FukuokaLogistics MarketDynamics Q42024
Fukuoka
• Nonewsupply, vacancyrates decrease
• Rentsfornewproperties continuetorisedue toincreasing constructioncosts
• Existing properties maintainhighoccupancyratesandcontinuetoseerent increases
In4Q2024,thestrong demand forlogisticsfacilitiesinGreater Fukuokacontinued. Thenetabsorption was2,000sqm,andforthe fullyear2024,itreached 271,127sqm.
Therewasno newsupplyin4Q2024,andthetotalstockarea increased to1,526,000sqm,up27%y-o-y. ThevacancyrateinGreater Fukuokadecreased to5.4%,down 10bpsq-o-q and340bpsy-o-y.
Rent increased toJPY3,534pertsubopermonth, up1.4%q-o-q and 5.4%y-o-y. Existingproperty rentsarerising,following thehighrents ofnewly constructed properties. Insome cases,rentshaveincreased by10-20%duetotenant turnover.
Reflecting theriseinrents,capitalvaluesforlogisticsfacilitiesin GreaterFukuokacontinue anupwardtrend.
Outlook
Properties withvacanciesarefew,andmanyexistingproperties continue tomaintainhighoccupancy rates.Tenants arealsobeing securedforproperties under construction, andthesupply-demand situationisexpected toremaintightin2025.However, thereare concerns aboutincreasingvacancies from2026onward, asmultiple development projects arescheduled intheTosuarea.
Duetosoaringconstruction costs,rentsfornewly constructed properties areexpected tocontinue rising.Existingproperties are alsolikelytoseerentincreases,driven bythetrends innewly suppliedproperties.
Investor interestinFukuoka'slogisticsfacilitiesremains high,partly influenced bytheattention drawntoKumamoto duetothe semiconductor factorydevelopment. Withstrong investment demand andrisingrents,property pricesareexpected tocontinue increasing.
Fundamentals
2024netabsorption
2024completions
Note:FukuokalogisticsreferstotheGreaterFukuokaprimelogisticsmarket.Datais onanNLAbasis.
Historicalsupplyanddemandtrends
FukuokaLogistics MarketDynamics Q42024
JonesLangLaSalleK.K.
Tokyo Headquarters
KioiTower, Tokyo Garden Terrace Kioicho
1-3Kioi-cho Chiyoda-ku, Tokyo 102-0094
+81343611800
Kansai
Nippon Life
Yodoyabashi Building 3-5-29KitahamaChuo-ku, Osaka541-0041
+81676628400
Fukuoka
DaihakataBldg. 2-20-1Hakata-ekimae, Hakata-ku,Fukuoka-shi
Fukuoka812-0011
+81922336801
Nagoya
JPTowerNagoya 1-1-1Meieki, Nakamura-ku,Nagoya-shi
Aichi450-6321
+81528563357
Formoreinformation,pleasecontact
ManabuTaniguchi
Senior Director
Research-Japan manabu.taniguchi@jll.com
COPYRIGHT ©JONESLANGLASALLEIP,INC.2025
Thisreporthasbeenpreparedsolelyforinformationpurposesanddoesnotnecessarilypurporttobeacompleteanalysisofthetopicsdiscussed,whichareinherentlyunpredictable. It has been based on sources we believe to be reliable, but we have not independently verified those sources and we do not guarantee that the information in the report is accurate or complete. Any views expressed in the report reflect our judgment at this date and are subject to change without notice. Statements that are forward-looking involve known and unknown risks and uncertainties that may cause future realities to be materially different from those implied by such forward-looking statements Advice we give to clients in particularsituationsmaydifferfromtheviewsexpressed inthisreport. Noinvestment orotherbusinessdecisions shouldbemade basedsolelyontheviewsexpressed inthisreport.