Office: Economic pressures from the COVID-19 crisis are now crimping demand, with trimmed relocation budgets and postponed business expansions coupled with the rise of remote working.
Retail: Retail leasing sectors highly reliant on foreign visitor spending have been hard hit. Evidently, rental growth in Osaka Shinsaibashi was driven by drug stores favored by tourists for healthcare goods, cosmetics and OTC medicine.
Data Center: Megaport has launched operations in Tokyo, with the connectivity provider beginning services at two Equinix locations and the @Tokyo CC1 facility. Further expansion is planned at other Tokyo data centres, with Osaka following.
Key Economic Indicators: Trade balance fell to a deficit at JPY 930.4 billion. Export declined by 20% y-o-y, and extent of decline has been largest since Global Financial Crisis in October 2009.
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