logo redirect pin user minus plus fax mobile-phone office-phone data envelope globe outlook retail close line-arrow-down solid-triangle-down facebook globe2 google hamburger line-arrow-left solid-triangle-left linkedin wechat play-btn line-arrow-right arrow-right solid-triangle-right search twitter line-arrow-up solid-triangle-up calendar globe-americas globe-apac globe-emea external-link music picture paper pictures play gallery download rss-feed vcard account-loading collection external-link2 internal-link share-link icon-close2
Japan
  • Global
  • United States
  • Albania
  • Argentina
  • Australia
  • Austria
  • Bahrain
  • Baltics
  • Belgium
  • Bosnia & Herzegovina
  • Brazil
  • Bulgaria
  • Cambodia
  • Canada
  • Chile
  • Colombia
  • Croatia
  • Czech Republic
  • Denmark
  • Egypt
  • Finland
  • France
  • Germany
  • Greece
  • Hong Kong
  • Hungary
  • India
  • Indonesia
  • Ireland
  • Israel
  • Italy
  • Japan
  • Jordan
  • Kazakhstan
  • Kenya
  • Korea
  • Kuwait
  • Latin America
  • Luxembourg
  • Mainland China
  • Malaysia
  • Mexico
  • Montenegro
  • Morocco
  • Netherlands
  • New Zealand
  • North Macedonia
  • Norway
  • Oman
  • Pakistan
  • Panama
  • Philippines
  • Poland
  • Portugal
  • Romania
  • Saudi Arabia
  • Serbia
  • Singapore
  • Slovakia
  • Slovenia
  • South Eastern Europe
  • Spain
  • Sweden
  • Switzerland
  • Taiwan
  • Thailand
  • Turkey
  • Ukraine
  • United Arab Emirates
  • United Kingdom
  • Venezuela
  • Vietnam
English
  • 日本語
  • English
Log In
  • Global Intranet
  • myCBRE
  • Services
    • Business Lines
      • Advisory & Transaction Services
      • Capital Markets
      • Global Workplace Solutions
      • Property Management
      • Valuation Advisory & Consulting Services
    • Industries & Specialities
      • Office
      • Industrial & Logistics
      • Retail
      • Data Center Solutions
      • Hotels
      • Flexible Workspace
    • Services for Investors
      • Asset Management
      • Capital Advisors
      • Consulting
      • Leasing & Advisory
      • Project Management
      • Property Management
      • Property Sales
      • Valuation & Advisory
      • Renewable Energy Advisory & Consulting
    • Services for Occupiers
      • Enterprise Facilities Management
      • Leasing & Advisory
      • Occupier Consulting
      • Project Management
      • Transaction Management & Portfolio Services
      • Valuation & Advisory
      • Workplace Strategy
      • Renewable Energy Advisory & Consulting
  • Properties
  • Research & Reports
    • About Research
      Japan Research Archive
      Asia Pacific Research
      Global Research & Reports
      Global Research Support
  • People & Offices
  • About CBRE
    • Corporate Information
      Corporate Profile
      A Message from the President & CEO
      Media Center
      Awards & Recognition
      Corporate Responsibility
      ESG Initiatives
      Investor Relations
      Careers
      File Transfer Services

Next

CBRE Named Top Real Estate Brand in Lipsey Survey for 21st Consecutive Year
  • Home
  • About CBRE
  • Media Center
  • New Large Multi-tenant Logistics Facilities in Greater Tokyo Report Very Low Vacancies on Completion

New Large Multi-tenant Logistics Facilities in Greater Tokyo Report Very Low Vacancies on Completion

April 23, 2015
  • Email
  • Share
  • Tweet
  • Share

Development Pipeline Increases in Greater Osaka

Key highlights

  • In the Greater Tokyo Area, three logistics properties were completed during Q1 2015. Two came online at full occupancy, while the third was 70% leased at completion, reflecting robust tenant demand. The vacancy rate was up 0.2 points q-o-q to 4.0%.
  • In the Greater Osaka Area, two logistics properties came online with some vacant space still remaining. This contributed to the vacancy rate for the area rising 5.6 points to 6.0%. Investors and developers continue to display a strong appetite for new projects, with some additional large development projects recently being announced.
  • The Greater Nagoya Area remains undersupplied but there are currently four facilities being developed in convenient locations, which should attract strong demand from tenants.

Three large multi-tenant logistics properties were completed in the Greater Tokyo Area in Q1 2015, providing a total of 69,000 tsubo of new space to the market, matching the average level for the past eight quarters. Two of the new facilities opened at full occupancy, while the third was 70% leased at completion. Although the vacancy rate rose slightly, up from 3.8% to 4.0%, the high occupancy rate in the new facilities completed this quarter demonstrates the current strength of occupier demand.

CBRE’s analysis of effective rents index shows that the vacancy rate for the Tokyo Bay Area and the Route 16 Area rose to 4.4% and 4.5% respectively. The Gaikan Expressway Area fell slightly to 2.1% and the Ken-O-do Area fell significantly to 6.1%. Due to the improvement in the supply/demand balance, effective rents rose by 0.5% q-o-q in the Route 16 Area, and 0.3% q-o-q in the Ken-O-do Area.

In the Greater Osaka Area, the rate of take-up slowed somewhat compared to 2014, when three large multi-tenant logistics properties were completed and operated at high occupancy rates. This can be taken as an indication that leasing activity is returning to a more normal pace. Two properties completed in Q1 2015 came online with vacant space remaining, causing the vacancy rate to rise from 0.4% last quarter to 6.0%. However, investors and developers continue to show interest in developing new projects in the Greater Osaka Area, with the period seeing the announcement of several major new large-scale developments.

The Greater Nagoya Area continues to suffer from a shortage of logistics space but the development pipeline is substantial with four projects currently underway. All of these will provide convenient access to the city center and should attract considerable interest from tenants.

“The Greater Tokyo and Greater Osaka areas both have a limited number of existing properties that can accommodate the continuing high levels of demand,” said Maro Kobayashi, senior director of CBRE’s Industrial Services group.  “But given the tight labor market, tenants are also becoming a bit more cautious when considering factors such as the ease of securing part-time workers.”

For further details of market trends and forecasts as well as detailed market data by area, please refer to the Q1 2015 Japan Logistics MarketView, scheduled for release on April 30. The MarketView will be published on the CBRE Japan website at http://www.cbre.co.jp/EN/research/Pages/MarketViews.aspx.




Download PDF​

Press Release​
Full Report

​

About CBRE Gro​up, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.​

Official Twitter account for Japan: @cbrejapan

Disclaimer

Neither CBRE nor its affiliated companies make any warranties or claims on the implied accuracy of the information contained herein.

Media Contacts

Marketing & Communications
+81 3 5288 9283
  • About Us
  • Corporate Information
  • People & Offices
  • Media Centre
  • Corporate Responsibility
  • Investor Relations
  • Careers
  • Contact Us
  • Terms of Use
  • Japan Privacy Policy
  • Global Web Privacy and Cookie Notice
  • Transactions Involving Financial Instruments
  • Basic Company Policy on Dealing with Anti-Social Elements
  • Global Supplier Code of Conduct
  • LinkedIn
  • Twitter
  • Facebook
  • YouTube
  • Instagram