Head of Group Corporate Communications
Goodman Group (Goodman) today announced its agreement to acquire an 88,000 sqm development site in Joso City, Ibaraki Prefecture.
Due to commence construction in late 2021, the Joso City site forms part of Goodman’s global approach to meet the increasing demand for strategically located logistics space with easy access to large consumer markets.
Acquisition of the site will provide opportunities for retail, e-commerce and third-party logistics customers in this sought-after location. With vacancy rates throughout Greater Tokyo estimated to be at 1.5% as of June 2021 (per CBRE), strong customer interest has already been registered.
Upon completion, customers will benefit from excellent transport and logistics links with direct access to Greater Tokyo and immediately adjacent to Joso Interchange on the Ken-O Expressway, and near the Yawara Interchange on the Joban Expressway. Both expressways are major transport and logistics routes around Greater Tokyo.
The high-specification development will be Goodman’s most sustainable scheme yet in Japan, with a catalogue of sustainable features, including up to 3 megawatts of solar power for usage by customers and plans for battery storage. The building will also feature access to super-high-voltage power, allowing customers to fully automate their operations, in addition to health and well-being inclusions.
Angus Brooks, CEO of Goodman Japan, commented: “Our strategy in Japan is to acquire sites in prime locations and develop high-quality logistics and distribution facility for our customers and capital partners. The level and diversity of demand from our customers at this early stage is high, which we believe results from the strong value proposition for this development.”
Goodman’s Head of Asia, Paul McGarry, commented: “The Joso development will allow Goodman to continue to build on our track record of commitment to sustainability and providing best-in-class amenity for our customers. Our consumer-centric approach is driving our growth and maintaining our relevance with customers. We continue to see significant opportunity with the combination of our strong local team, the quality of our global customer and capital partner relationships, and favourable market dynamics for logistics.”