A comprehensive study on the development of the real estate industry in Japan

我们阐述了从明治维新到现在房地产业的发展，主要是指房屋和写字楼的租赁以及房地产的开发。甚至在江户时代，许多商人在城市中出租他们的土地和/或房屋。明治维新后，土地所有权得到法律授权，形成了登记制度。随着这些法律制度的形成，工业化和城市化显着改变了房地产业。现代建筑技术是从西方国家引进的，使得建造带电梯的多层建筑成为可能。因为建筑用地越大，可出租空间占建筑总空间的比例就越高，建造更大的建筑更有利可图。此外，1910年左右，电气化铁路迅速铺设，东京和大阪郊区形成了住宅区，工薪阶层开始通勤上班。第一次世界大战爆发后，重化工业发展非常迅速，对东京附近工厂选址的需求大幅增加。为了满足需求，浅野宗一郎从海上开垦了横滨附近的土地。就这样，房地产企业开始发展起来。然而，第二次世界大战爆发后，土地和房价受到政府的管制，这种管制阻碍了该行业的发展。战争期间，大量农田被改建为工厂或住宅用地。在高增长时代，由于城市化和工业化，转化率急剧增加。1973年石油危机后，日本经济增长速度下降，转型步伐也放缓，大城市中心区的再开发开始由房地产公司来做。

We shed light on the growth of the real estate industry from Meiji Restoration to the present with referring mainly to renting of houses and office buildings and to real estate development. Even in the Edo period many merchants let out their land and/or houses in cities. After Meiji Restoration landownership was authorized by the law and registry system was formed. With the formation of these legal systems industrialization and urbanization changed the real estate business significantly. Modern building technique, which was introduced from Western countries, made it possible to construct multistory buildings with elevators. Because the larger the size of the land where a building is constructed, the higher the percentage of the rentable space to the total space of the building, constructing larger buildings was more profitable. Moreover, electric railways were laid rapidly around 1910, housing areas were formed in the suburbs of Tokyo and Osaka, and salaried people began to commute to their office. After the outbreak of World War I, the heavy and chemical industry grew very fast and the demand for factory site near Tokyo increased significantly. In order to meet the demand Soichiro Asano reclaimed land near Yokohama from the sea. In this way, real estate businesses began to develop. After the outbreak of World War II, however, land and housing price was controlled by the government and the control impeded the development of the industry. During the war a large quantity of farmland was converted into factory or housing sites. In the high-growth era the conversion increased dramatically as a result of urbanization and industrialization. After Oil Shock of 1973 the growth rate of the Japanese economy declined and the pace of the conversion also declined ; thus the redevelopment of central area of large cities came to be done by real estate firms.