At a glance
Goodman leased 50MW at Tsukuba Tech Central to an unnamed global hyperscale customer on a 20-year term, announced 17 August 2026.
The 50MW is the first phase of a 1GW campus on 45 hectares in Ibaraki, about 58km northeast of Tokyo Station, with power from TEPCO and service due early 2028.
JLL puts the grid connection wait at eight to ten years in Greater Tokyo against three to five in Greater Osaka, where 90% of Japan's data centre capacity sits.
One western Tokyo site sold at a 770% premium to the official published land price, the highest JLL has recorded.
Goodman, AirTrunk and NEXTDC are all developing in Japan, at three different distances from central Tokyo.
Goodman leased the first 50MW of a 1GW campus in Ibaraki
Goodman Group announced on 17 August 2026 that a global hyperscale customer signed a 20-year lease over the first 50MW of Tsukuba Tech Central. Goodman did not name the tenant. The 50MW opens a campus Goodman is developing to 1GW on 45 hectares in Ibaraki prefecture, about 58km northeast of Tokyo Station. Power is contracted from TEPCO, dark fibre runs on diverse routes into Greater Tokyo's interconnection points, and service starts in early 2028. Paul McGarry, Goodman's head of Asia, said the customer "unlocks Tsukuba Tech Central as a premier data center hub in Tokyo".
Japan runs about 3.8GW of data centre IT load in 2026, and Mordor Intelligence forecasts 7.3GW by 2031. Ninety per cent of it sits in Greater Tokyo and Greater Osaka. JLL puts the grid connection wait at eight to ten years in Tokyo, against three to five in Osaka. JLL records one western Tokyo site transacting at a 770% premium to the official published land price, its highest on record. A former factory site in Greater Osaka reached 110% within the last five years. JLL attributes both to investor appetite for sites where power is already secured.
JLL notes that AI training tolerates latency better than conventional or inference workloads and can sit further from the metropolitan core. Goodman bought the 45-hectare Tsukuba site from the Ibaraki prefectural government in 2022, four years before the first tenant signed.
What Goodman looks for outside Australia
Goodman buys one large parcel it can phase over a decade, in a metro where grid access is the binding constraint. The site is industrial or commercial property rather than greenfield, and third-party capital funds the build. Every offshore campus follows that shape, and it is the conversion play Goodman runs at home, set out in Australia's industrial land squeeze.
Campus and market | Capacity | Status |
|---|---|---|
Tsukuba Tech Central, Ibaraki, Greater Tokyo | 50MW first phase of a 1GW campus, 45 hectares | 20-year lease signed 17 August 2026, service due early 2028 |
Goodman Business Park, Inzai, Chiba | More than 300MW of data centre development | In development, with ST Telemedia Global Data Centres contracted for up to 60MW of IT load and its first Tokyo building operating |
Sagamihara City, Kanagawa | Not disclosed | Lead development partner appointed May 2026, TEPCO high-voltage access cited |
Tsuen Wan West campus, Hong Kong | Up to 400MW of campus power, 225MW of IT load, four buildings | Operating, third building of 50MW completed October 2024 |
HKG09, Kwai Chung, Hong Kong | 50MW | Under construction, works started July 2026 |
Paris, Frankfurt and Amsterdam | 435MW of primary power, 282MW of IT load across four seed projects | A$14 billion partnership with CPP Investments, formed December 2025 |
LAX2, Vernon, Los Angeles | 32MW, first 6MW due December 2026 | Under construction, 50/50 joint venture with DataBank |
Goodman Innovation Centre, San Jose | 97.3MW of available power on 45.8 acres | Redevelopment planned, completion targeted 2028 |
Source: Goodman announcements and operational updates, DCD and w.media reporting, August 2026.
Hong Kong runs through the Goodman Hong Kong Data Centre Partnership, a A$4.1 billion consortium formed in July 2025 covering 325MW of IT capacity. Goodman holds a 20% cornerstone stake alongside PGGM, APG, CPP Investments, CBRE Investment Management and an unnamed Middle Eastern investor. Europe and Los Angeles are 50/50 joint ventures, with CPP Investments and DataBank respectively. Japan runs through the Goodman Japan Data Centre Venture, for which the company said in May 2026 it had secured two new capital partners, and did not name them. Group-wide, Goodman's power bank reached 6.4GW at 31 March 2026, split between 3.6GW secured and 2.8GW in advanced procurement. Data centres are 73% of A$14.5 billion of work in progress.
METI opened a ¥210 billion programme in December 2025 that subsidises capital expenditure for data centres running entirely on renewable or nuclear electricity. The rate turns on how closely the facility is tied to newly built generation in the same designated region. Facilities sited away from the generating region draw roughly 20%. The first funding round opened in July 2026 and closes on 1 September 2026, and the programme runs five years from fiscal 2026.
Goodman sits furthest from central Tokyo of the three Australian developers
Goodman, AirTrunk and NEXTDC have each settled at a different distance from the city, tracking what their customers need to sit close to.
Operator in Japan | Capacity | Position |
|---|---|---|
Goodman | 1GW planned at Tsukuba, more than 300MW at Inzai, Sagamihara undisclosed | Greater Tokyo only, Tsukuba 58km out, campuses sized for phased hyperscale build |
About 530MW of IT capacity across four campuses | TOK1 at Inzai and TOK2 in western Tokyo, OSK1 and OSK2 in Greater Osaka | |
About 28MW at TK1 | Minato ward in central Tokyo, adjacent to Tokyo Tower, with CBRE Investment Management |
Source: company announcements and DCD, Mingtiandi and w.media reporting, August 2026.
NEXTDC's TK1 broke ground in Minato ward in December 2025, a central-city colocation asset with practical completion set for late 2030. It sits next to the customers and carriers that need to be within a few milliseconds of it. AirTrunk's Japanese estate splits across both metros, with TOK1 at Inzai drawing a US$1.24 billion green loan in March 2026 to refinance existing facilities and fund the campus's next phases. OSK2 adds up to 100MW in Osaka, where the connection queue is half as long. AirTrunk's TOK1 and Goodman Business Park sit 2.4km apart in the same Inzai municipality, 38km and 36km east-northeast of Tokyo Station respectively. Goodman went furthest out, to Ibaraki, where 45 hectares and a gigawatt of contractable supply sat together.
Sydney runs the same split, with metro colocation clustered near customers and the larger campuses following grid headroom west. Those corridors are mapped in who is building where in Western Sydney and on the Sydney data centre infrastructure map. The Australian queue they join runs to 9GW across 17 projects at 30 June 2026.
Microsoft committed US$10 billion to Japanese AI infrastructure on 3 April 2026 over a period running to 2029. AWS has ¥2.26 trillion committed to 2027 and Oracle more than US$8 billion over ten years, both dating from 2024. That capital lands in a market where, on JLL's numbers, an energised site is harder to find than a tenant, and the Japan market spotlight sets out the demand behind it.
What to watch
Goodman is scheduled to report its FY26 full-year result on 20 August 2026, which updates the 6.4GW power bank and the 73% data centre share of work in progress. NEXTDC reports on 27 August 2026, carrying 740MW of pro forma contracted capacity at 30 June 2026 with no geographic split disclosed so far. AirTrunk is working toward a Singapore REIT listing of about US$1.5 billion, targeted for September or October 2026. In Australia, Goodman holds seven data centre projects across Sydney and Melbourne. Project Pluto at Guildford West and SYD01 at Artarmon are approved, and the rest are under assessment or lodged.