EXHIBIT 23.3
 
                   CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
 
   
     As independent public accountants, we hereby consent to the use of our
reports, AMB Contributed Properties, dated October 17, 1997, AMB Institutional
Realty Advisors, dated October 17, 1997, 1997 Acquired Properties, dated October
17, 1997, and 1996 Acquired Properties, dated August 4, 1997, included in this
Amendment No. 2 to Registration Statement of AMB Property Corporation on Form
S-11, dated November 3, 1997.
    
 
                                            /s/ ARTHUR ANDERSEN LLP
 
   
November 3, 1997