Tokyo：Prime rents were unchanged for the 17th consecutive quarter at JPY 400,000 (tsubo/month). As in the previous quarter, luxury brands without street level stores in the Ginza area displayed strong demand. Elsewhere, at a property in the vicinity of the high street, an overseas cosmetics brand was observed to be considering launching its first store in Japan, despite the unit requesting an above-market asking rent.
Osaka：Prime rents this quarter remained unchanged for the 13th consecutive quarter at JPY 300,000 (tsubo/month). There continued to be numerous new drugstore openings, with one drugstore operator without an existing street level store in the Shinsaibashi opening a new store at a relatively expensive rent at a large property in the Shinsaibashi-suji shopping district. In the Shinsaibashi-suji shopping district to the north of Nagahori-dori, which has reported prolonged vacancy, a pre-lease was signed with a drugstore.
Nagoya：Prime rents were unchanged for the 7th consecutive quarter at JPY 140,000 (tsubo/month). In the high street area, a drugstore that did not previously have a street level store in the Sakae area opened multiple new stores. While these are comparatively large properties with rents that are expensive even within the Sakae area. Elsewhere, solid demand from luxury watch brands has been seen, supported by strong sales.