Tokyo：Ginza high street rents remained unchanged q-o-q at JPY 243,000 (per month per tsubo) in Q2 2021. Available high street properties drew interest from multiple retailers, primarily in the luxury sector. The high street vacancy rate for Q2 2021 fell 0.6 points q-o-q to 5.1%, largely due to strong demand from luxury and fashion brands.
Osaka：Shinsaibashi high street rents fell by 2.1% q-o-q to JPY 138,100. Supply-demand balance loosened, particularly in the Shinsaibashi-suji shopping district. Meanwhile, on Mido-suji, strong demand from multiple luxury brands was observed, helping maintain Osaka’s prime rents at JPY 250,000, the same level as the previous four quarters. The high street vacancy rate for Q2 2021 was unchanged q-o-q at 8.7%.
Nagoya：Sakae’s high street rents fell by 1.4% q-o-q to JPY 70,500. Demand was seen from high-end wristwatch retailers in Sakae, but even on the high street, demand was weak in areas away from locations preferred by such retailers. The high street vacancy rate (which only includes physically vacant space) for Q2 2021 was unchanged q-o-q for the second consecutive quarter at 0.0%, although there are a number of available space on offer in the area.