Fukuoka
• Thequartersawno newsupply;themarketremainsgenerally stable
• Whilerentswereflatq-o-q, therearesomesignsofpotential bifurcation
• Increaseinnew supplyin2026meanssomeproperties mayseedownward pressureonrents
InQ42025,no newsupply was recorded inthe GreaterFukuokalogisticsmarket Meanwhile,demandremains stable, led bylocallogisticscompanies duringthe quarter
The vacancy rate declined to 6.7%, down 80 bps q-o-q, driven mainly by leasing progress in the Tosu area. Several properties which attracted inquiries from prospective tenants proceeded to contract closings, including one by a local logistics company Meanwhile, no major tenant movements were observed in the FukuokaBayareaoraroundtheFukuokaIC,whereavailablespaceremainslimited
Gross rent inGreater Fukuoka stood atJPY 3,550per tsubo permonth, remaining flatq-o-q, andmarkingamodest increase of0.4%y-o-y. While some mid-sized facilitiessawdownwardrentadjustments,rentsatlarge-scalefacilitieswereunchanged.
Estimate cap rates remained unchanged q-o-q One transaction was recorded in inland areas during the quarter While rising interest have prompted some investorstoadoptamorecautiousstance,investmentappetiteforGreaterFukuokalogisticsfacilitiesremainssound Outlook.
IntheGreaterFukuokalogisticsleasingmarket,newsupplyin2026isexpectedtoreach262,600sqm,representinga55%increasey-o-y Inparticular,theTosu area will see a newcompletion of approximately 65,000 sqm during the first quarter, with additional projects scheduled for completion thereafter As a result, thereisagrowingawarenessofanupsiderisktovacancyrates,especiallyinthisarea
Differences inthe time required to reach full occupancyare also expectedto widen,driven by factors such as location, building specifications, and the flexibility ofunitconfigurations
With more new supply, some properties may see revisions to asking terms or downward rent adjustments Meanwhile, high-spec facilities and highly versatile propertiesareexpectedtocontinueachievingrelativelyhighrentallevels
Going forward, tenant selection based on location, building specifications, and unit-size flexibility is likely to intensify, leading to an even clearer polarization in themarket
Fundamentals
Note:FukuokalogisticsreferstotheGreaterFukuokaprimelogisticsmarket.Datais onanNLAbasis.
Historicalsupplyanddemandtrends
FukuokaLogistics MarketDynamics Q42025
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