Fukuoka
• Nonewsupplyandstrongdemandpushvacancyrateslower
• Highoccupancyinexistingpropertiesandhigh-costnewdevelopmentsdriverentsupward
• Newsupplyexpectedin2026–2027couldincreasevacancyrisks
Steady demand continued, withnetabsorptionreaching26,000sqm in2Q25.
In2Q25,therewasnonew supply,andtotalstockstood at1,608,000 sqm,representing a12.0%increase y-o-y. Thevacancyratein GreaterFukuokafellto3.1%,down 160bpsq-o-q and31bpsy-o-y, as well-located inland areasabsorbedremaining vacancies.
GrossrentinGreaterFukuokawasJPY3,551pertsubopermonth, up 0.2%q-o-q and3.2%y-o-y. Rents fornewly constructed facilities remainelevated, andrenewalsatexistingproperties haveseenrental increase, withsomecasesupbyaround10%.
Reflecting stableinvestment yieldsandrisingrents,capitalvaluesfor logisticsfacilitiesinGreaterFukuokacontinue torise. Investor interestremains strong, butinvestment opportunities are extremely limited.
Outlook:
Inthesecond halfof2025,e-commerce andfood logisticsdemand areexpected toremainstrong, keeping themarkettight. Giventhelimited availabilityofvacantspace,pre-leasing ofnew projects islikelytocontinue, maintaining thelowvacancy ratesinthe near-term. However, new supplyin2026–2027,particularlyinthe Tosuarea,isexpected toexceed 2024levels,whichmayleadto highervacancy rates.
Rentsarelikelytocontinue increasing, supported bystrongdemand andrisingconstruction costs.Newdevelopments areexpected to retainaggressiverentlevels,reflecting highcosts,whileexisting facilitiesarealsoexpected toseerentincreases.
Capitalvaluesareforecasttocontinue risinginlinewithrent growth.
Fundamentals
Note:FukuokalogisticsreferstotheGreaterFukuokaprimelogisticsmarket.Datais onanNLAbasis.
Historicalsupplyanddemandtrends
FukuokaLogistics
MarketDynamics Q22025
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Research-Japan manabu.taniguchi@jll.com
YokoYamada Manager
Research-Japan yoko.yamada@jll.com
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