TV Tokyo's weekly financial documentary series, "The Dawn of Gaia," moves from Sunday to Tuesday this week with a special program about "The 2003 Problem" (May 20, 10 p.m.).
Recently, a number of large commercial property projects have been or will be completed in Tokyo, including the new Marunouchi Building near Tokyo Station, the huge Roppongi Hills complex and the Shiodome project near Shinbashi. These buildings were planned many years ago, at a time when it was believed that Tokyo would need more office space. By the end of this year, the amount of commercial floor area in Tokyo, both owned and rented, will be twice as much as what it was during the bubble period.
The projected need for more offices was based on an idea called the "third phase shift," which foresaw many companies moving their operations to Tokyo. However, during the ongoing recession, the expected information technology boom has not materialized, and many foreign companies have actually moved out. In addition, there has been a great deal of consolidation among financial institutions.