Tokyo : The high street vacancy rate in Tokyo’s Ginza area fell by 1.4 pp q-o-q to 3.1% in Q2 2022. Relatively large vacancies were filled during the quarter, and new vacancies were limited. Ginza high street rents remained unchanged for the third straight quarter at JPY 241,500 per tsubo per month. In addition to demand from luxury brand operators which do not have a presence in the Ginza area, the period saw other retailers looking to relocate from existing stores within the district.
Osaka : Osaka’s Shinsaibashi high street vacancy rate fell by 1.4 pp q-o-q to 13.1% in Q2 2022. Tenants were confirmed at several properties in the Shinsaibashi-suji shopping district, and new vacancies were limited. High street rents in the Shinsaibashi district remained unchanged from the previous quarter at JPY 142,000. As in the previous quarter, the Midosuji high street continued to attract demands from luxury brands for shop openings. However, the demand was not strong enough to drive up rents.
Nagoya : Nagoya’s Sakae high street vacancy rate for Q2 2022 fell 0.8pp from the previous quarter to 0.0%. However, there are several properties which are being offered, some of which are relatively large size. Sakae high streets rents fell by 0.7% q-o-q to JPY 70,000 per tsubo. Although there is a demand for shop openings from a wide range of retail categories, the retailers are seeking rents below the current market levels.