CBRE to Advance Cold Storage and Frozen Warehouse Development in Otaru, Hokkaido
CBRE K.K. announced that it will advance development of Hokkaido's first multi-tenant cold storage and frozen warehouse facility in Otaru City, Hokkaido. The company has formed a special purpose company (SPC) funded by DAIBIRU Corporation, Shimizu Comprehensive Development Co., Ltd., Saibu Gas Urban Development Co., Ltd., and others, with construction scheduled to start in fall 2026 and completion planned for spring 2028.
The facility will have a gross floor area of approximately 3,000 tsubo (approx. 106,700 sq. ft.) and is located approximately 15 km from central Sapporo. The surrounding area has a concentration of logistics-related facilities as well as food and marine product processing facilities. CBRE has been involved as asset manager in the SPC's execution of the land purchase agreement and land acquisition. Going forward, CBRE will continue working with group companies to support the design and construction process, and will also handle property management and leasing after completion.
The project aims to capture tight demand for cold storage and frozen logistics warehouses in Hokkaido, driven by the aging of existing warehouses, rising demand for frozen foods, and a slowdown in equipment upgrades and rebuilding amid soaring construction costs.
Key Facts
- Project Name: (Tentative) Ishikari Cold Storage and Frozen Warehouse Development Project
- Project Company: Ishikari Tokutei Mokuteki Kaisha (SPC funded by DAIBIRU Corporation, SHIMIZU COMPREHENSIVE DEVELOPMENT CORPORATION., Saibu Gas Urban Development Co., Ltd., and others)
- Location: 158-7 Zenibako 4-chome, Otaru-shi, Hokkaido (lot number)
- Access: Approximately 30-minute drive from central Sapporo
- Site Area: approximately 7,630 tsubo (approx. 271,500 sq. ft.)
- Gross Floor Area: approximately 3,000 tsubo (approx. 106,700 sq. ft.)
- Construction Start: Fall 2026 (scheduled)
- Completion: Spring 2028 (scheduled)