Japan Logistics MarketView Q2 2026

Greater Tokyo vacancy rate falls to 7.8%; rents up 1.5% q-o-q
with Tokyo Bay area up 5.3% and Gaikando area up 2.6%

• The vacancy rate for Large Multi-tenant Logistics Facilities (LMT) in Greater Tokyo stood at 7.8%, down 1.4 pp q-o-q. Among the five newly completed properties, the occupancy rate at completion exceeded 50%, while multiple large-scale leases were signed at existing properties. As a result, net absorption significantly surpassed the five-year average. Effective rents reached JPY 4,600, rising 1.5% q-o-q. Rents increased across all four submarkets, with particularly notable gains recorded in the two inner areas.

• The vacancy rate in Greater Osaka stood at 2.4%, up 0.2 pp q-o-q. Of the three newly completed properties, one was fully pre-leased. Vacancy absorption progressed steadily at existing properties, with one property that had carried vacancies for some time reaching full occupancy. Effective rents increased to JPY 4,390, up 0.9% q-o-q. Top-spec facilities in the high-rent Central area continued to lead rental growth.

• The vacancy rate in Greater Nagoya stood at 15.9%, down 0.9 pp q-o-q. While the two new properties were delivered with significant vacancies, absorption was seen across several existing properties, with four properties reaching full occupancy. Effective rents remained flat q-o-q at JPY 3,740.

• The vacancy rate in Greater Fukuoka stood at 11.4%, up 3.1 pp q-o-q. Of the three newly completed properties, one was fully occupied upon completion, but some existing properties are experiencing prolonged vacancies. Effective rents remained flat q-o-q at JPY 3,570.