HIGHLIGHTS
Tokyo Grade A vacancy rate fell 0.1 points q-o-q to 0.6%.The vacancy rate for all grades was lower than the previous quarter. Tokyo Grade A rents rose by 0.5% q-o-q to JPY 37,600 per tsubo. 
Osaka Grade A vacancy rate fell 0.5 point q-o-q to 0.5%. Osaka Grade A rents rose by 2.1% q-o-q to JPY 24,350 per tsubo.
Nagoya Grade A vacancy rate fell 0.4 point q-o-q to 0.1%, a record low. Nagoya Grade A rents rose by 0.8% q-o-q to JPY 26,650 per tsubo.

RENTAL OUTLOOK
Tokyo Grade A rents
are expected to rise by 0.3% this year but are then expected to decline by around 5% over the subsequent year. Osaka Grade A rents are expected to rise by 5.7% over the next year. Nagoya Grade A rents are expected to rise by 2.7% over the next year.