HIGHLIGHTS
Tokyo All-Grade vacancy rate rose by 0.1 point q-o-q to 0.7%, the first increase since Q2 2017; Tokyo Grade A vacancy rate rose 0.2 point q-o-q to 0.8%, the first increase in five quarters. Tokyo Grade A rents rose by 0.9% q-o-q to JPY 37,950 per tsubo. 
Osaka Grade A vacancy rate fell 0.3 point q-o-q to 0.2%. Osaka Grade A rents rose by 3.5% q-o-q to JPY 25,200 per tsubo.
Nagoya Grade A vacancy rate fell 0.1 point q-o-q to 0.0%, i.e. there is now no space available for lease. Nagoya Grade A rents rose by 0.9% q-o-q to JPY 26,900 per tsubo.

RENTAL OUTLOOK
Tokyo Grade A rents are expected to decline by 1.7% over the next year. Osaka Grade A rents are expected to rise by 3.5% over the next year. Nagoya Grade A rents are expected to rise by 2.7% over the next year.