Tokyo：Prime rents were unchanged for the 16th consecutive quarter at JPY 400,000 (tsubo/month). A property on the high street received numerous enquiries, as its asking rent was in line with the current market level and its floor area allows the total rental cost to be kept down. Additionally, several luxury brands with existing boutiques in Ginza are planning to launch a second store.
Osaka：Prime rents this quarter remained unchanged for the 12th consecutive quarter at JPY 300,000 (tsubo/month). Although the period continued to see openings by drugstores, most of these leases had been signed prior to the recent change in spending habits of Chinese consumers, who have been driving inbound demand. Store demand is currently limited to prime locations in the main shopping route of inbound tourists.
Nagoya：Prime rents were unchanged for the 6th consecutive quarter at JPY 140,000 (tsubo/month). A drugstore is considering opening an outlet in one property with a large floor area. Meanwhile, at one property slightly off the main street which is a popular route for inbound tourists, a drugstore is considering leaving due to poor performance.