LOGI’Q Minami Ibaraki is Tokyu Land’s first major warehouse in Osaka
Tokyu Land Corporation last week announced the completion of a 161,539 square metre (1.7 million square feet) warehouse in Greater Osaka, marking the Japanese property giant’s largest industrial project to date.
Designed to serve the cities of Kyoto, Osaka and Kobe which anchor the Keihanshin economic hub in the south-central portion of Japan’s Honshu island, the LOGI’Q Minami Ibaraki in Osaka prefecture’s Ibaraki city aims to capture logistics demand from the more than 19 million people in the region, while generating solar energy to help power the developer’s neighbouring shopping centre, Tokyu Land said in a release.
“LOGI’Q Minami Ibaraki covers the major cities of the Keihanshin region as its distribution area and serves as a key hub in the logistics network of the wider region,” the company said in a separate report. “It is a next-generation logistics centre that caters to the advanced needs of tenants and supports the SDGs (Sustainable Development Goals).”
Industrial continues to be one of the most attractive sectors for Japanese developers, with statistics from JLL showing that the Greater Osaka region recorded net uptake of 47,600 square metres of warehouse space in the third quarter, carrying on momentum from the preceding three months, when tenants leased up a net 29,700 square metres in the region.
Solar-Powered Shed
The steel-framed warehouse in Osaka’s Ibaraki city has a central ramp, allowing full vehicle access to every floor of the four-storey complex. With ceiling heights of 6.7 metres (22 feet), each floor can support up to 1,500 kilogrammes per square metre, while specialised zones can accommodate loads of up to 2,500 kilogrammes.
Situated in the Keihanshin metropolitan area, the second most populated urban region in Japan, the shed is poised to benefit from its location two kilometres (1.2 miles) from the Meishin Expressway, which is part of the main road link from Osaka to Tokyo.
Tokyu Group president and chief executive officer Hiroaki Hoshino is generating 4.8MW of power from his latest shed
The facility, which incorporates cold storage capabilities, hazardous goods support and 5G connectivity, is also three kilometres from the Kinki Expressway, which encircles Osaka.
Tokyu Land highlighted that solar installations on top of the project will generate 4.8MW of electricity, which will be adequate not only to power the property itself but also to provide an estimated 20 percent of the energy requirements of Tokyu’s neighbouring Minoo Q shopping mall.
The shed allows tenants to lease a minimum of 1,240 square metres to a maximum of 19,835 square metres on a single floor. Tokyu Land said it has secured contracts for around 80 percent of the property’s total leasable space.
With Tokyu Land having broken ground on the distribution centre in 2022, LOGI’Q Minami Ibaraki is the 16th entry in the developer’s LOGI’Q series and the only Osaka facility in that portfolio.
Industrial Developers Pile In
Tokyu Land’s flagship distribution centre has been completed as part of a broader wave of activity in Japan’s logistics sector with Unified Industrial breaking ground on a 188,000 square metre warehouse project in Shiga prefecture northeast of Osaka in December.
Also last month, GLP started construction on an 84,500 square metre warehouse in Greater Tokyo.
In August, industrial giant ESR began development of a warehouse complex northwest of Osaka, with the developer calling the project Japan’s largest-ever logistics park with a planned gross floor area of 750,000 square metres.
Investment in Japanese industrial assets totalled $6 billion during the first nine months of 2023, a record level for the first three quarters of a year, according to MSCI Real Assets.
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