Japanese real estate developer, Mitsui Fudosan announced a plan to invest 200 billion yen or $2.3 billion, in warehouses in Japan over five years due to increasing market needs.
According to the statement released by the company, the company will have 4-5 storage properties a year. Other details were not disclosed, except that the company plans to complete the investment by March 2018.
Aside from Mitsui Fudosan, foreign companies such as Global Logistic Properties Ltd. and Prologis Inc., have also dominated the market in developing industrial buildings used for storage. The first facility built by Mitsui Fudosan was in Chiba Prefecture with Global Logistic. The company is currently planning to have six logistic facilities, five in Tokyo and one in Osaka.
Meanwhile, vacancy rate for warehouses in the Tokyo metropolitan area decreased four straight quarters to 3.6 percent according to Los Angeles based CB Richard Ellis, while industrial spaces were 6.4 percent on average for the year ended August, according to London-based Investment Property Databank Ltd.
Photo Credits: SteelMaster Buildings via Flickr Creative CommonsTokyo Apartments For Sale | Tokyo Apartments For Rent | Real Estate Japan
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