A Cushman & Wakefield Research Publication www.cushmanwakefield.com DATA INTO ACTION MARKETBEATS HIGHLIGHTS 2500 3500 4500 5500 6500 7500 8500 Short-term drop in exports due to disasters In the third quarter of 2018, airport closure caused by natural disasters led to a dip in exports. In addition, Japan’s GDP recorded a negative growth because of the slowdown in consumer spending, along with a fall in inbound tourist spending. However, we anticipate exports to rebound as the decline due to the disasters are likely to be temporary. Moreover, in the logistics sector, operation cost continues to rise due to manpower needs and the increase in energy price. Demand expansion owing to the completion of Gaikan Road Chiba Section continues While retailers attempt to capture last-minute demand before the consumption tax rise, seasonal demand such as reinforcement of delivery hub for year-end shipment stayed firm in 4Q 2018. However, with supply-demand dynamics in equilibrium, rents remained unchanged. Demand in the Chiba remains sustained after the completion of Gaikan Road (Expressway). Signs of demand spillover from the Nagareyama area to Matsudo area are observed as well. Logistics sector moves to a new stage Manpower shortage has prompted the logistics industry to develop new technologies and these initiatives have started to come to fruition. Japan Post carried out drone deliveries beyond visual range of up to 9 km in Fukushima while Hitachi Transport System, DMM.com, Sagawa Express started 3D printing services in their collaborative logistics facilities. In addition, the Ministry of Land, Infrastructure, Transport and Tourism of Japan (MLIT) are working to bring in double-trailer trucks to usher the sector to a new phase. JAPAN LOGISTICS DECEMBER 2018 0.0% 4.4% METROPOLITAN BAYSIDE PRIME RENT GROWTH(YoY) KANAGAWA INLAND PRIME RENT GROWTH(YoY) ECONOMIC GROWTH (ANNUALIZED) -2.5% Q2 18 12 Months Forecast Q3 18 MACROECONOMY (JAPAN) Core CPI Growth Unemployment Rate Real GDP Growth ASKING RENT: LOGISTICS MARKETS IN JAPAN Source: Cabinet Office, Statistics Bureau. GDP growth is annualized based on the real seasonally-adjusted quarterly figure & Core CPI is YoY figure, seasonally-adjusted. JPY/tb/mo (Source: Cushman & Wakefield) Note: Large Multi-tenant Logistics Facilities (above 15,000 tsubo), except Fukuoka (above 5,000 tsubo) 0.8% 2.4% 2.8% 1.0% 2.3% -2.5%
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A Cushman & Wakefield
Research Publication
www.cushmanwakefield.com
DATA
INTO
ACTION
MARKETBEATS
HIGHLIGHTS
2500
3500
4500
5500
6500
7500
8500
Short-term drop in exports due to disastersIn the third quarter of 2018, airport closure caused by natural disasters led to a dip in
exports. In addition, Japan’s GDP recorded a negative growth because of the
slowdown in consumer spending, along with a fall in inbound tourist spending. However,
we anticipate exports to rebound as the decline due to the disasters are likely to be
temporary. Moreover, in the logistics sector, operation cost continues to rise due to
manpower needs and the increase in energy price.
Demand expansion owing to the completion
of Gaikan Road Chiba Section continuesWhile retailers attempt to capture last-minute demand before the consumption tax rise,
seasonal demand such as reinforcement of delivery hub for year-end shipment stayed
firm in 4Q 2018. However, with supply-demand dynamics in equilibrium, rents remained
unchanged. Demand in the Chiba remains sustained after the completion of Gaikan
Road (Expressway). Signs of demand spillover from the Nagareyama area to Matsudo
area are observed as well.
Logistics sector moves to a new stageManpower shortage has prompted the logistics industry to develop new technologies
and these initiatives have started to come to fruition. Japan Post carried out drone
deliveries beyond visual range of up to 9 km in Fukushima while Hitachi Transport
System, DMM.com, Sagawa Express started 3D printing services in their collaborative
logistics facilities. In addition, the Ministry of Land, Infrastructure, Transport and
Tourism of Japan (MLIT) are working to bring in double-trailer trucks to usher the sector
to a new phase.
JAPAN LOGISTICS DECEMBER 2018
0.0% 4.4%M E T R O P O L I T A N B A Y S I D E
P R I M E R E N T
G R O W T H ( Y o Y )
K A N A G A W A I N L A N D
P R I M E R E N T
G R O W T H ( Y o Y )
E C O N O M I C G R O W T H( A N N U A L I Z E D )
-2.5%
Q2 1812 Months
ForecastQ3 18
M A C R O E C O N O M Y ( J A P A N )
Core CPI Growth
Unemployment Rate
Real GDP Growth
A S K I N G R E N T : L O G I S T I C S M A R K E T S
I N J A P A N
Source: Cabinet Office, Statistics Bureau. GDP growth is annualized based on the real seasonally-adjusted
quarterly figure & Core CPI is YoY figure, seasonally-adjusted.
JP
Y/tb/m
o(Source: Cushman & Wakefield)
Note: Large Multi-tenant Logistics Facilities (above 15,000 tsubo), except Fukuoka (above 5,000 tsubo)
0.8%
2.4%
2.8%
1.0%
2.3%
-2.5%
A Cushman & Wakefield
Research Publication
www.cushmanwakefield.com
DATA
INTO
ACTION
Copyright © 2018 Cushman & Wakefield. All rights reserved. The information contained within this report is gathered from multiple sources considered to be reliable. The information may contain errors or omissions and is presented without any warranty or representations as to its accuracy.
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services. To learn more, visit www.cushmanwakefield.com or
follow @CushWake on Twitter.
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Kenoh Road Ibaraki Kenoh Road Saitama Kanagawa Inland Route 16 Gaikan Road Metropolitan Bayside
Tenant Name Expected Date Area Property Name
Hitachi Transport
SystemDec 2018 Kashiwa Kashiwa Platform Center
Yamato Transport Nov 2018 Chiba Nagareyama Base
JA ZEN-NOH Dec 2018 OkayamaJA Zen-noh Koiki Chushikoku
Logistics Center
Facility Name Date Area Size (㎡) Size (sq ft)
MFLP Prologis Park
KawagoeOct 2018 Kawagoe 131,272 1,413,000
GLP Goka Nov 2018 Ibaraki 140,000 1,506,947
Area JPY/TS/MO USD/SF/YR Annual Change Forecast
Metropolitan Bayside 8,000 24.47 0.0%
Gaikan Road 6,000 18.35 0.0%
Route 16 4,400 13.46 0.0%
JAPAN LOGISTICSMARKETBEATS DECEMBER 2018
GLP Goka
MFLP Prologis Park Kawagoe
Ken MaedaLogistics & Industrial Services
Tel: +81 (0)3 3596 7168
Hideaki Suzuki, PhD FRICS
Head of Research & Consulting
Tel: +81 (0)3 3596 7804
N E W O P E N I N G S
M A J O R N E W L O G I S T I C S F A C I L I T I E S
P R I M E R E N T
USD/JPY = 110.275
(Source：LNEWS)
(Source：Cushman & Wakefield)
(Source：LNEWS)
(Source: Cushman & Wakefield)
M E T R O P O L I T A N L O G I S T I C S M A P
Kenoh Road Ibaraki
Kenoh Road Saitama
Kanagawa Inland
Route 16
Gaikan Road
Metropolitan
Bayside
Bayside Prime
A S K I N G R E N T B Y S U B M A R K E T
（Inc. Bayside Prime）
Note: Large Multi-tenant Logistics Facilities (above 15,000 tsubo) (Source: Cushman & Wakefield)
JP
Y/t
b/m
o
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