on floors 18–24 and SOHO units on floor 14. "Oakwood Oimachi Tracks Tokyo" (all 78 rooms), on floors 15–17, is a serviced residence operated by The Ascott Limited.
The new city hall is an administrative facility and includes no housing. What will happen with the current city hall site remains undecided, including whether it will include housing. The Oimachi Station West Exit E District is likewise still at the preparatory-association stage, and no unit count has been announced.
In other words, as of September 2026, none of the four projects covered in this article — OIMACHI TRACKS, the new city hall, the current city hall site, and the Oimachi Station West Exit E District — has an announced plan for for-sale condominiums. Separately from these projects, however, private developers may still supply individual for-sale condominiums nearby.
INA's View
From here on, this is our own interpretation, not a citation from published sources.
We read 2025's growth as anticipation for the opening layered on top of a shift toward newer properties
We think part of Oi's 2025 growth reflects anticipation of OIMACHI TRACKS's opening being priced in ahead of time. The fact that the gap with the ward overall widened from +7.0% to +12.4% in a single year is notable as an area-specific move worth watching.
At the same time, 31.5% of Oi's transactions are properties built in 2016 or later, versus 22.8% for the ward overall. Because newer properties command a higher price per m², we read part of that gap as coming from which properties actually traded. It would be premature to take this as "the same property gained 12% because of the redevelopment."
Oi and Higashi-Oi should be viewed as separate markets
Higashi-Oi's growth rate matches or exceeds the ward overall, yet its level still sits below the ward average. We see the high share of pre-1999 stock, and the fact that 2016-or-later stock is only 13.5%, as one reason for that lower level.
Distance to Oimachi Station and OIMACHI TRACKS, building age, and management quality all shape how price is set, even within what is loosely called the "Oimachi area." We recommend not judging a property as cheap or expensive purely from the town-wide average.
Think about rent and yield separately from competition with the new rental residences
OIMACHI TRACKS has added 194 units of luxury rental housing. A brand-new, station-connected rental building may compete for tenants with nearby premium-tier rental properties. Most resale condominium units, on the other hand, sit in a different rent band, so we think the direct competitive overlap is limited.
This article does not present specific rent or yield figures. Still, when the purchase price rises, gross yield falls even if rent stays flat. When you evaluate a property, we recommend judging based on net cash flow after management fees and repair-reserve contributions, keeping in mind the difference between gross yield and net yield.
An investor's judgment framework
| Judgment | When this applies | What to check |
|---|---|---|
| Reasonable to consider buying | You're planning a 10-year-plus hold and can buy a well-managed property within walking distance of the station at around the going market price | Recent sale prices in the same building or nearby, and the repair-reserve fund balance plus the long-term repair plan |
| Wait and see | The asking price reflects the post-2025 run-up and looks high relative to the building's age | A full year of 2026 data (whether the count exceeds 30 transactions), and momentum ahead of the new city hall's opening |
| Consider passing | Gross yield is low, leverage is high, and the case depends on a short-term price gain | Debt service if rates rise, and net cash flow if rent comes in below your assumption |
The next catalyst to watch is the new city hall opening in September 2029, and what comes afterward at the current city hall site. Since what will be built there is still undecided, we see little basis today to price that in. The basic approach at this stage is to assume a long hold and judge whether today's price is reasonable relative to the ward average.
If you're unsure how to compare properties, our resale condo purchase checklist also covers the building-condition items to confirm. If you're considering a specific property in the Oimachi area, INA also offers a free consultation where we can walk through comparable sale prices and the cash-flow outlook together.
Summary
The Oimachi redevelopment reached a major milestone with OIMACHI TRACKS's opening on March 28, 2026, and the next stage is the new city hall's opening in September 2029 and the reuse of the current city hall site.
- Based on figures we compiled from MLIT data, the median price per m² for resale condos in Oi reached ¥1,461,000 in 2025 (+11.8% year-on-year), outpacing Shinagawa Ward's overall +6.4%.
- Higashi-Oi grew +15.6% from 2023 to 2025, though its level remains below the ward overall.
- The housing at OIMACHI TRACKS is rental and serviced-residence units, and none of the redevelopment projects covered in this article has an announced for-sale condominium plan.
- 2026 so far covers Q1 only, with a low transaction count, so the recent trend cannot yet be judged.
How we read the way the Oimachi redevelopment shows up in condo prices is summarized in the "INA's View" section above.
Frequently Asked Questions (FAQ)
Q1. Did condo prices rise because of the Oimachi redevelopment?
A. The median price per m² for resale condos in the town of "Oi" rose +11.8% year-on-year in 2025, a figure we compiled from MLIT data. That outpaces Shinagawa Ward's overall +6.4% for the same year. However, Oi also has a higher share of newer-property transactions, so this does not indicate that the same properties all rose by the same amount.
Q2. Can you buy a for-sale condominium at OIMACHI TRACKS?
A. No. Housing at OIMACHI TRACKS consists of 174 rental-residence units, 20 SOHO units, and 78 serviced-residence units. Living there means renting, not buying.
Q3. When will Shinagawa Ward's new city hall open?
A. It is scheduled to open in September 2029. According to Shinagawa Ward, construction on the new integrated city hall began on October 1, 2025, with completion planned for June 2029. Reuse plans for the current city hall site are still under consideration, with an eye toward demolition from FY2029 onward.
Q4. Have Oimachi condo prices fallen in 2026?
A. It cannot be judged, because the transaction count is too low. 2026 has only Q1 data available, with 11 transactions in Oi and 27 in Higashi-Oi. Because more transactions are added to the most recent quarter later, these figures may still change.
Citations & References
- JR East, "Community Development for the Oimachi Station Area Hiromachi District Development (tentative name) – Forming the Co-Creation Hub 'OIMACHI TRACKS' and Realizing a Rich, High-Quality Life" (October 8, 2024), PR TIMES
- JR East, "Opening the Future of the International City of Tokyo: Co-Creation Community Development for Greater Shinagawa Begins in Earnest – TAKANAWA GATEWAY CITY / OIMACHI TRACKS Grand Opening on March 28, 2026" (October 7, 2025), PR TIMES
- OIMACHI TRACKS, "About OIMACHI TRACKS"
- OIMACHI TRACKS, "RESIDENCE"
- Shinagawa Ward, "Community Development for the Oimachi Station Area"
- Shinagawa Ward, "Community Development for the Hiromachi District"
- Shinagawa Ward, "Overview of the Hiromachi District Land Readjustment Project" (November 30, 2021, Construction Committee materials)
- Shinagawa Ward, "New City Hall Development"
- Shinagawa Ward, "Shinagawa Ward City Hall Site Reuse: Project Overview, FY2025"
- Ministry of Land, Infrastructure, Transport and Tourism, Real Estate Information Library, "Real Estate Transaction Price Information"
