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, Pending Acquisition Properties dated
October 29, 1997, 1997 Acquired Properties, dated October 17, 1997, and 1996
Acquired Properties, dated November 7, 1997, included in this Amendment No. 3 to
Registration Statement of AMB Property Corporation on Form S-11, dated November
14, 1997.
    
 
                                            /s/ ARTHUR ANDERSEN LLP
 
   
November 14, 1997