Tokyo：Ginza high street rents fell by 0.6% q-o-q to JPY 241,500 (per month per tsubo) in Q3 2021. While demand for new store opening was seen from luxury brands, areas with high concentration of domestic retailers saw weak demand. The high street vacancy rate for Q3 2021 rose 0.1 point q-o-q to 5.2%. Although there were take-ups from luxury brands, vacancy increased in the secondary areas.
Osaka： Shinsaibashi high street rents rose 2.1% q-o-q to JPY 141,100. Although rents dropped in the Shinsaibashi-suji shopping district on loose supply-demand balance, Mido-suji rents rose due to demand from luxury brands. The high street vacancy rate for Q3 2021 rose 3.2 points q-o-q to 11.9%.
Nagoya： Sakae’s high street rents were unchanged q-o-q at JPY 70,500. Demand was seen from retailers for a new retail property under development. However, contracted rents did not exceed the current market rate. The high street vacancy rate (which only includes physically vacant space) for Q3 2021 was unchanged q-o-q for the third consecutive quarter at 0.0%, although there are a number of available space on offer in the area.