Having lost inbound consumption, a pillar of its economy in recent years, Osaka is under quasi-state of emergency declaration and its Minami area has fallen quiet, also losing domestic visitors. Despite this, some particularly opportunistic foreign funds have started acquiring hotels and retail facilities, predicting that demand will return. On the other hand, most office tenants are in a wait-and-see mood, so relocation and expansion are sluggish in the office market. ≫