Tokyo Vacancy Still at Record Low; Osaka Rents Breach ​JPY 4,000 For The First Time


The vacancy rate for Large Multi-Tenant (LMT) properties in the Greater Tokyo Area remained at a record low 0.5%, unchanged from the previous quarter. All six new properties completed during the period came on stream at full occupancy. Three of these buildings were each filled by a single logistics tenant, reflecting strong demand from major occupiers. Effective rents rose by 0.9% q-o-q to JPY 4,460 per tsubo. 


The vacancy rate in the Greater Osaka Area LMT was 3.7% in Q4 2020, down 0.3 points. Effective rents rose by 1.3% q-o-q to JPY 4,020 per tsubo, marking the first time since the survey began in Q1 2006 that rents have breached the JPY 4,000 threshold.


The vacancy rate in the Greater Nagoya Area LMT rose by 3.6 points q-o-q to 10.3%. The major factor behind this increase is that the one new facility completed in Q4 2020 entered the market with vacant units still available. Effective rents were flat q-o-q at JPY 3,590 per tsubo.