Tokyo rents fell across all grades.Tokyo Grade A vacancy rate fell 0.2 points q-o-q to 0.7%, the first decline for two quarters. Tokyo Grade A rents fell by 0.4% q-o-q to JPY 38,850 per tsubo, the first decline since Q4 2017. Also, Tokyo All-Grade rent fell by 0.2% to JPY 23,470 per tsubo, the first decline since Q2 2012.
Osaka Grade A vacancy rate was unchanged q-o-q at 0.5%. Osaka Grade A rents fell by 0.4% q-o-q to JPY 26,400 per tsubo, the first decline since Q4 2013.
Nagoya Grade A vacancy rate was unchanged q-o-q at 1.2%. Nagoya Grade A rents fell by 0.2%
q-o-q to JPY 28,150 per tsubo, the first decline since Q4 2016.