On August 19, CBRE released its "Logistics Market View Q2 2025" report, which summarizes trends in the rental warehouse and logistics facility market based on data such as rents and vacancy rates in 54 zones across 16 cities nationwide.
<Trends in LMT rent>
According to the report, the vacancy rate for large multi-tenant logistics facilities (LMTs) in the Tokyo metropolitan area in the current quarter (Q2) fell by 0.2 percentage points compared to the previous quarter to 10.9%. Two of the four newly supplied facilities were fully occupied, and there was significant demand for existing properties, mainly from e-commerce. Overall, effective rents fell by 0.2% compared to the previous quarter to 4480 yen/tsubo, but increased in three inner areas, including the Tokyo Bay Area.
The vacancy rate for LMT in the Kinki region rose 1.8 percentage points from the previous quarter to 5.6%. This quarter saw the largest supply of new properties on record, but demand remained high, with particularly strong demand for suburban locations. The average rent was 4230 yen/tsubo, unchanged from the previous quarter, but rents are on an upward trend in central areas where demand is strong.
The vacancy rate for LMT in the Chubu region rose 3.3 percentage points from the previous quarter to 15.9%. Despite a large supply of new properties, several newly constructed buildings in prime locations stimulated tenant demand. The effective rent was 3720 yen/tsubo, a 1.4% increase from the previous quarter. This is the highest increase since Q1 2017 (+2.3%).
The vacancy rate for LMT in the Fukuoka area fell by 1.2 percentage points compared to the previous quarter to 3.0%. Tenants were secured in several existing properties, leaving only four buildings with vacancies. The effective rent was 3580 yen/tsubo, a 0.3% increase compared to the previous quarter.
