Vacancy Continues to Rise as Large-scale Demand Weakens Nationwide

Tokyo: All-Grade vacancy rate exceeds 2% for the first time in four years
Tokyo All-Grade vacancy rate rose by 0.9 points q-o-q to 2.8%, the fifth consecutive quarterly rise. Tokyo Grade A vacancy rate rose by 0.4 points q-o-q to 1.9%, the fourth consecutive quarterly rise. Tokyo All-Grade rent fell by 1.3% q-o-q to JPY 22,290 per tsubo, the fifth consecutive quarterly decline. Also, Tokyo Grade A rent fell by 2.1% q-o-q to JPY 36,500 per tsubo, the fifth consecutive quarterly decline.

Osaka: Grade A rental decline accelerates slightly
Osaka All-Grade vacancy rate rose by 0.4 points q-o-q to 2.3%, the fifth consecutive quarterly rise. Osaka Grade A vacancy rate rose by 0.2 points q-o-q to 1.7%, the fourth consecutive quarterly rise. Osaka All-Grade rent fell by 0.2% q-o-q to JPY 14,480 per tsubo, the third consecutive quarterly decline. Osaka Grade A rent fell by 1.5% q-o-q to JPY 25,700 per tsubo, the third consecutive quarterly decline.

Nagoya: Grade A rents decline by more than 1% for the first time in seven years
Nagoya All-Grade vacancy rate rose by 0.5 points q-o-q to 2.8%, the sixth consecutive quarterly rise. Nagoya Grade A vacancy rate rose by 1.2 points q-o-q to 3.0%,  the third consecutive quarterly rise. Nagoya All-Grade rent fell by 0.4% q-o-q to JPY 13,870 per tsubo, the first decline in two quarters. Nagoya Grade A rent fell by 1.4% q-o-q to JPY 27,500 per tsubo, the fifth consecutive quarterly decline.