Greater Tokyo LMT Logistics Market Analysis

Driven by significant new supply, the vacancy rate for large multi-tenant (LMT) logistics facilities in Greater Tokyo exceeded 8% in Q1 2023 and has remained elevated, reaching 10.9% by Q2 2025.
Chiba Prefecture, however, has maintained a relatively low vacancy rate, due to several factors; limited new supply in recent years compared with other areas in Greater Tokyo and the concentration of new facilities in prime locations near central Tokyo.
Further infrastructure improvements in Chiba Prefecture have also enhanced accessibility, leading to a population increase that mitigates labor shortages, the industry's most critical challenge.
CBRE anticipates a healthy supply-demand balance in Chiba Prefecture's LMT logistics leasing market going forward.