Japan Logistics MarketView Q1 2026

Greater Tokyo vacancy rate decreases to 9.2%;

Rents rise in all areas, including the Ken-O-do Area

• The Q1 2026 vacancy rate for Large Multi-Tenant (LMT) logistics facilities in Greater Tokyo fell by 0.6 pp. q-o-q to 9.2%. Eight new properties entered the market with an average occupancy rate of just under 40% upon completion. Net absorption significantly surpassed the five-year quarterly average, driven by major new leases in existing properties. Overall effective rents rose to JPY 4,530, an increase of 0.9% q-o-q. Rents increased in all four sub-areas, led by a 4.3% rise in the Tokyo Bay area.

• The LMT vacancy rate in Greater Osaka fell by 1.5 pp. q-o-q to 2.2%. All three new properties were fully occupied upon completion, and net absorption for the quarter reached 108,000 tsubo, the third-highest quarterly figure on record. Effective rents increased by 1.2% q-o-q to JPY 4,350. Upward pressure on rents is intensifying for properties in prime locations.

• The LMT vacancy rate in Greater Nagoya rose to 16.8%, an increase of 1.3 pp. q-o-q. While the quarter’s two new properties entered the market with significant available space, several existing assets saw their vacancies absorbed. Effective rents increased by 0.3% q-o-q to JPY 3,740.

• The LMT vacancy rate in Greater Fukuoka rose to 8.3%, an increase of 2.7 pp. q-o-q. One new property entered the market below full occupancy, but vacancies that emerged in the previous quarter were quickly filled. Effective rents remained unchanged q-o-q at JPY 3,570.