Japan Logistics MarketView Q3 2026

Greater Tokyo vacancy rate at 7.7%, down for the sixth consecutive quarter

Effective rents up 1.3% q-o-q, rising for four consecutive quarters

• The vacancy rate for large multi-tenant (LMT) logistics facilities in Greater Tokyo stood at 7.7%, declining 0.1 pp q-o-q. The occupancy rate upon completion for the seven newly completed properties exceeded 50%, and net absorption reached the third-highest level on record. Notably, Kanagawa Prefecture recorded its highest-ever quarterly net absorption. Effective rents rose 1.3% q-o-q to JPY 4,660, with rent increases observed across a broad range of areas.

• The LMT vacancy rate in Greater Osaka stood at 2.7%, rising 0.3 pp q-o-q. The two newly completed properties this quarter achieved an occupancy rate of 50% upon completion, while vacancies were absorbed across multiple existing properties. Effective rents rose 1.1% q-o-q to JPY 4,440. In addition to continued rent growth in the Central area, upward pressure on rents was also observed in suburban locations.

• The LMT vacancy rate in Greater Nagoya stood at 14.9%, declining 1.0 pp q-o-q. There was no new supply this quarter, while vacancy absorption progressed across existing properties, with one property completed in the previous quarter reaching full occupancy. Effective rents remained flat q-o-q at JPY 3,740.

• The LMT vacancy rate in Greater Fukuoka stood at 11.9%, rising 0.5 pp q-o-q. Of the two newly completed properties this quarter, one was delivered fully occupied. With substantial new supply expected going forward, the vacancy rate is projected to trend upward in the near term. Effective rents remained flat q-o-q at JPY 3,570.