Greater Tokyo – Vacancy Rate Declines in All Areas; Overall Vacancy Rate Falls Below 5%

  • The Greater Tokyo area LMT vacancy rate fell to 4.9% in Q4 2017, marking the first time in nine quarters that the vacancy rate has fallen below 5%.
  • The vacancy rate fell to 6.2% in the Tokyo Bay Area, 1.4% in the Gaikando Area, 1.4% in the Route 16 Area and 17.8% in the Ken-O-do Area.
  • The Greater Osaka area LMT vacancy rate rose to 19.6%, as one of Japan’s largest logistics properties commenced operations with some space still unlet.
  • The Greater Nagoya area LMT vacancy rate fell sharply from 14.2% to 5.4% as newly constructed facilities secured tenants at a faster-than-expected pace.