Tokyo logistics market sees record rents and falling vacancy rates

CBRE reports that vacancy rates for large multi-tenant logistics facilities in the Tokyo metropolitan area fell to 7.7 percent in the third quarter of 2026, marking the sixth consecutive quarter of improvement. Real rents reached a record high of 4,660 yen per tsubo, a 1.3 percent increase from the previous period, driven by high demand from the e-commerce sector.

Regional data shows the Tokyo Bay area maintained a low vacancy rate of 2.4 percent. In the Kinki region, supply and demand remain tight with vacancy rates at 2.7 percent and rising rents. Other areas, including Chubu, Fukuoka, and several regional core cities like Sendai and Hiroshima, also reported improvements in supply and demand dynamics.