Recent Study: South Korea Real Estate Report Q4 2014

South Korea boasts a well developed commercial real estate sector with a strong financial sector and an affluent population supporting demand for commercial property. The country's export sector, which is key to economic growth, means the country also has extensive demand for industrial space. While the market is dominated by local firms, including an increasing number of Korean conglomerates, foreign direct investment has been growing steadily in recent years.

The outperformer in the long term will be the retail sub-sector, driven by increasing demand for Western-style shopping experiences, as well as the arrival of international retailers and tourists into the country. Although the creation of new retail space could cause some fluctuation in rental and vacancy rates, in the long term the story is one of solid growth. This is true of all the cities that we cover, but we do note that although the retail market is Seoul is mature, elsewhere in the country there is certainly room for growth.

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In terms of office space, the city is dominated by Seoul, a regional hub for business and for finance. Although some areas of the city are reported to be seeing higher vacancy rates in the aftermath of the global financial crisis, we are optimistic that demand will remain strong. Grade A space in particularly sought after, both by domestic chaebols and international firms.

Although we are less sanguine towards industrial real estate, as South Korea's traditionally strong manufacturing sector has been buffeted by global economic headwinds over the past few years, we note government efforts to rebalance the industrial sector towards more value-added industries such as innovative IT products and bio-science, and believe this will have long-term upside for the industrial real estate sector.

The South Korean commercial real estate sector is dominated by real estate investment trusts (REITs), indicating its developed nature. REIT activity is only likely to increase, and, in...

The South Korea Real Estate Report features Business Monitor International (BMI)'s market assessment and independent forecasts of major construction projects in the residential and commercial markets, plus rental prices and yields in major cities. The report critically analyses the prospects for real estate within the broader economic and financial context - both domestic and global - via our econometrically-modelled and clearly explained banking and economic forecasts and follows this through to evaluate the implications for REITs.

BMI's South Korea Real Estate Report provides industry professionals and strategists, sector analysts, business investors, trade associations and regulatory bodies with independent forecasts and competitive intelligence on the real estate industry in South Korea.

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