HIGHLIGHTS
Tokyo Grade A vacancy rate fell 0.2 points q-o-q to 0.7%; vacancy rate is now below 1% across all grades. Tokyo All-Grade rents rose by 2.0% q-o-q to JPY 22,210 per tsubo. 
Osaka Grade A vacancy rate rose 0.1 point q-o-q to 1.0%; All-Grade vacancy rate stands at record low of 1.7%. Osaka All-Grade rents rose by 2.1% q-o-q to JPY 12,690 per tsubo.
Nagoya Grade A vacancy rate fell 0.1 point q-o-q to 0.5%, a record low. Nagoya All-Grade rents rose by 0.8% q-o-q to JPY 12,720 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 4% in 2020. Osaka Grade A rents are expected to rise by a further 4.1% over the next year. Nagoya Grade A rents are expected to rise by 2.4% over the next year.