Japan Logistics MarketView Q4 2025

Greater Tokyo vacancy rate falls for a third consecutive quarter to 9.8%, led by a 2.0 pp. q-o-q drop in the Ken-o-do area

• The vacancy rate for large multi-tenant (LMT) logistics facilities in Greater Tokyo in Q4 2025 fell by 0.6 pp. q-o-q to 9.8%. Although the quarter’s three new properties came on stream at a relatively low occupancy rate of around 20%, vacancies were absorbed in existing properties, particularly in the Ken-o-do area. Effective rents for Greater Tokyo increased by 0.2% q-o-q to JPY 4,490, on the back of growth in the Tokyo Bay and Gaikando areas, where vacancy rates fell.

• The LMT vacancy rate in Greater Osaka stood at 4.2% in Q4 2025, a drop of 0.8 pp. q-o-q. The quarter’s new facility entered the market at full occupancy. Net absorption for the quarter reached 79,000 tsubo, well above the quarterly average over the past five years of 51,000. Effective rents rose by 0.7% q-o-q to JPY 4,290, with rents on the increase in a broad swath of Greater Osaka.

• The LMT vacancy rate in Greater Nagoya fell by 1.1 pp. to 15.5%, with leases signed for space in all three new properties completed during the quarter. Vacancies were also filled in existing properties, driving net absorption to the third-highest quarterly figure ever recorded. Effective rents rose by 0.3% q-o-q to JPY 3,730.

• The LMT vacancy rate in Greater Fukuoka fell by 2.7 pp. q-o-q to 5.6%. The quarter saw no new supply, and new contracts were signed for large units in existing properties. Effective rents remained unchanged q-o-q at JPY 3,570.