Key Points — 184 Rooms Are 1.6% of the 1 km Stock; the Floor Is Won on Monthly Income per Tsubo, Not the Nightly Rate

The conclusion first. At 184 rooms, the project adds only +1.6% to the 11,841 rooms accumulated within a 1 km radius of Tokyo Station (as tracked by MetroEngines Research & Consulting, as of 2026) and is not large enough to shift the room stock. What deserves attention instead is the decision to place serviced residences, rather than offices or for-sale condominiums, on the top floors of a mixed-use tower with about 390,000 m² of gross floor area, the floors that should command the highest price in the building. Chuo Ward office asking rents topped ¥40,000/tsubo at the end of June 2026 for the first time since the survey began (Mitsubishi Jisho Real Estate Services), and asking rents for rental condominiums also continue to rise, at ¥21,029/tsubo (end of July 2026, LMC). What nightly rate and monthly rent are needed for serviced residences to hold their own on this floor? This article works backward to that break-even point using measured values from existing properties within the same 1 km radius.

The Project — Top Four Floors of a 227 m Tower, Four Unit Types of 30–170 m²

First, the primary facts. YAESU CORE is the facility name of the Yaesu 2-chome Central District Type 1 Urban Redevelopment Project: 43 floors above ground and 3 below, about 227 m tall, with about 389,290 m² of gross floor area. Construction began in August 2024, with completion scheduled for the end of January 2029. The five participating members are Kajima Corporation, Sumitomo Realty & Development, the Urban Renaissance Agency, Hankyu Hanshin Properties and Mitsui Fudosan, and the announced uses are offices, retail (about 50 shops on basement floors 1–3), a theater, serviced apartments, an international school and a bus terminal. The 184 rooms on floors 40–43, the very top, will carry Ascott’s upper-upscale brand Oakwood Premier.

The spread in private floor area, from 30 m² to 170 m², more than fivefold, is key to reading the project’s pricing design. A 30 m² Studio sets its nightly rate on the same playing field as upper-midscale hotel rooms in central Tokyo, while a 170 m² 3BED is compared on monthly cost with high-end for-sale and rental residences. Within the same four floors sit two kinds of space that compete against entirely different rivals. Ascott already operates Oakwood Premier Tokyo (Tekko Building South Wing, floors 6–19, 120 rooms, 33–110 m²) on the Yaesu North Exit side of Tokyo Station (address: Marunouchi 1-chome, Chiyoda Ward), and the new project can be seen as a taller, larger sister property joining a few hundred meters to the south on the same east side of the station.

Location — Official Land Price ¥24.5M/m² at 300 m from Tokyo Station; Commercial Zone with 700–1,300% Floor Area Ratio

Official land prices around the site are ¥24.5 million/m² at Chuo 5-5 on the Yaesu side of Tokyo Station and ¥37.6 million/m² at Chiyoda 5-2 on the Marunouchi side, both rising only modestly at +1% to +3% YoY. By contrast, in Ginza at the southern edge of the 1 km radius, Chuo 5-22 is at ¥67.1 million/m² (+10.9%), continuing double-digit growth: within the same radius, land prices in the station-front office district and Ginza’s commercial district are moving at different speeds. A conversion of Ginza-side land prices into land cost per room and required ADR is covered in Ginza Hotel Pipeline: 16 Sites, 107k m², Required ADR at ¥52.5M/m². Participating members in a redevelopment do not newly acquire land, but when thinking about the opportunity cost of the floor space, this land price level shows how weighty the question of “which use to put on the upper floors” is. The entire area is zoned commercial; the designated floor area ratio on the Yaesu side is 700–800%, and redevelopment incentives allow the roughly 390,000 m² of gross floor area.

Supply — Within 1 km of Tokyo Station, 7,270 Rooms Grew to 11,841 in 10 Years, Built Up by 2019 and Flat Since

Supply trends first. The number of rooms at lodging properties within a 1 km radius of the site (properties open and not yet closed at each year-end) jumped from 48 properties and 7,270 rooms in 2016 to 75 properties and 11,006 rooms in 2019, and 82 properties and 12,112 rooms in 2020. Since then, closures and openings have offset each other, and as of 2026 the count has been flat at 85 properties and 11,841 rooms, slightly below the peak. The 10 years from 2016 to 2026 added +4,571 rooms, or +5.0% a year, but most of that increase was concentrated in the four years from 2017 to 2020.

Seen in this context, the 184 rooms have limited impact in volume terms: +1.6% on 2026’s 11,841 rooms, and just one-eighth of the increase in 2017 alone (+1,455 rooms). What matters more is the content. Among existing properties within 1 km, the serviced residence / apartment-style properties equipped with kitchens and washing machines number just five properties with 459 rooms: Oakwood Premier Tokyo, lyf Ginza Tokyo, and three MIMARU Tokyo properties (STATION EAST, Hatchobori and Ginza EAST) (MetroEngines Research & Consulting tally). The 184 rooms represent a +40% increase in that segment, the first sizable supply of long-stay space within 1 km.

Here are the plans through 2029 as well. From planning data based on MLIT’s Building Construction Statistics, we extracted projects that include hotel use and are scheduled for completion in 2027–2031 within a 1 km radius of the site and its periphery.

Four projects within 1 km will be completed by 2029: YAESU CORE’s 184 rooms, Yaesu 1-chome North District’s 92 rooms, Nihonbashi 1-chome Central District’s 197 rooms and the Otemachi 2-chome project, for a filed total of 573 rooms. That is only +4.8% on 2026’s 11,841 rooms. Moreover, three of the four embed a hotel or serviced residence into part of a mixed-use redevelopment tower rather than being standalone hotel buildings. Tokyo Station’s 2029 is better understood not as “a year of mass supply” but as “a year when high-priced lodging floors appear here and there on the upper floors of mixed-use towers.” The 92 rooms in Yaesu 1-chome North District are also an Ascott brand, so in FY2029 two of the company’s brands will sit a few hundred meters apart on the Yaesu side of Tokyo Station.

Where Prices Stand — Chuo Ward’s Estimated Settled ADR Averaged ¥19,000 over 12 Months; September −2.4% YoY

Before estimating the profitability of the floor space, we confirm what typical lodging properties in the area are selling for. Chuo Ward’s estimated settled ADR (median of properties covered, N=148–152) averaged about ¥19,000 over the 12 months from October 2025 to September 2026, and Chiyoda Ward’s about ¥16,300 (N=78–84). In the most recent month, September 2026, Chuo Ward was ¥17,300 (−2.4% YoY) and Chiyoda Ward ¥14,900 (−3.5% YoY), slightly below the high levels of autumn 2025. August saw Chuo Ward at ¥14,200 (−15.0% YoY), well below the prior year; this coincides with the Japan Tourism Agency’s Overnight Travel Statistics, which put foreign guest nights nationwide in August 2026 at 12.64 million (−10.3% YoY).

Seasonality is clear: both wards peak in April and November and bottom out in January–February and June–August. The 2026 line ran above the prior year through March–May, then stayed below the prior year from June onward. Chuo Ward’s occupancy (estimated, based on OTA listed inventory) remained high at 91.8% in June 2026, 93.9% in July, 90.6% in August and 91.9% in September (each 111–118 properties, about 15,700–16,600 rooms), so rooms are filling even as prices pause. These figures describe “typical properties in the area,” however, which are a different tier from the 30 m²+ rooms and serviced residence price range this project competes in. The next section looks at that tier.

The Nightly Ceiling — 30 m²+ / Suite-Class Rooms within 1 km: ¥80K–¥200K at Serviced Residences, ¥400K–¥1.1M at Luxury Hotels

How high could this project’s 30–170 m² units be priced when sold by the night? For existing properties in the same 1 km radius, we tallied listed prices by room type (two guests per room, tax-inclusive, average for each room type) for the 30 days from October 16 to November 14, 2026. Room types whose names include a floor area or the words “suite,” “bedroom” or “apartment” were extracted as “30 m²+ / suite-class.”

Prices for “large rooms” within 1 km split clearly into two tiers by property type. Serviced residence / apartment-style properties with kitchens price standard units at ¥40,000–¥150,000 and even suite-class units within ¥80,000–¥200,000. In the same size band, by contrast, full-service luxury hotel suites run ¥310,000–¥410,000 for a 69 m² suite at The Tokyo EDITION, Ginza, ¥660,000–¥930,000 for 116–160 m² at The Peninsula and Mandarin Oriental, and over ¥1 million for 120 m² at Palace Hotel Tokyo. By floor area alone, this project’s 30–170 m² units straddle both tiers, but the existing Oakwood Premier Tokyo (33–110 m²), with listed prices of ¥130,000–¥200,000 and an estimated settled ADR averaging ¥93,300 over the last 12 months (¥82,000 in September 2026, tax-exclusive equivalent), represents the price range the brand has a track record in.

Notably, Oakwood Premier Tokyo’s listed prices by room type, at ¥160,000–¥200,000 for 49–63 m² 1BED units, sit below suites of similar size at Marunouchi Hotel (70 m², ¥220,000–¥270,000) and The Tokyo EDITION, Ginza (69 m², ¥310,000–¥410,000). Serviced residences sell nights at 20–50% below hotel suites of the same size, and instead fill occupancy with multi-night and long stays. On the nightly-rate side, the question is how far this project, with views from 190 m above ground and a 40th-floor bar lounge, can push that price range upward.

Positioning — By Rooms × Listed Price, the 100–200 Room × ¥80K–¥200K Band Is Nearly Empty for Properties with Kitchens

Plotting existing properties within 1 km by room count (horizontal axis) and the 12-month average listed price of the daily lowest plan (vertical axis) makes clear where this project fits. Of the 72 properties with observable listed prices, the 12 luxury properties cluster roughly in the 50–300 room × ¥120,000–¥380,000 band (9 of the 12), while business and city hotels crowd into the 100–400 room × ¥10,000–¥60,000 band. In between, in the “100–200 rooms × ¥80,000–¥200,000” band, apart from two full-service luxury properties (Shangri-La Tokyo, 200 rooms; Mandarin Oriental, Tokyo, 179 rooms), only Oakwood Premier Tokyo (120 rooms, about ¥78,000) and MIMARU Tokyo STATION EAST (85 rooms, about ¥59,000) barely reach it, and no sizable kitchen-equipped supply has entered. The supertall projects joining this upper luxury band in 2027–2028 are covered in Tokyo Station Supertall Luxury Hotel Pipeline: Tokyo-Shinagawa-Nagoya Tri-Pole (2027-2028).

This gap is no accident. Assembling 100–200 large rooms with kitchens means each room takes two to three times the floor area of a business hotel room, so the number of rooms from the same gross floor area falls by half or more. Land here is too expensive to make that pencil out in a standalone lodging building, which is why supply in this band could arguably only emerge within the framework of the upper floors of a mixed-use redevelopment tower, where “the whole building absorbs the land cost.” Within that framework, this project put serviced residences on the top floors, where space sells for the most. The next section compares the economics of that space.

Floor Use — In Monthly Income per Tsubo, Offices Earn ¥40K and Rental Housing ¥21K; What Does a Serviced Residence Earn?

Which should go on the upper floors of a supertall redevelopment: offices, rental housing, a hotel or serviced residences? We line them up roughly using a single yardstick: monthly income per tsubo to the floor owner. For offices and rental housing, asking rent goes straight to the floor owner as income. For hotels and serviced residences, a fixed share of operating revenue after operating costs (GOP) comes back to the floor as rent, so we converted them to “monthly income to the owner” with the assumptions stated explicitly.

On this yardstick, the floor space of a typical Chuo Ward hotel earns about ¥30,100/tsubo/month, above rental housing (about ¥21,000) but short of offices (about ¥40,000). A serviced residence, assuming the existing Oakwood Premier Tokyo’s estimated settled ADR of ¥93,300, earns about ¥40,100 at 55% occupancy, on par with offices, and about ¥54,700 at 75%, exceeding offices. Working backward, the room revenue (ADR × occupancy, i.e., RevPAR) needed to return an office-level ¥40,000/tsubo/month to the floor owner is about ¥51,200, equivalent to 55% occupancy at an ADR of ¥93,300 or 75% occupancy at an ADR of ¥68,000. Measured against the price range of existing serviced residence-style properties within 1 km (¥80,000–¥200,000 for suite-class units), these figures are within reach.

Sensitivity — Monthly Income to the Floor Owner on Two Axes: ADR × Occupancy

The serviced residence row in the table above varied only occupancy, but this project’s nightly rate could move above or below the existing property’s level. We therefore laid out the monthly income to the floor owner (¥/tsubo/month) on two axes: estimated settled ADR and occupancy. Assumptions are the same as in the table above (average 45 m² per unit, rent = 35% of operating revenue, 30.4 days per month). Shaded cells are at or above the office asking rent (about ¥40,000/tsubo).

Reading three cases: the pessimistic case (ADR ¥68,000, 55% occupancy) yields about ¥29,200, merely on par with a typical hotel (about ¥30,100); the middle case (existing property’s ¥93,300, 65% occupancy) about ¥47,400; and the optimistic case (ADR ¥110,000, 85% occupancy) about ¥73,100. Income falls below the office-level ¥40,000 only in combinations where ADR is under ¥80,000 and occupancy does not reach 65%. Given that standard units at serviced residence-style properties within 1 km currently sell for ¥40,000–¥150,000, the break-even hinges less on the nightly rate than on occupancy, that is, on how many multi-night and monthly stays can be stacked up.

That said, two caveats apply to this estimate. First, serviced residence units are larger than hotel rooms, so fewer units fit in the same gross floor area; outperforming “per tsubo” does not necessarily mean income “per floor” matches a typical hotel design. Fitting 184 units onto four floors implies, if the average unit is set at 55 m², a total of about 10,000 m² of private area, or roughly 2,500 m² per floor, a density that can work on the upper floors of a supertall tower. Second, office rents include common charges and are subject to vacancy swings, so ¥40,000/tsubo does not go straight into the owner’s pocket. Even so, against the central-Tokyo conventional wisdom that “leasing the top floors as offices is the safest bet,” the judgment that running large kitchen-equipped units at high occupancy can target office-level floor income can be read as the background to the fifth joint project between the Mitsui Fudosan Group and Ascott.

Setting the Monthly Rate — Between About ¥2.46M for 30 Nights of Hotel Stay and ¥350K a Month to Rent 55 m²

Alongside the nightly rate, the other price is the monthly rate for guests staying by the month. Applying Chuo Ward’s rental condominium asking rent of ¥21,029/tsubo (buildings completed July 2016 or later, end-July 2026) to this project’s size range gives about ¥190,000 a month for 30 m², about ¥350,000 for 55 m² and about ¥1.08 million for 170 m² (housing without furniture, appliances or services). By contrast, an estimated settled ADR of ¥82,000 (September 2026, tax-exclusive equivalent) referencing the existing Oakwood Premier Tokyo comes to about ¥2.46 million over 30 nights, seven times the rent for the same size range. The question for a serviced residence is where to set its monthly rate between those two points.

What bridges this gap is the design of holding a hotel license so guests “can stay from one day.” Because rooms are provided under accommodation contracts rather than leases, the same unit can switch between short-term high rates and discounted mid- to long-term rates, allowing an operation that sells by the night in peak periods and fills by the month in slow periods. Under the Inns and Hotels Act, guests do not register their residence there, and none of the rental procedures such as security deposits, key money or notice of termination are required. The segments the announcement names as main targets, “inbound travelers, expatriates and project members of overseas companies, and business travelers on long-term assignments,” are precisely the people who need this contractual flexibility. Contract formats and price ranges for long-stay hotels in Japan are covered in detail in Japan Long-Stay Hotels by Contract: 3 Models, 30 Nights ¥620K–¥3.55M.

Demand — Long-Stay Mentions Are 2.8% of Tokyo’s Japanese-Language Reviews; in Chuo Ward They Cluster at Station-Close, Kitchen-Equipped Properties

Where is that demand? Semantic NLP analysis of guest reviews of Tokyo properties compiled by the HotelBank Editorial Team (last 24 months) found that reviews mentioning “long stays / multi-night stays” made up 2.79% (17,696) of 634,871 Japanese-language reviews and 2.6% (1,030) of 39,566 Korean-language reviews. Among 353,878 English-language reviews, long stays did not make the top 30 tags; instead, mentions of “laundry facilities” accounted for 2.69% (9,508), suggesting a tendency to evaluate on amenities rather than length of stay. Mention rates reflect “how often a topic is raised,” not ratings; the two are different things.

The top of the Tokyo-wide list is lined with properties that make “multi-night stays easy,” such as direct airport access or large public baths and washing machines; by mention rate, Tokyu Stay Suidobashi at 8.13% (103 of 1,267) and La Vista Tokyo Bay at 4.23% stand out. Narrowing to Chuo Ward, mentions concentrate at mid-sized, station-close properties with kitchens or washing machines, such as Keikyu EX Inn Tokyo-Nihonbashi at 5.75%, L stay & grow Harumi at 7.90% and MIMARU Tokyo Hatchobori at 3.43%. In the 390 reviews of Oakwood Premier Tokyo, this project’s existing sister property, long-stay mentions are 2.82%, room-size mentions 21.28% and laundry-facility mentions 8.72%, showing that space and amenities are the axes of evaluation. Ascott’s lyf Ginza Tokyo (1,178 reviews) has many room-size mentions at 36.76%, but more than half of them (237 of 433) refer to the compact room design of its co-living format, and long-stay mentions are only 1.95%. MIMARU Tokyo STATION EAST (989 reviews) has 2.63% long-stay mentions, with most of its 26.19% room-size mentions positive; among kitchen-equipped properties within 1 km, “space” and “amenities” are what guests talk about as the axes for judging long stays.

By nationality, Japanese- and Korean-language reviews show similar long-stay mention rates of 2.6–2.8%, while in English amenity (laundry) mentions come to the fore. The “expatriates and project members of overseas companies” named in the announcement rarely leave reviews, so the demand visible in public data should be seen as the tip of the iceberg; still, the reviews at least confirm that “space, kitchen and washing machine” have become established as the criteria for evaluating long stays around Tokyo Station.

Reference — Three J-REIT-Owned Properties in the Same 1 km Radius: Acquisition Price per Room from ¥12.9M to ¥246M

As another yardstick for the value of floor space, we look at the acquisition prices of properties held by listed hotel REITs in the same 1 km radius. Matching the holdings of seven REITs (Ichigo Hotel REIT Investment Corporation (3463), Invincible Investment Corporation (8963), Nippon Hotel & Residential Investment Corporation (3472), Japan Hotel REIT Investment Corporation (8985), Hoshino Resorts REIT (星野リゾート・リート) Investment Corporation (3287), MORI TRUST REIT, Inc. (8961) and Kasumigaseki Hotel REIT (401A)) against our ownership master (as of October 12, 2026), three properties lie within a 1 km radius of the site.

Within the same 1 km radius, the acquisition price per room varies 19-fold, from about ¥12.9 million for limited service to about ¥246 million for luxury. This project’s 184 rooms will be treated as strata-titled floor space in a redevelopment tower, so a direct comparison is not possible, but given unit sizes of 30–170 m² and views from 190 m above ground, the valuation of the floor space would sit toward the upper end of this range. MORI TRUST REIT discloses monthly operating results (occupancy, ADR, RevPAR) for Shangri-La Tokyo and Courtyard Tokyo Station as variable-rent properties, but since this article focuses on floor use, citing those figures is left for a separate article.

Summary — Read Tokyo Station’s 2029 Not by “Volume” but by “How the Floor Is Used”

To sum up. First, 184 rooms add +1.6% to the 11,841 rooms within 1 km of Tokyo Station, and even with all four projects through 2029 the increase is only +4.8%: not a volume of rooms that moves the market. Second, within the same 1 km, only five properties with 459 rooms offer a sizable number of large kitchen-equipped rooms, and among kitchen-equipped properties the “100–200 rooms × ¥80,000–¥200,000” band is nearly empty. Third, on the yardstick of monthly income per tsubo to the floor owner, against about ¥40,000 for offices, about ¥21,000 for rental housing and about ¥30,100 for a typical hotel, a serviced residence assuming the existing property’s estimated settled ADR of ¥93,300 matches offices at 55% occupancy and, at 75%, exceeds them at about ¥54,700.

From an operator’s standpoint, the project can be read as three opportunities. One: the hotel-license design that switches the same unit between nightly and monthly sales widens the room to capture both high peak-season rates and off-season occupancy. Two: whereas nightly prices at serviced residence-style properties within 1 km currently sit at 50–80% of same-size hotel suites, this project, with views from 190 m and a bar lounge, could become a reference point that stretches that price range upward. Three: with Ascott’s two brands sitting a few hundred meters apart in FY2029 together with the 92 rooms in Yaesu 1-chome North District, the Yaesu side of Tokyo Station may come to be recognized as a “long-stay / serviced residence” district. Tokyo Station’s 2029, which looks like a quiet year if one follows supply numbers alone, may be remembered, from the standpoint of floor use, as the year the premises of central-Tokyo hotel development began to change.