Joint seminar IFRJ-Hitotsubashi University - Paris-Dauphine University

Maison franco-japonaise of Tokyo (日仏会館)

From November 9^th-11^th, 2022

Organizers:

Chihiro Shimizu(Hitotsubashi University) , Arnaud Simon(Dauphine University) and
Raphaël LANGUILLON(Institut français de recherche sur le Japon)

November 9^th, 2022 –  Real estate in France and Japan

Session 1 – 2:30-4:00 pm

Chair: Fabrice Larceneux, Associate professor, Paris Dauphine

Luxury real estate and condominiums: insights from Tokyo and Paris in international contexts

Yasmine Essafi, associate professor, American University in the Emirates -: Real estate markets in the Emirates

Olivier Mege, Founder & CEO, Real Quality Rating - : Measuring perceived quality in the office markets, and applications.

Fabrice Larceneux, Associate professor, Paris Dauphine -: Social Grouping and Exclusivity: key drivers of Luxury Real Estate

Yui Yoshimichi, Professor, Université de Hiroshima -: Activities of real estate companies for women or tower condominium in the bay area of Tokyo

Session 2 – 4:30-6:00 pm

Chair: Chihiro Shimizu: Hitotsubashi University

Real estate impacts of large city planning

Akito Murayama,  University of Tokyo-: Urban Carbon Mapping Method toward Zero-Carbon Area Management: Introduction to Mitsuifudosan UTokyo Laboratory Research.

Masatomo Suzuki, Hitotsubashi University-: Shrinkage in Tokyo’s Central Business District: Large-Scale Redevelopment in the Spatially Shrinking Office Market.

Masao Fujii, Urban Renaissance Agency-: Challenge of UR's urban development in Tokyo-(The Case of Yaesu bus terminal and new Toranomon station-.

November 10^th, 2022 –  Real estate facing global structural changes: critical insights from Tokyo and Paris’ markets

Public conference (in English, online) – 5:30-7:30 pm

Real estate facing global structural changes: critical insights from Tokyo and Paris’ markets

Chair: Raphaël Languillon, Institut français de recherche sur le Japon -  

Shimizu Chihiro, Professor, Hitotsubashi University, Center for the Promotion of Social Data Science Education and Research -: Economic value of environmentally friendly buildings

30min presentation, 10 min QA

Arnaud Simon, Associate professor, Paris Dauphine University -: Geographical effects of monetary policies and investments on the European office markets

30min presentation, 10 min QA

Discutante: Yasmine Essafi, associate professor, American University in the Emirates -

30min presentation, 10 min QA

https://www.mfj.gr.jp/agenda/2022/11/10/2022-11-10_real_estate_facing_/

November 11^th, 2022 – Aging, real estate and territories in France and Japan

Session 1 – 2:30-4:00 pm

Ageing in France and in Europe

Moderator: Fabrice LARCENEUX, Associate professor, Paris Dauphine University

Yasmine ESSAFI-ZOUARI, assistant professor, American University in the Emirates -: Aging and housing market in France

Arnaud SIMON, Associate professor, Paris Dauphine University -: Viager in France: A tool for the development of ageing territories?

Solène ROLAND, Paris Dauphine University -: Viager in France:thoughts for a more efficient legal framework

Session 2 – 4:30-6:00 pm

Ageing in Japan and in Asia

Moderator: Raphaël LANGUILLON, senior researcher, Institut français de recherche sur le Japon

Shimizu Chihiro, Professor, Hitotsubashi University, Center for the Promotion of Social Data Science Education and Research -: The impact of an ageing population on cities and society

25min presentation

Hosono Sukehiro, emeritus professor, Université de Chuo - : TITLE.Geographical patterns and tendencies of Japanese ageing society. A case of Tama Region

25min presentation

Taguchi Taro, Associate professor, Tokushima university -: Issues and direction of community design in aging community at rural area

25min presentation

Discussion:15 min

List of participants

Yasmine ESSAFI-ZOUARI, assistant professor, American University in the Emirates

Biography: Yasmine ESSAFI-ZOUARI is currently an assistant professor in management at the American University in the Emirates, at Dubai. Previously, after a PhD in Management Sciences at Paris Dauphine University, she was associate professor at ESPI Paris (Ecole Supérieure des Professions Immobilières). She is doing quantitative research on globalized real estate markets in Europe and the Emirates.

Presentation:

 - Aging and housing market in France

- Abstract – The global aging trend leads to important variations in the population structure (size and age) and raises concerns at different levels for governments. Several core issues were investigated, among them the impact of the changing demography on the demand, prices and valuation of assets. A deeper analysis of the drivers of the French housing market is conducted in this article, allowing us to determine more precisely the impact of a growing and aging population on the housing prices.

FUJII Masao, Director, Urban Renaissance Agency in Japan

Biography: Masao Fujii is currently a Director International Business Department of Urban Renaissance Agency in Japan. After a master’s degree in engineering from Waseda University. He started the career with Urban Renaissance Agency and his main expertise fields are to manage urban redevelopments. He held the director positions of department of redevelopment of center of Tokyo and department of Technology and Cost Management. He is licensed a 1st class architect and a redevelopment planner. He is also adjunct lecturer at Tokyo City University Graduate School (Urban Design Theory) .

Presentation:

 -  Challenge of UR's urban development in Tokyo (The Case of Yaesu bus terminal and new Toranomon station)

- Abstract –There are various social issues in the BCD districts of Tokyo and need to be resolved through redevelopment projects. However, these projects tends to be complex and so that it is difficult for the private sector to carry out the projects alone. In this presentation, we use two case of redevelopment projects involving UR  (The Case of Yaesu bus terminal and new Toranomon station as examples) to introduce issues facing the districts and solutions of these cases and we explain the role of UR in each projects as public sector.

HOSONO Sukehiro, emeritus professor, Chuo University (Tokyo)

Biography: HOSONO Sukehiro is Emeritus Professor at the Faculty of Public Policy at Chuo University, where he served as Dean. Former president of the Japan Association of Planning and Public Management, he sits on various advisory and expert committees of the Japanese Ministry of Finance. Author of numerous books, he has published in particular Smart communities: from urban regeneration to Japanese regeneration (スマートコミュニティ: 都市の再生から日本の再生へ) in 2000 and more recently Equations for the success of the central space of the city – new public perspective of “city planning” (中心市街地の成功方程式―新しい公共の視点で考える“まちづくり”).

Presentation:

 - Geographical patterns and tendencies of Japanese ageing society. A case of Tama Region

- Abstract –TBA

KIM Jae-Yoon, PhD student, University of Geneva

Biography: KIM Jae-Yoon is a planner specialized in urban renewal and the development of smart cities in South Korea. Previously, he worked as an engineer at INTO, and as a Smart city planner & engineer at KCMC, in Seoul. He is currently working in Shinsegae group as a Smart Cities IT planner. At the same time, he is doing his PhD at the Geneva School of Social Sciences of the University of Geneva, in Switzerland.

Presentation:

 -  Challenges and opportunities of urban digitalization in Republic of Korea: From the U-City model to the Smart City approach

- Abstract – At the end of the 2000s, the government of South Korea issued a new national policy for the planning of several digitized urban area in new towns, called U-cities (for Ubiquitous Cities). However, following a global trend, the concept of U-City has gradually been transformed to the Smart city one at the end of the 2010s. What have been changed between the two urban models promoted by the Korean central government in the 2000s and in the 2010s? The aim of the presentation is to analyze the ruptures and the continuity between the U-city policy and the smart city policy in South Korea from an urban planning perspective.

Raphaël LANGUILLON-AUSSEL, senior researcher, Institut français de recherche sur le Japon at Tokyo

Raphaël LANGUILLON-AUSSEL is a full researcher at the French Institute for Research on Japan, in Tokyo (IFRJ-MFJ and UMIFRE 19), and an associate researcher at the Institute for Environmental Governance and Territorial Development (IGEDT) at the University of Geneva. His work is dedicated to a critical political economy of urban planning of metropolises in Western Europe (France and Switzerland) and East Asia (Japan, but also South Korea, Thailand, and Singapore). He is particularly interested in the interconnexions between the dynamics of urbanization, the structuration of political regimes that ensure the urban legal framework, and the evolution of capitalistic regimes that partly determine the logic of capital accumulation in cities. Previously, he was a lecturer during 4 years at the University of Geneva, in Switzerland, as well as a manager of the VINCI group in Paris. He also taught as a lecturer, junior lecturer, or assistant in the universities of Lyon 2, Nantes, Rouen, Perpignan (France) and Neuchatel (Switzerland).

Fabrice LARCENEUX, Researcher at CNRS and Attached Professor at Paris Dauphine-PSL University

Biography: Fabrice LARCENEUX is a researcher at CNRS and Attached Professor at Paris Dauphine-PSL University. He authored the French handbook « real estate marketing » (marketing de l’immobilier) and numerous articles in scientific publications such as Urban Studies, Environment & Planning A, Journal of Housing Economics or Journal of Business Ethics. He is in charge of the Master of Science « Management in Luxury » at Dauphine University.

Presentation:

 -  Social Grouping and Exclusivity: key drivers of Luxury Real Estate

- Abstract – Little research has been devoted to the issue of luxury real estate from an urban perspective. In this paper, we challenge the actual definitions of high-end properties and run an empirical investigation in 322 French cities characterized by a significant luxury market. Analyzing 80,000 properties listed in 2021, we show that urban social grouping and exclusivity are the key drivers of these markets and explain the property value. Based on Bourdieu perspective, we contribute to the literature in urban studies exploring the inner dynamic of luxury markets and empirically confirming the effect of social grouping and including the notion of exclusivity defined as the combined effect of high social grouping and rarity of the available properties.

Olivier MEGE, Founder & CEO, Real Quality Rating

Biography: Olivier MEGE founded RQR after 15 years in real estate finance in Asia and 5 years as head of research for real estate indices at MSCI. He is a member of the Royal Institute of Chartered Surveyors (RICS), the Chartered Alternative Investment Association (CAIA), the Japanese Association for Real Estate Securitization (ARES) and is certified broker by the Japanese Ministry of Infrastructure and Transport (Takken).

Presentation:

 - Measuring perceived quality in the office markets and valuation

- Abstract – This presentation, halfway between professional and academic approaches, is devoted to the measurement of market-perceived quality for office buildings and its applications (investment optimization, arbitrage, etc.). The way in which market-perceived quality can also be related to the valuation of buildings is also an issue of great importance: do valuers correctly or incorrectly integrate quality in their valuations?

MURAYAMA Akito, Associate Professor, Department of Urban Engineering, the University of Tokyo

Biography: Akito Murayama is Associate Professor of urban land use planning at The University of Tokyo leading research projects such as “Establishment of Urban Sustainability Assessment System” and “Projection of Climate Change Impacts on Local Land Use/Urban Environment and Consideration of Policies for Sustainable Regeneration”.

Presentation:

 - Urban Carbon Mapping Method toward Zero-Carbon Area Management: Introduction to Mitsui fudosan UTokyo Laboratory Research

- Abstract – The research aims to develop an urban sustainability assessment system to consider climate change mitigation in urban development and establish a framework to incorporate environmental perspective such as sustainability and ESG investment into the area management of development blocks and their surroundings.  This research is part of the output of the collaborative research of Mitsui Fudosan UTokyo Laboratory which takes advantages of the knowledge of the university and the field created by the private developer. The result of the research based on the case study of Nihonbashi Area (West and East), one of the major commercial and office centers in Tokyo, and others, are summarized as follows: 1) upgrading of urban carbon mapping method to estimate CO₂ emissions from buildings and vehicles at building and public space level, and 2) establishment of a framework that utilize the above method in a comprehensive area management to consider and implement climate change mitigation measures for the decarbonization of the area.

Mathieu OBERTELLI, PhD student, Paris Dauphine-PSL University

Biography: Mathieu OBERTELLI graduated in international economics from the Paris-Dauphine University. After several work experiences in two french local governments (Mairie de Drancy et Conseil Régional de Nouvelle-Aquitaine) and the two main banks for local authorities (BPCE and La Banque Postale), he decided to start a thesis funded by KARDHAM  with Arnaud Simon (Paris Dauphine) and Sébastien Bourdin (EM Normandie) on local development issues, especially in corporate real estate.

Presentation:

 - Offices' location strategies in the age of remote work in Île-de-France

- Abstract – This presentation focuses on Mathieu Obertelli’s PhD research project, which aims to study economic and non-economic factors which are significant in offices' location strategies and how remote work could affect these strategies. The first axis is focused on the importance of the address for employees. The second one analyzes the impact of remote work on the geography of offices. Finally, we would like to explain office rent disparities between Gare du Nord and Saint-Lazare to better understand the role of place brand on rental prices. 

Jérôme PICAULT, PhD student, Paris Dauphine-PSL University

Biography: Jérôme PICAULT is a PhD student at Paris Dauphine-PSL University under the supervision of Arnaud Simon. He holds a research master in Finance. His research interests are commercial real estate investments, real estate price indexes construction and the quality of real estate assets.

Presentation:

 - Regional divergences between housing wealth and mortgage stock. Underfinancing and overfinancing in the case of France

- Abstract – This study deals with the spatial divergence between the French mortgage stock and the housing prices. We observe that a certain number of departments, such as Val-de-Marne and Drôme, have an outstanding mortgage amount that grows much faster than their housing prices. At the opposite, the amount of outstanding mortgage may increase slower than expected in regard to the real estate prices, Paris for instance. The aim of this paper is to document these spatial divergences and to analyze their drivers. To understand what are the main drivers of the financial divergence and of its evolutions, we implement a spatial econometrics model where we regress the financial divergence over real estate, demographic, and economic variables. Our results suggest that traditional variables explaining credit and real estate dynamics have a little power to explain the dynamics of the financial divergences, especially after 2015. We hypothesize that quantitative easing policies and regional reform transformed the underfinancing and overfinancing local policies, through the channel of the lending decision of the regional banks.

Solène ROLAND, PhD student, Paris Dauphine-PSL University

Biography: After a master’s degree in law, Solène ROLAND started a Phd in the field of elderly law at the University of Paris-Dauphine. She is working more specifically on the tools being used, in France, to finance expenses of long-term care. Besides, she is working at a notary office, where she has been gaining expertise resolving different legal issues in tax law, family law, and real estate planning.

Presentation:

 - Viager in France: thoughts for a more efficient legal framework

- Abstract – French people’s assets are mainly constituted of their primary residence. This real estate could finance the expenses generated by dependency, yet such process is currently hindered by insufficient legal security. This presentation aims to offer different ways to improve the effectiveness and quality of this legal framework.

SHIMIZU Chihiro, Professor, Hitotsubashi University, Center for the Promotion of Social Data Science Education and Research

Biography: SHIMIZU Chihiro, Ph.D., is professor at Hitotsubashi University (Tokyo, Japan), member of the Statistics Commission in Japan and affiliate researcher of the Center of Real Estate at Massachusetts Institute of Technology (USA). His areas of expertise are Index Theory, Real Estate Economics, Applied Econometrics and Machine Learning. He has published numerous articles and books in Japan. The last one is Property Price Index from Springer.

Presentation:

 - Economic value of environmentally friendly buildings

- Abstract 1 – More than ten years have passed since studies on green buildings gaining attention in the academic and industrial literature. Many studies have reported the economic value of green buildings, mainly in the U.S. and European Markets. An empirical clarification of the dynamics of green premiums has significant implications for future urban sustainability. We estimated the green office rent and condominium premium using a hedonic approach.

- The impact of an ageing population on cities and society

- Abstract 2 – Using panel data from 17 countries with varying economic circumstances from 1974 to 2018, we estimate regression models that explain residential property price dynamics by incorporating demographic factors and considering the interaction of those demographics with credit conditions. Our results show the importance of the demographic factors in modeling the long-run equilibrium of residential property prices. We find that the effect of nominal interest rates determined by monetary policy on asset prices varies depending on the country and the degree of population aging at the time.

Arnaud SIMON, Associate professor, Paris Dauphine-PSL University

Biography: Arnaud SIMON is professor of real estate finance and territorial dynamics at Paris Dauphine-PSL University. His research focuses on the relationship between housing prices and demographics (especially aging), and on how investments and monetary decisions influence and determine local regional evolutions at the French and European levels. He wrote numerous articles in international peer-review journals and is the co-author of an Introduction to Real Estate Finance and Economics (Introduction à la finance et à l'économie de l'immobilier).

Presentation:

- Geographic effects of monetary and investment policies on European office markets

- Abstract 1 – This presentation is dedicated to the European office market and how it is organized by the monetary policy of central banks and the investment decisions of real estate investment companies. An overview will be given on the effects of "unconventional" quantitative easing measures on office prices in 16 European metropolises, and how a split has occurred between financialized and non-financialized real estate companies regarding their spatial allocation decisions.

-Viager in France: A tool for the development of ageing territories?

- Abstract 2 – In France, the wealth of residential property held by retirees is estimated at around 1 trillion euros and is spatially more homogeneous than the total residential wealth. On the contrary, the viager market is both very small and spatially very concentrated (the viager product allows for the extraction of cash from housing wealth). While the profitability of most of the departments is positive and exceeds 10 % for a large number of them, rural areas do not benefit at all due to the underdevelopment of viager. Enhancing the dormant real estate wealth of rural areas would make it possible to support local development through a real estate policy that would not be just urban, but also regional and rural.

Ola SÖDERSTRÖM, professor, Neuchatel University

Biography: Ola SÖDERSTRÖM is Professor of Human Geography at the University of Neuchâtel. His recent research focuses on urban geographies of mental health and technologies and data as a form of power in urban development. On this second theme, he is currently preparing the book Data Power in Action. Urban Data Politics in Times of Crisis (Bristol University Press, co-edited with Ayona Datta).

Presentation:

- Designing a landscape of affordances for aging in place

- Abstract – This presentation draws on a recently completed participatory action-research with old people and care workers in Switzerland. The aim of this research is to develop action plans at communal level and implement interventions for the prevention of the social isolation of the elderly. It focuses on prof. SÖDERSTRÖM’s research conceptual and methodological contribution, inspired by studies in geographies of health on landscapes of care, the posthuman turn in social gerontology and recent developments in affordance theory.

SUZUKI Masatomo, Associate Professor, Center for the Promotion of Social Data Science Education and Research, Hitotsubashi University

Biography: Masatomo Suzuki is a Specially Appointed Associate Professor at Center for the Promotion of Social Data Science Education and Research, Hitotsubashi University. Previously, he was a Project Assistant Professor at the University of Tokyo from 2019 to 2022. He received his Ph.D. from the Department of Urban Engineering, the University of Tokyo in 2019. His academic research explores a variety of topics in housing, real estate, urban economics, and urban studies fields.

Presentation:

 - Shrinkage in Tokyo’s Central Business District: Large-Scale Redevelopment in the Spatially Shrinking Office Market

- Abstract – Although metropolises continue to grow worldwide, they face the risk of shrinkage. This study seeks to capture and contextualize the “shrinkage” of the office market in Tokyo, a city that is one of the largest in the world but whose labor force has been shrinking since 1995. Employing unique property-level data on office building performance and use, this study quantifies the geographical distribution of office supply over time and shows that the geographical area of office supply is shrinking from the fringes, in line with the large-scale redevelopment of the central area since the collapse of the asset bubble in the early 1990s. As a result, analyses of changes in the vacancy rate and rent premium (from hedonic regressions) suggest that old office properties in the suburbs have recently faced more vacancies and lower rent premiums, even during the upturn peak of around 2007. This evidence suggests that (i) the concept of shrinking cities is also applicable in a spatial context, even for service sector workplaces in a nation’s central metropolis, and that (ii) allowing large-scale redevelopment in the central area while the economy remains powerful can transform the metropolis into a more compact form, which may be desirable in the long run.

TAGUCHI Taro, Associate professor, Tokushima university

Biography: TAGUCHI Taro is an associate professor at Tokushima University, in Shikoku (Japan). Previously, he graduated from the Department of Architecture of Waseda University, before becoming an associate professor at Niigata Institute of Technology from 2006 to 2011. He is a specialist in aging and depopulation trends in rural communities, especially in Shikoku, where is located Sanagochi Village, one of his main cases studies.

Presentation:

 - Issues and direction of community design in aging communities of rural areas

- Abstract – Japanese rural areas have been facing depopulation and aging for decades. As communities in Japanese rural areas are traditionally run in autonomy, aging and depopulation constitute there serious issues. In this context, we need to think about re-designing aging rural communities as autonomous system by including outer actors called “Related Population”.

Guillaume TOUSSAINT, PhD student, Paris Dauphine-PSL University

Biography: Guillaume Toussaint holds a master's degree in econometrics from the University of Strasbourg. He is in his second year of PhD., in Paris Dauphine-PSL University. He is working on rental housing market and rent control under the direction of Arnaud Simon.

Presentation:

 - Housing market segmentation and rent control: has rent control impacted metropolitan housing market segmentation?

- Abstract – The consensus in real estate literature is that we should no longer talk about the real estate market, but plural real estate markets. Segmentation of real estate markets is based on many variables, in all geographical areas, and is observed by consumption theory models, or hedonic prices (Lancaster, 1966; Rosen,1974; Goodman, 1978). According to Tu et al. (2007), a housing submarket is a set within the hedonic housing prices are not significantly different. Today, a lot of techniques exist for delineating housing submarkets: by hedonic prediction, political boundaries, discrete choice models, or statistical methods. In this presentation, we will focus on statistical methods for delineating housing submarkets. The goal of our approach is to find housing submarkets in metropolitan areas under rent control (such like in Lille and Paris), to estimate if rent control is a good predictor for housing market segmentation in these metropolitan areas, and to analyze if the introduction of rent control has changed this segmentation. We will mobilize K-means clustering to delineating housing submarkets, and spatial econometric analysis with hedonic, socio-economic, and demographic control variables to conclude if rent control is segmenting housing market and if so, to what extent.

YUI Yoshimichi, Professor, Graduate School of Humanities and Social Sciences, Hiroshima University

Biography:  YUI Yoshimichi is a professor of geography at the Graduate School of Humanities and Social Sciences at Hiroshima University. Previously, he was an associate professor at Ritsumeikan University for 10 years, from 1996 to 2006. He is a specialist of real estate planning and demographic changes, especially of condominiums and high-rise buildings in the main metropolises of Japan.

Presentation:

 - Housing purchase by single women in Tokyo

- Abstract – From the mid-1990s, there have been a large number of cases in which single women are purchasing condominiums mainly in the 23 wards of Tokyo, and there has been increasing activity in the supply of condominiums for single persons in metropolitan areas by real estate agents that predicted this demand.  The housing supply and demand conditions surrounding single women is thus changing, and we can assume that one of the background factors here is a change in awareness of housing among these single women.

 
Registration deadline Nov 7