"Growth in the C5W returns. Rental growth bounces back in the C5W, while the 23W remain unchanged over the quarter. Nonetheless, solid annual growth persists, with both submarkets rising by around 6% YoY."

"Although the pace of rental growth has slowed, the residential market in Tokyo remains resilient, as evidenced by occupancy rates in the 23W reaching record highs. Nonetheless, global economic uncertainty continues to present risks to the market."

"Residential assets in central Tokyo remain in high demand. As long as the economy continues to grow steadily, rents should also continue their gradual rise."

"Tokyo rents continue to rise steadily as positive net migration bolsters the urban population, average incomes rise, and a steady supply of new stock comes online. Outer wards are posting above-average growth."