Demand from tenants remains solid
Although investor appetite remains strong, total transaction volumes may stagnate

• Office: Rents are expected to fall moderately in Tokyo but continue to rise in regional cities
  Forecast: Tokyo Grade A rents to decrease by 2.7% by end-2020
• Logistics: Fears of oversupply subside
  Forecast: Rents for large-scale multi-tenant logistics facilities (LMTs) in the Greater Tokyo Area to rise by 2.2% by end-2020
• Retail (Ginza high street*): There is growing store demand from luxury brands and showroom-style stores
  Forecast: Rent for Ginza high street to increase by 8% by end-2020
  *Ginza high street: CBRE has designated this area (street), within Ginza, as a particularly high-end, commercial zone.
• Investment: Investor appetite remains strong but total transaction volume in 2019 may stagnate
  Total transaction volume in 2019 is forecast at JPY 3.2 trillion, a minimal change from the estimated total for 2018 - approx. JPY 3.1 trillion.