Goodman Completes Phase 1 of $1.5B Japan Business Park

Australia’s Goodman Group continued to expand its Asian portfolio last week with the opening of the first phase of an integrated industrial complex in Chiba Newtown, near Tokyo.

The 116,000 square metre first phase of Goodman Business Park in Chiba Prefecture, consists of a four-storey multi-customer logistics facility, which the company says it has already substantially pre-leased to leading Japanese 3PLs and retailers.

The distribution centre forms part of a $1.5 billion integrated logistics and business park facility, with construction on a 125,000 square metre second phase said to be already underway.

“The strong customer demand for Goodman Business Park reflects the benchmark set by this project in delivering high specification, modern logistics space with an outstanding level of employee amenity at a very attractive price point,” Goodman’s Group Chief Executive Officer, Greg Goodman commented in statement. “We are excited to now be commencing Stage 2, of what will be a US$1.5billion logistics and business park on completion.”

Goodman’s Chiba project debuts as a time of heightened competition among industrial developers in the region, as establish players including Goodman and Global Logistics Properties try to fight off competition from rapidly growing startups such as recently merged e-Shang Redwood and Logos Property.

Redwood Group, as part of e-Shang Redwood, brought to market its own 39,000 square metre logistics facility in Chiba prefecture in late March, and simultaneously announced the signing of a 5 year lease with a tenant taking up 75,000 square metres of warehouse space in its Kawagoe Distribution Centre in Japan’s Saitama Prefecture.