News
Demand for logistics facility in the Tokyo metropolitan area remained massive among online retailers, third-party logistics (3PL) companies and others in the second quarter (April-June), absorbing massive new supplies, according to Jones Lang LaSalle, a global real estate service company. As such, net absorption reached 794,000 square meters, which led to a first-half (January-June) total of 1.42 million square meters. On a six-month basis, it exceeded the net absorption in the first half of 2020 and hit an all-time high.
In the Tokyo metropolitan area, eight facilities were newly supplied in April-June, which cover a total area of 683,000 square meters. The overall rentable area increased from the previous quarter and 21% from a year earlier. Demand for logistics facilities continued to be so robust in the Osaka metropolitan area, too, as to fill existing vacant properties. Net absorption amounted to 29,700 square meters. The vacancy rate was 3%, which went down by 0.5 percentage points from the previous three months but up 1.3% from the corresponding months of 2022. As demand was steady for logistics facilities in Fukuoka as well, available vacant properties were occupied, resulting in a net absorption of 10,900 square meters. The vacancy rate was 1.2%, down one point from a term earlier but up 1.2 points from a year earlier. Monthly rents per 3.3 square meters were ?3,306 (US$22.14), which remained unchanged from the previous quarter and increased 2.2% year on year.
