Osaka
• Vacancyrateincreasesduetomultiplenew projects
• Areaexpansion duetoproperty supplyinnewlocations
• Existingproperties havefewvacanciesandrentscontinue torise
In2Q25,strongdemand andsubstantialnew supplyresultedinanet absorptionof236,000sqm.Demand camefromvarioussectors, includinge-commerce companies, 3PLproviders andretailers.In GreaterOsaka,thedifference indemand basedonlocation wasnot considered assignificantasinGreaterTokyo.
Therewasanewsupplyof366,000sqmacrossfourbuildings, bringing thetotalareainstockto7,724,000sqm, a5.0%increaseq-oq.Whilevacanciesinexistingproperties wereabsorbed, newsupply increased theoverallvacantspace. Theoverallvacancy ratein GreaterOsakaroseto4.9%,up152bpsq-o-q and259bpsy-o-y.
GrossrentinGreaterOsakawasJPY4,206,up0.5%q-o-q and2.1%yo-y. Despitenewsupplyinexpanded areascoming inatbelowaveragerents, theoverallaverage increased duetorentgrowthin existingproperties.
Withstableinvestment yieldsandrisingrents,logisticsfacilityprices (perunitarea)inGreaterOsakacontinue totrend upward.
Outlook:
Intheleasingmarket,multiplenew supplyadditions areexpected in thesecond halfof2025,butmanypre-leasing agreements have alreadybeenconcluded, suggestinghighoccupancy ratesupon completion. Thevacancyrateisexpected todecline towardstheend of2025.
Risingconstruction costscontinue todrive rentincreasesfornewly builtproperties. Existingproperties arealsoexpected toseerent increases,pulledupbynew supplyproperties. Whilethereare concerns abouttenants'abilitytobearhigherrents,continued rent growthisexpected acrossGreaterOsakaduetogrowing ecommerce-related demand andthelackofvacancies inexisting properties.
Fundamentals
Note:OsakalogisticsreferstotheGreaterOsakaprimelogisticsmarket.Dataisonan NLAbasis.
Historicalsupplyanddemandtrends
(thousands)
Research
OsakaLogistics
MarketDynamics Q22025
JonesLangLaSalleK.K.
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Formoreinformation,pleasecontact
ManabuTaniguchi
Senior Director
Research-Japan
manabu.taniguchi@jll.com
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