Tight Supply and Demand and Low Vacancy Rates in the Greater Tokyo Logistics Facilities Leasing Market
First written in FY2020-Q1. 10 of 23 entries say "Worsened", first in FY2022-Q2. Latest entry: 2026-10-05.
Tosei moved to the "Worse" side of this theme in 2022.
0 other companies' latest entry also says "Mitigated".
- 2026-10-05MitigatedEarnings
「As of July 2026, the vacancy rate was 7.1%, down 2.5 percentage points year on year, indicating an improvement.」
The vacancy rate for logistics facilities declined, and the impact of easing supply and demand partly diminished. - FY2026-H1Vacancy Rates Improving, Rents Continuing to DeclineAnnual report
「In the Greater Tokyo logistics facilities leasing market, the vacancy rate improved to 7.7% as of April 2026, down 1.9 percentage points year on year, as vacant space in existing properties was absorbed against a backdrop of stalled new supply and firm new demand. Although the supply-demand balance is improving, downward pressure on rents remains, and asking rents were ¥4,400 per tsubo, down 5.8% year on year.」
The vacancy rate for logistics facilities fell to 7.7%, indicating an improvement, while asking rents fell 5.8% year on year. Supply and demand are improving, particularly in central Tokyo, but downward pressure on rents remains. - FY2025High vacancy rates at logistics facilities continue, with partial improvementAnnual report
「In the Greater Tokyo logistics facilities leasing market, as of October 2025, rental stock stood at 11.35 million tsubo, up 6.4% year on year, asking rents were ¥4,540 per tsubo, down 5.0%, and the vacancy rate was 8.5%, down 0.2 percentage points. Although supply and demand in central Tokyo have improved, many properties in suburban areas have experienced longer vacancy periods. Across Greater Tokyo, vacancy rates remain elevated and rents are declining.」
The vacancy rate edged down year on year but remained elevated at 8.5%, while asking rents fell 5.0%. Improving conditions in central Tokyo coexisted with easing supply and demand in suburban areas. - FY2025-H1WorsenedAnnual report
「In the Greater Tokyo logistics facilities leasing market, as of April 2025, rental stock stood at 11.14 million tsubo, up 8.1% year on year, the vacancy rate was 9.5%, up 1.4 percentage points, and asking rents were ¥4,670, down 3.9%. Supply and demand continued to ease, particularly in suburban areas, but new supply is expected to pause in the second half of 2025, and the indicators are expected to improve.」
As logistics facilities rental stock expanded, the vacancy rate rose to 9.5%, while asking rents fell 3.9% year on year. Supply and demand continued to ease, particularly in suburban areas, but expectations were expressed for improvement as supply levels off in the second half of 2025. - FY2024-Q2WorsenedAnnual report
「In the Greater Tokyo logistics facilities leasing market, as of April 2024, rental stock stood at 10.15 million tsubo, up 13.5% year on year, the vacancy rate was 7.4%, up 1.9 percentage points, and asking rents were ¥4,860, up 5.7%.」
The vacancy rate rose to 7.4% as supply expanded and supply and demand continued to ease, while asking rents rose 5.7% year on year against a backdrop of higher construction costs. - FY2024-Q1WorsenedAnnual report
「In the Greater Tokyo logistics facilities leasing market, as of January 2024, rental stock stood at 9.68 million tsubo, up 12.8% year on year, and the vacancy rate was 7.1%, up 2.7 percentage points, with the upward trend in the vacancy rate continuing due to increased new supply.」
As the supply of logistics facilities expanded, the vacancy rate rose to 7.1% and supply and demand continued to ease. Asking rents rose 2.4% year on year, driven by higher construction costs and other factors. - FY2023WorsenedAnnual report
「In the Greater Tokyo logistics facilities leasing market, as of October 2023, rental stock stood at 9.50 million tsubo, up 15.8% year on year, and the vacancy rate was 6.4%, up 2.4 percentage points, as supply continued to exceed demand. The upward trend in the vacancy rate continued.」
The vacancy rate rose to 6.4% due to excess supply of logistics facilities, while asking rents also fell 2.1% year on year. - FY2023-Q3WorsenedAnnual report
「In the Greater Tokyo logistics facilities leasing market, as of July 2023, rental stock stood at 9.30 million tsubo, up 17.0% year on year, and the vacancy rate rose to 6.0%, up 2.8 percentage points, as new supply reached a record high. Asking rents as of July 2023 were ¥4,520 per tsubo, down 3.4% year on year. Although rising vacancies are exerting downward pressure, rents have tended to remain elevated due to higher construction costs and other factors.」
The vacancy rate rose to 6.0% as supply expanded, while asking rents fell 3.4% year on year. Supply and demand continued to ease as new supply increased, while rents were considered likely to remain elevated due to construction costs. - FY2023-Q2WorsenedAnnual report
「In the Greater Tokyo logistics facilities leasing market, as of April 2023, rental stock stood at 8.90 million tsubo, up 15.7% year on year, the vacancy rate was 5.4%, up 2.5 percentage points, and asking rents were ¥4,600 per tsubo, down 1.1%. The vacancy rate has been rising recently due to increased new supply, but demand for logistics facilities itself has remained firm, and demand is expected to increase over the medium to long term as the e-commerce market expands.」
As the supply of logistics facilities expanded, the vacancy rate rose to 5.4%, while asking rents fell 1.1% year on year. Demand was considered firm, but supply and demand continued to ease in the short term. - FY2023-Q1WorsenedAnnual report
「In the Greater Tokyo logistics facilities leasing market, as of January 2023, rental stock stood at 8.59 million tsubo, up 15.8% year on year, the vacancy rate was 4.4%, up 2.1 percentage points, and asking rents were ¥4,510 per tsubo, down 4.0%. With supply continuing to expand rapidly, approximately 1.20 million tsubo of supply, among the largest volumes ever, is expected in 2023. Supply and demand are a concern in the short term, but conditions are expected to remain firm over the medium to long term.」
The vacancy rate for logistics facilities rose to 4.4%, while asking rents fell 4.0% year on year. Approximately 1.20 million tsubo of substantial new supply is expected in 2023, intensifying concerns about a short-term deterioration in supply and demand. - FY2022WorsenedAnnual report
「In the Greater Tokyo logistics facilities leasing market, the rental stock reached 8.21 million tsubo in October 2022, up 13.5% year on year. The vacancy rate rose to 4.0%, up 2.3 percentage points year on year, while rents continued to rise moderately. The vacancy rate is expected to rise further in the short term due to increased new supply.」
As the supply of logistics facilities expanded, the vacancy rate rose to 4.0%, and a further short-term increase in the vacancy rate is expected. Over the medium to long term, firm conditions are expected, supported by e-commerce demand. - FY2022-Q3WorsenedAnnual report
「In the Greater Tokyo logistics facilities leasing market, the rental stock reached 7.91 million tsubo in July 2022, up 15.2% year on year. The vacancy rate rose to 3.1%, up 1.8 percentage points year on year, while rents continued to rise moderately. Although demand remained firm, some properties were taking longer to lease due to increased supply from new developments (according to a private research firm).」
As rental stock expanded, the vacancy rate rose to 3.1%, and increased new supply resulted in some properties taking longer to lease. Demand was considered firm, but signs of easing supply and demand intensified. - FY2022-Q2WorsenedAnnual report
「In the Greater Tokyo logistics facilities leasing market, the rental stock reached 7.65 million tsubo in April 2022, up 16.0% year on year. The vacancy rate rose to 3.0% from 2.5% in January 2022, while rents continued to rise moderately. As oversupply relative to leasing demand has resulted in some cases taking longer to lease, the supply-demand balance will need to be monitored continuously, given the expected further new supply.」
As rental stock expanded, the vacancy rate rose to 3.0%, and oversupply resulted in some properties taking longer to lease. - FY2022-Q1Vacancy rates rising, supply and demand coming into balanceAnnual report
「In the Greater Tokyo logistics facilities leasing market, the rental stock reached 7.40 million tsubo in January 2022, up 14.9% year on year. The vacancy rate rose to 2.5% from 1.7% in October 2021, while rents continued to rise moderately. Leasing supply and demand remained balanced, but new supply is expected going forward, requiring close monitoring of the supply-demand balance.」
Rental stock expanded to 7.40 million tsubo, while the vacancy rate rose to 2.5% and supply and demand changed from tight conditions to balance. The supply-demand balance will be closely monitored in light of new supply. - FY2021-Q3Vacancy rates rising, tight supply and demand continuingAnnual report
「In the Greater Tokyo logistics facilities leasing market, the rental stock reached 6.86 million tsubo in July 2021, up 11.7% year on year. The vacancy rate rose to 1.3% from 0.5% in April 2021, moving into the 1% range, but supply and demand remained tight. Although the special demand associated with the COVID-19 pandemic has temporarily subsided, leasing demand is expected to remain firm for the time being (according to a private research firm).」
Rental stock expanded to 6.86 million tsubo and the vacancy rate rose from 0.5% to 1.3%, but tight supply and demand and firm leasing demand continued. - FY2021-Q2Low vacancy rates maintained, slight increaseAnnual report
「In the Greater Tokyo logistics facilities leasing market, the rental stock reached 6.60 million tsubo in April 2021, up 9.5% year on year. The vacancy rate rose slightly to 0.5% from 0.2% in January 2021, but supply and demand remained tight. Leasing is expected to proceed generally smoothly for the time being, and the vacancy rate is expected to remain low.」
Rental stock expanded to 6.60 million tsubo and the vacancy rate rose slightly to 0.5%, but the outlook for tight supply and demand and low vacancy rates was maintained. - FY2021-Q1AdvancedAnnual report
「In the Greater Tokyo logistics facilities leasing market, the rental stock reached 6.45 million tsubo in January 2021, up 11.6% year on year. The vacancy rate remained at 0.2%, the lowest level since the survey began in 2008, and new demand continued to exceed supply.」
Logistics facilities rental stock expanded to 6.45 million tsubo, while the vacancy rate remained at its record low of 0.2%. New demand continued to exceed supply. - FY2020AdvancedAnnual report
「In the Greater Tokyo logistics facilities leasing market, the rental stock reached 6.32 million tsubo in October 2020, up 10.8% year on year. The vacancy rate remained at 0.4%, the lowest level since the survey began in 2008, and supply and demand remained tight.」
Logistics facilities rental stock expanded to 6.32 million tsubo, while the vacancy rate remained at its lowest level of 0.4%. - FY2020-Q3AdvancedAnnual report
「In the Greater Tokyo logistics facilities leasing market, the rental stock reached 6.14 million tsubo in July 2020, up 13.5% year on year. Supply and demand remain tight, and the vacancy rate fell to 0.4%, the lowest level since the survey began in 2008. With e-commerce use continuing to expand and companies seeking to build up inventories, the vacancy rate is expected to remain low (according to a private research firm).」
Rental stock reached 6.14 million tsubo, up 13.5% year on year, while the vacancy rate fell to 0.4%, its lowest level since the survey began. Low vacancy rates are expected to continue, supported by expanding e-commerce use and other factors. - FY2020-Q2AdvancedAnnual report
「In the Greater Tokyo logistics facilities leasing market, the rental stock reached 6.02 million tsubo in April 2020, up 15.2% year on year, due to substantial supply brought forward in anticipation of expanding demand. Supply and demand remain tight, and the vacancy rate fell to 0.9%, the lowest level since the survey began in 2008.」
Rental stock reached 6.02 million tsubo, up 15.2% year on year, while the vacancy rate fell to 0.9%, its lowest level since the survey began. - FY2020-Q1First statedAnnual report
「In the Greater Tokyo logistics facilities leasing market, the rental stock reached 5.78 million tsubo in January 2020, up 14.9% year on year, due to substantial supply brought forward in anticipation of expanding demand. Supply and demand remain tight, and the vacancy rate has remained low at 1.9% (according to a private research firm).」
The Greater Tokyo logistics facilities leasing market was first recorded as an independent theme, citing a market size of 5.78 million tsubo of rental stock, up 14.9% year on year, and a tight supply-demand situation with a 1.9% vacancy rate.