Tokyo：Tokyo prime rents in Q4 were unchanged q-o-q at JPY 400,000 (tsubo/month) for the 18th consecutive quarter. There still are Luxury brands without street level units in Ginza seeking to open stores. CBRE has also observed demand for showroom-style stores as retailers seek to enhance their brand image and product visibility.
Osaka：Prime rents this quarter remained unchanged for the 14th consecutive quarter at JPY 300,000 (tsubo/month). The demand driver this quarter is still drug stores. They have taken spaces vacated by fast fashion, as well as in new developments. While their unit rents were at par with the market levels, total cost are seen to be large in some cases where the premises were relatively large-scale.
Nagoya：Prime rents were unchanged for the 8th consecutive quarter at JPY 140,000 (tsubo/month). A luxury watch brand that did not previously have a boutique store in the area opened a property on Otsu-dori. There were also some drugstores which were planning to open stores on high streets other than Otsudori.