Fukuoka
• Demand remains sound, driven primarilybye-commerce operators, 3PLproviders, andlocal logisticscompanies
• Vacancyraterisesduetolarge-scalecompletion, butincreaseremains limitedasexistingproperties continue tobeabsorbed
• Tenant turnover drivesrentrevisions, underpinning rentalgrowth
In Q1 2026, net absorption(*) in the Greater Fukuoka logistics market reached 15,000 tsubo, falling short of new supply of 18,000 tsubo However, leasing activity forexistingpropertiesintheTosuareaprogressedsteadily,withdealsconfirmedbye-commerceoperators,3PLproviders,andlocallogisticscompanies
The vacancy rate increased to 7.1%, up 0.4pp q-o-q. While the completion of a large-scale logistics facility in the Tosu area with significant vacancy temporarily liftedvacancy levels,absorption of existing properties in the Ogori-Tosu area proceeded smoothly, and overall demand across the market remains sound In the FukuokaBayareaandaroundtheFukuokaIC,newsupplyremainslimited,andvacancyratescontinuetostaylow
GrossrentinGreaterFukuokastoodatJPY3,568pertsubopermonth,up0.6%q-o-qand0.7%y-o-y.During thequarter,someexistingpropertieswheretenants had decided to vacate began marketing at higher rents compared to previous levels. This trend is spilling over to nearby properties, prompting rent increases uponleaserenewals Thisdynamicisnotlimitedtonewerbuildingsandiscontributingtoupwardpressureonrentsacrossthemarketasawhole
Oneinvestmenttransactionwasrecorded intheTosuareaduringthequarter Whilerisinginterestrateshavepromptedsomeinvestorstoadoptamorecautious stance,investorappetiteforGreaterFukuokalogisticsfacilitiesremainssound.Estimatecapratesremainedunchangedq-o-q.
Outlook
For full-year 2026, new supply is expected to reach approximately 79,000 tsubo, with supply-side momentum continuing to outpace demand, particularly in the Tosu area As aresult,theoverallmarketvacancy ratemayface short-term upwardpressure However, multipleinquiries andsomepre-leasing agreementshave alreadybeen confirmed for properties scheduled for completion inthe coming quarters,indicating stable demand. Supported by the expansion of e-commerce, as well as warehousing and distributionneeds from manufacturing sectors particularly semiconductors and automotive most of the new supply is likely to be absorbed within approximately one year. Going forward, tenant selection based on location, building specifications, and unit-size flexibility is expected to intensifyfurther Whilepropertieswithinferiorlocationsorspecificationsmayseerevisionstoaskingtermsordownwardrentadjustments,themarketasawhole isexpectedtomaintainamoderateupwardtrendinrents
Fundamentals
Note:FukuokalogisticsreferstotheGreaterFukuokaprimelogisticsmarket.Datais onanNLAbasis.
Historicalsupplyanddemandtrends
(thousands)
Research
FukuokaLogistics MarketDynamics Q12026
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