Research Osaka Logistics Market Dynamics Q2 2026
Osaka Fundamentals(for this quarter) •
Robust demand continues to outpace supply
•
Vacancy rate expected to remain around 2% amid limited new supply
•
Landlords of existing properties are actively raising rents
Net absorption Completions Vacancy rate Gross rent Rent growth Y-o-Y Stage in rental cycle
55,300 tsubo. 47,800 tsubo. 1.8% JPY 4,338 per tsubo p.m. +3.2% Rents Rising
Note: Osaka logistics refers to the Greater Osaka prime logistics market. Data is on an NLA basis.
Demand from e-commerce and 3PL companies remains robust, with net absorption in Q2 2026 reaching 55,300 tsubo. Demand was broad-based, extending from well-located assets to properties in peripheral areas.
Historical supply and demand trends
tsubo (thousands)
New supply totalled 47,800 tsubo across two developments, one in southern Osaka and the other in Nara. While newly completed space added to vacant stock, leasing activity in existing properties reduced the Greater Osaka vacancy rate by 0.3pp q-o-q to 1.8%.
500
5%
Rents for Greater Osaka reached JPY 4,338 per tsubo per month, up 0.8% q-o-q and 3.2% y-o-y. With vacancy remaining limited and market conditions favoring landlords, some landlords are marketing vacated space at asking rents 10-20% above previous lease levels.
400
4%
While cap rates expanded slightly in line with higher interest rates, rental growth supported a modest increase in capital values. Against the backdrop of rising rates, investors are increasingly favoring properties with strong rental growth prospects.
300
3%
200
2%
100
1%
Outlook: In the leasing market, the vacancy rate is expected to remain at a low level of 1-2%, as new supply in 2026-2027 is projected to fall significantly below 2025 levels and demand continues to hold firm. Future new supply is concentrated in the Kyoto area, with few development plans in other areas. Accordingly, supplydemand conditions are expected to remain exceptionally tight outside the Kyoto area. Additionally, as construction costs continue to rise, rental levels for new properties are expected to keep increasing. Consequently, upward pressure on rents is expected to spread to surrounding existing properties, and rental growth across the overall market is projected to continue.
Osaka logistics definition
Area
Osaka, Hyogo, Kyoto, Shiga and Nara
Gross Floor Area
0
0% 2021
2022
2023
2024
2025
Net absorption
New supply
50,000 sqm (15,125 tsubo) or more
Built Year
YTD 2026
Vacancy rate 2000 or newer
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Research Osaka Logistics Market Dynamics Q2 2026 Jones Lang LaSalle K.K. Tokyo Headquarters Kioi Tower, Tokyo Garden Terrace Kioicho 1-3 Kioi-cho Chiyoda-ku, Tokyo 102-0094 +81 3 4361 1800
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For more information, please contact Manabu Taniguchi Senior Director Research - Japan manabu.taniguchi@jll.com
Hiroshi Okubo Head of Research Research - Japan hiroshi.okubo@jll.com
COPYRIGHT © JONES LANG LASALLE IP, INC. 2026 This report has been prepared solely for information purposes and does not necessarily purport to be a complete analysis of the topics discussed, which are inherently unpredictable. 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 particular situations may differ from the views expressed in this report. No investment or other business decisions should be made based solely on the views expressed in this report.
© Jones Lang Lasalle IP, Inc. 2026