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Korea’s Logistics MarketLogistics investment trends and strategic occupier movements
Radar | Korea | 10 September 2021
2
Insights &
Recommendations
Since the COVID-19 outbreak in 2020,
Ko ’ -commerce market has
expanded, driving growing interest in
logistics investment.
Major tenants of large logistics
centres, e-commerce operators,
couriers, and distributors are all
focusing on setting strategies to
build optimized logistics centre
infrastructure for fulfillment and last
mile delivery.
Investment in cold storage facilities
for fresh food delivery is rising. Also,
cold storage tenants are demanding
more efficient operation strategies,
aided by new technology.
• As development permits become
more difficult to obtain, and as
competition for developable sites
intensifies, we expect further rises
in land prices.
• We recommend investors focus
on developing logistics centres
that meet tenant specifications, to
ensure quick lease-up periods.
• We recommend investors actively
use value-added strategies to
procure older, licensed logistics
centres for redevelopment.
• We expect competition among
investors to lead to continued
growth in logistics transactions,
and for cap rates to remain at or
below 4%.
Increase in forward
purchase investments
We believe that with aggressive
competition and large quantity of
capital looking to be invested,
investors need an executable
strategy with the manpower and
expertise to develop and deliver
logistics projects on time and within
budget.
Increase in cold chain
investment
As investment in low-temperature
cold chain logistics centres increases
in response to demand for fresh
food deliveries, we expect
development costs to rise.
Increase in logistics
REITs
With the expansion of REIT market,
competition among investors who
want to incorporate logistics assets
into their REITs is likely to intensify.
We also expect the investment size
of development blind funds to also
increase.
3
Source: National Logistics Information Centre, Colliers
Logistics supply outlook
More supply; licensing difficulties
According to data from the National Logistics
Integration Information Centre, the number of
warehouse registrations in Seoul and Gyeonggi-
do in 2020 totaled 328, the highest since 2016.
The number of warehouse registrations in 2020
reached an all-time high as demand for logistics
space surged. The surge was driven by rapid
growth in e-commerce and active investment by
asset management companies that develop
logistics space.
Despite large-scale supply increases in 2020, the
average vacancy rate has remained around 5%
due to strong demand for logistics centres.
Although large new supply is scheduled for 2021
and 2022, we expect only minor increases in
vacancy.
We expect the supply of logistics centres to
increase in 2021 as well. However, several local
governments are hesitant to issue new licenses
for logistics centre development, as they receive
many complaints from nearby residents who
oppose development.
Most of the scheduled supply remains
concentrated around the south-eastern part of
Gyeonggi-do, such as Icheon and Yongin. These
are known as traditional logistics centres.
However, increased supply in Yongin and Icheon
is leading to a decrease in the number of sites
available for development and is contributing to
rising difficulty in obtaining new permits.
Therefore, we expect the northern part of
Gyeonggi-do, where licensing is easier, to
emerge as a new supply hotspot. This includes
Incheon, Pocheon, and Uijeongbu. We expect
Incheon to be an area of particular focus.
In June 2021, a major fire at a logistics centre in
Icheon, brought about a wave of new regulations
on licensing and fire safety. This has caused
increased scrutiny and due diligence on new
developments as well as stricter enforcement of
existing standards. This may reduce the supply
of logistics centers while increasing construction
costs.
Number of warehouse registrations
(August 2021)
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
2021 2022
Expected logistics supply by market, 2021-
2022 (sq meters)
58
141 120 141
328
63
176
303254
342
730
131
2016 2017 2018 2019 2020 2021
Metropolitan area Nationwide
Source: Colliers
-
1
2
3
4
5
6
7
8
9
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
2015 2016 2017 2018 2019 2020 1H 2021
Ca
pit
al V
alu
e (
Millio
n)
Tra
nsa
ctio
n V
olu
me
(B
illio
n)
Total Transaction Volume (KRW) Capital Value (KRW/PY)
Key takeaways
• Transaction size and unit price are
showing a continued rise
• Rising competition among investors is
leading to rising unit prices and cap rate
compression
• Pre-purchases of logistics properties are
occurring at the development stage
• Increased investment in fresh food
delivery is driving demand for cold chain
logistics centres
• REITs are increasing their investments in
logistics facilities while there is also an
increase in newly formed logistics REITs
• Investment in logistics-only blind funds is
rising
• Rapid expansion of fulfillment logistics
centres for distributors such as e-
commerce companies
• Development and advancement of
logistics warehouse operation technology
is being driven by increasing cold storage
demand for fresh food delivery
4
Logistics Investment Trends
Transaction volumes and prices rise
In 2020, the transaction volume for major
logistics deals across the metropolitan area
reached approximately KRW3.5 trillion (approx.
USD3.03 billion). This represented an increase of
more than 40% compared to the 2019 total,
setting a new record high.
As tenant preferences for mega-sized logistics
facilities with efficient operation systems
increased, the number of institutional players
investing in mega-sized logistics facilities of more
than 30,000 pyeong (99,000 square metres) has
increased accordingly.
Driven by active investment in high-priced cold-
chain logistics facilities, investment volumes and
prices both experienced growth.
For past five years, transacted price of logistics
space has been in the range of KRW5 to 6 million
per pyeong (USD1,576 per sqm). However, unit
price of logistics space traded in H1 2021
increased to KRW8 million per pyeong (USD1,840
per sqm).
In the first half of 2021, transactions totaled
approximately KRW2.1 trillion (USD1.81 billion),
and we expect the full year total for 2021 to
exceed 2020, due to the strong momentum in
sales activity.
We expect a continued rise in transaction
volumes and sales prices of logistics assets for
several key reasons.
Logistics transaction size and unit price in the Seoul Metropolitan Area
Source: Colliers, RCA
Increasing land prices and construction costs are
two major factors. Also, we expect stronger
competition between domestic and foreign
investors in acquiring assets to contribute to
rising prices.
"An asset manager who is capable of securing a logistics site at the development stage is likely to have the edge in logistics investment.”
Hyunjune LimDirector
Colliers Office & Industrial Services, Korea
5
Increase in advance purchases
Investment in logistics assets is occurring earlier in the
asset life cycle, now often at the development stage.
As competition among investors for logistics assets
intensifies, the number of pre-purchase investments at
the development stage is increasing.
Investors are securing assets by either developing
existing vacant sites or purchasing properties during
the construction phase. Pre-leasing at the development
stage allows for higher potential investment returns.
This is because the owner assumes all risk in leasing up
the property.
The build-to-suit development method is becoming
more popular for cold storage facilities, as tenants
increasingly demand more advanced building
technology systems, which are easier to include at the
design stage.
The focus of development strategies is shifting from
investors to asset managers who have direct execution
capabilities.
Increase in value-added strategies
As it becomes more difficult to secure new
development sites with authorization, value-added
strategies are becoming more common. The strategy
involves purchasing an outdated distribution centre and
developing it into a new, larger logistics centre. This
strategy has the advantage of avoiding issues
associated with constructing new logistics space:
licensing issues, neighborhood complaints, and
increased land prices. We expect the Namsa Logistics
Centre in Yongin, operated by ADF, and Majang
Logistics Centre in Icheon, developed by Kendall Square,
to be upgraded by value-added strategies.
If the upgrading of outdated logistics centres continues,
the vacancy rate of old logistics centres may soon
exceed that of newly-built logistics centres. Therefore, if
this trend takes hold, we expect polarization of vacancy
rates between the new distribution centres and
established small and medium-sized distribution
centres.
6
Increased demand for cold chain and composite logistics centres
E-commerce operators, such as Coupang and Market Kurly,
and traditional retailers, such as Shinsegae and Lotte, are
strengthening their fresh food delivery services. This is
leading to rising demand for cold storage.
As large retailers jump into the overnight grocery delivery
business, investment in cold storage is increasing alongside
demand for fresh food delivery.
The 2021 sale of the Lotte Global Logistics Centre to Kendall
Square drew attention in the market, as it marked the
largest-ever sale of a cold storage logistics centre in Korea.
As rising sales of fresh food drives tenant demand for cold
storage facilities, and we expect to see more cold chain
warehouses and distribution centres set up in areas
adjacent to Seoul.
As development authorization becomes more difficult to
obtain, we expect remodeling existing old logistics facilities
to provide superior financial returns and potential for
capital value increases.
Cap rate declines due to increase in unit price
Logistics cap rates continue to decline. Cap rates in Grade A
logistics centres located within the metropolitan area have
fallen to the low 4% range. In the future, cap rates may fall
further into the 3% range, matching current prevailing office
cap rates, due to rising capital values and strong
competition for logistics assets.
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
9.00%
10.00%
0
100
200
300
400
500
600
700
BP
S
Spread Average Cap Rate 5 year Treasary bond
Logistics Cap rate trend
Source: Colliers
“In order to mitigate risks of getting approval and acquiring development sites, investors should consider a value-add strategy by purchasing existing logistics centres and developing them into cold storage.”
Robert Wilkinson
Managing Director
Korea
“Competition among REITs to acquire logistics appears to be intensifying.“
“Using logistics blind funds enables faster decision making on investments as well as higher returns, by reducing costs such as commissions.”
Jay ChoSenior Director
Industrial & Office ServicesKorea
7
Expansion of Listed Logistics REITs
According to the REIT information and statistics system in
Q1 2021, there were 25 logistics REITs, nearly double that of
Q1 2020, when there were 13. Assets under management
(AUM) also increased by 55.21% YOY from KRW 905.5 billion
(USD 783 million) to KRW 1.4 trillion (USD 1.21 billion).
As Korea's REIT market revitalizes, interest in logistics REITs
is also increasing. ESR Kendall Square REIT owns 12 logistics
centres in Bucheon, Goyang, Yongin, Icheon, Pyeongtaek,
Anseong, and Gimhae. Major tenants of these logistics
centres are large e-commerce companies such as Coupang
and Market Kurly.
We expect expansion in the REIT market as an increasing
number of REITs acquire logistics centres. Additionally, asset
management firms such as ADF Asset Management, which
specializes in managing logistics properties, announced
their intention to set up their own logistics focused REIT.
Expansion of logistics blind funds
In recent years, Korean logistics investment has been led by
Korean asset managers who manage blind funds focused
on logistics. They are mainly backed by institutional
investors such as the National Pension Service and the
Public Officials Benefit Association. Unlike traditional funds,
blind funds raise capital first and then search for investment
targets that meet their guidelines.
Intensified competition for logistics assets is elevating the
importance of fast decision making. Blind funds have the
advantage of offering faster and bolder investment
decisions, as investment decisions are made by fund
managers.
Recently, more blind funds have begun investing in projects
under construction. In the past, asset managers were
primarily responsible for managing funds after target assets
were confirmed by liquidity providers. Now, asset managers
are directly reviewing development plans as a developer
would .
Asset managers are actively engaged at all stages, including
land purchase, licensing, design, and selection of
construction companies. IRRs exceeding 20% are achievable
by holding the asset through its full lifecycle from pre-
purchase of a developable site through to disposition. As we
expect increased demand for investment in logistics centres
in the future, we expect blind funds to be an attractive
option for investment in high-quality properties.
8
Recent buyers of logistics property
According to Real Capital Analytics data, Koramco REIT & Trust was the most active investor in 2020 and H1 2021.
Recently, the group acquired the TJ Logistic Centre in Hang-dong at Incheon for KRW350 billion (USD303 million). This was the largest-ever purchase of a logistics centre by a REIT. The site is scheduled to be used as a logistics centre for Coupang.
Along with Koramco, Mastern Investment Management (Mastern) is another active player in the logistics market. Mastern purchased six logistics properties since the start of 2020.
Mastern is aggressively expanding, as they have acquired logistics portfolios through pre-purchase and development.
Aggressive competition among Korean asset managers to secure logistics assets continues.
Rank Investor Vol (b KRW)Number of
Investments
1 KORAMCO 812 4
2 Mastern Asset Management 702 6
3 K-REITs Investment Management 442 8
4 KB Financial Group 359 3
5 ESR Cayman 322 2
6 Mapletree Logistics Trust 315 6
7 ADF Asset Management 255 2
8 APG Real Estate Investment 240 1
9 CPP Investment 240 1
10 POBA 197 1
Top 10 logistics investors in Korea (2020-H1 2021)
Source: Colliers, RCA
Foreign investors keep showing their interest in Korean logistics by purchasing through REITs.
Rank Current Owner Vol (b KRW)Number of
Assets
1Mastern Investment Management
2,176 16
2 ESR Cayman 1,716 12
3 ADF Asset Management 1,654 9
4 CPP Investment Board 1,358 8
5 ESR Kendall Square REIT 1,120 12
6 GIC 1,197 4
7 Samsung Group 1,170 4
8 KORAMCO 1,078 7
9 IGIS 1,025 5
10 Mapletree Logistics Trust 967 18
Top 10 logistics owners in Korea (H1 2021)
Source: Colliers, RCA
9
Major owners of logistics
property
Mapletree, a very active Singaporean investor, has acquired 18 Korean logistics properties through the Mapletree Logistics Trust REIT listed in Singapore.
Recently, Mapletree Logistics Trust drew attention again when it acquired five logistics properties located in Icheon and Yongin for about
KRW280 billion (approx. USD242 million) from Mirae Asset AMC.
ESR Kendall Square REIT, the first logistics REIT in the Korean market, owns 12 logistics assets. The group is planning to develop and acquire additional logistics centres in the future.
Kendall Square is in the process of developing nine logistics centres. Upon completion, we expect Kendall Square to emerge as the largest owner of logistics centres in Korea.
2021 H1 Major logistics transactions
Logistics center Location Area (SQM) Price (Bil KRW) Buyer/Investor
YM Logistic Center Icheon 28,695 53 KAIT
Yeoju Daesin Logistic Center Yeoju 50,847 66 K-REITs Investment
Nogok-Ri Logistic Center Gwangju 16,344 31 K-REITs Investment
Eumseong Logistic Center Eumseong 22,192 30 K-REITs Investment
CJ Logistic Center Incheon 7,425 48 Kyobo Asset Trust
Samsung logis Logistic Center Anseong 34,216 49 Kyobo Asset Trust
Dongsan Logistic Center Icheon 55,336 114 Maple Tree Logistics Trust
Ablelogis Logistic Center Yongin 29,977 60 Maple Tree Logistics Trust
Anseong Core Logistic Center Anseong 29,901 50 Maple Tree Logistics Trust
Bukuk C&T Logistic Center Icheon 18,704 28 Maple Tree Logistics Trust
Gwan-Ri Logistic Center Icheon 15,970 26 Maple Tree Logistics Trust
Gimpo TJ Logistic Center Gimpo 29,216 82 Kendall Square
Icheon Logistics Center Icheon 23,147 35 KOREIT
Samduck TLS Logistic Center Hwaseong 29,261 66 Hangang Asset
CJ Fresh way Logistic Center Yangsan 22,698 70 ADF Asset Management
Grey Box Logistic Center Ansan 11,118 265 KB Asset Management
Incheon Triport Logistics Center Incheon 80,675 148 BNK Asset Management
Incheon TJ Logistics Center Incheon 87,098 328 KORAMCO
Gimpo K Logistics Ginpo 43,706 162 KORAMCO
Yongin Brick Logistics Center Yoingin 43,035 103 ESR Kendall Square REIT
Juksan Logistic Park Anseong 95,267 160 ESR Kendall Square REIT
Source: Colliers
10
“Increased interest in logistics centresamongst domestic and foreign investors has decreased cap rates as pre-purchases through REITs and blind funds increases.”
Harold Lee
Senior Director
Capital Markets
and Investment Services
Korea
H1 2021 major logistics transactions
During H1 2021, the most representative transaction was Mapletree
Lo T ’ p h of f v o centres from Mirae Asset
AMC for KRW280 billion (approx. USD242 million). The reported cap
rate was around 4.5%.
K REITs Investment Management acquired the Eumseong Logistics
centre in Chungbuk for KRW30.7 billion (USD26.5 million). The
property was master-leased by CJ. K REITs also acquired Yeoju
Daeshin Logistic centre in Daeshin-myeon at Yeoju for KRW66.7
billion (USD57.7 million). The group is continuing to invest in
logistics assets in H1 2021 as they pre-purchased Nogok-ri Logistic
centre at Gwangju, Gyeonggi-do through a REIT. In addition, Korea
Real Estate Trust pre-purchased YM Logistic centre under
development in Daewol-myeon at Icheon for KRW 53 billion. Kyobo
T o p h d CJ Lo ’ Lo centre and
S m Lo ’ Lo centre.
KB Asset Management pre-purchased Grey Box Logistics centre in
Ansan for KRW265 billion (USD229 million). It is scheduled for
completion in April 2022 at a price of KRW8 million per pyeong.
ADF Asset Management purchased the CJ Freshway Logistics centre
through logistics blind fund for KRW70 billion. It is a composite
logistic centre equipped with refrigeration, freezer, and
temperature facilities. The property was sold at KRW10 million per
pyeong, exceeding the market average unit price for supply chain
warehouses. As fresh food consumption surged during COVID-19,
composite logistic centres have remained popular. The sale
commanded a higher price due to its long lease to fresh food
distribution company CJ Freshway.
Logistics centre major tenants
Trends of e-commerce operators
Source: Colliers
Naver,
18%
Coupang,
13%
E-bay Korea,
12%
11th
Street, 6%
Lotte-on,
5%
SSG.com,
3%
Others,
43%
Domestic e-commerce market share
Naver and Coupang
occupy first and second
place in total market
share. Recently,
Shinsegae Group, a
conglomerate company,
acquired eBay Korea,
the third-largest player.
The top three
companies account for
almost half of total
market share (45%).
Recently, Coupang decided to expand to third-
party logistics courier service. By using expanded
logistics infrastructure for Rocket Delivery, we
expect Coupang to expand its business to third-
party logistics services that deliver products from
stores to doors.
Market Kurly
As of January 2021, Market Kurly has four
fulfillment logistics centres.
They own a supply chain centre at Jukjeon in
Gyeonggi-do, a composite logistics centre at
Jangji-dong in Seoul, and cold storage facilities in
Hwado, Namyangju, and Gyeonggi-do.
It recently added 40,000 pyeong of fulfillment
logistics centre in Gimpo. Market Kurly operates
Gimpo Logistics centre, a 25,000-pyeong fresh
logistics centre, which handles fresh food
delivery.
Market Kurly is also planning to expand into
delivery business for vendors who need fresh
delivery services.
11
Naver
Naver is the largest e-commerce platform in the
Korean market, recording KRW 28 trillion (USD
24.2 billion) in gross merchandising volume
(GMV) in 2020. Unlike Coupang, Naver does not
directly develop logistics centres but partners up
with fulfillment service providers.
Naver recently signed a share exchange
agreement with CJ logistics to strengthen its
fulfillment services by leveraging the
infrastructure of CJ logistics.
In addition, Naver actively invested in 3PL and
4PL logistics companies such as Wekeep, Duson
Company and Pasto.
Duson Company is operating small- o
centres of around 2,000 pyeong (approx. 6,600
sqm) in Namyangju and Paju in Gyeonggi-do.
Pasto operates nine logistics centres across the
country.
Although Naver does not directly operate
logistics centres, it is expanding its business by
establishing a partnership with fulfillment
providers in the Naver Fulfillment Alliance (NFA)
to provide faster logistics services to smart store
operators.
Coupang
Coupang directly invests and operates logistics
centres through direct purchase.
Coupang operates the most logistics centres in
Korea, followed by CJ logistics. By increasing the
number of operating logistics centres to 168 in
2019, Coupang expanded its Rocket Delivery
system nationwide.
According to data from Eugene Investment &
Securities, Coupang's sales increased by more
than 90% YOY in 2020. Coupang has already
surpassed traditional retailer Shinsegae E-M ’
sales in 2021.
When it listed on the New York Stock Exchange,
Co p ’ m k p x d d KRW100 o
(USD86.4 billion) based on its IPO day closing
p Co p ’ m k p w fo m
greater than the market cap of three major
Korean distribution companies (Lotte, Shinsegae,
and Hyundai).
Distributor
Shinsegae (E-Mart)
Traditional retailers are switching their focus
from offline to online business due to the fast
growth in online retailing.
Sh ’ acquisition of eBay Korea shows that
they are active with M&A. At the same time, they
agreed to share swap deal with Naver to
accelerate their presence on online market.
Sh G o p’ E-Mart is expanding its
fulfillment logistics centre m d ‘NE O’ o
strengthen competitiveness of ssg.com.
According to Chosun Biz, a newspaper,
Shinsegae Group plans to secure nationwide
logistics infrastructure by using their existing
stores along with NE.O, their online-focused
logistics centre strategy.
In addition, it is planning to invest KRW 1 trillion
over next four years to build additional
fulfillment logistics centre for fresh food delivery
service.
Lotte
Lotte is also expanding its online business
through LotteOn. It is the second company after
Coupang to offer overnight grocery delivery in
B , Ko ’ o d y, bo 400 km f om
Seoul.
Lotte Group is planning to use Lotte Global
Logistics' delivery service Mega Hub terminal in
Jincheon at Chungcheongbuk-do as a fulfillment
centre, scheduled for completion in 2022.
12
Courier
CJ Logistics
Traditional couriers, the main logistics tenants,
also actively invest in fulfillment.
According to KTB Investment & Securities, CJ
Logistics has the largest market share as a
courier service provider and has 207 logistics
centres nationwide. They are equipped with
optimal infrastructure for third-party fulfillment.
CJ Logistics operates 3.22 million square metres
of fulfillment facilities, which is more than 1
million square meters more than Coupang.
Coupang is the second-largest logistics
warehouse operator.
CJ Logistics is also seeking to expand its
fulfillment business through collaboration with
Naver and Market Kurly.
Coupang
Coupang has decided to enter the delivery
business through its subsidiary Coupang
Lo Fo ow Co p ’ xp o of
third-party logistics and delivery business, we
expect wide-reaching effects on the Korean
delivery market, including Coupang gaining
market share in the logistics business.
322
232
137
6343
207
164
105
58 63
CJ Logistics Coupang Lotte Global logis Pantos Hanjin Courier
Area (million sqm) Numer of Warehouses
Major logistics companies, number of warehouses, August 2021
Source: Colliers , KTB
13
Major trends in logistics
Fast-growing online fresh food markets o d o S Ko ’ d 2020, h online shopping market grew to KRW160 trillion (approx. USD138 billion). Online food market transactions was reached KRW43.4 trillion, a 62.4% increase from 2019.
Rising preferences for cold storage in fulfillment strategiesAs demand for fresh food surges, the distribution industry is putting top priority on building out optimized fulfillment infrastructure to support faster delivery.
Fulfillment refers to the entire process of completing an online order, from warehousing and storing to picking, packaging, and shipping.
Distributors are focusing on metro logistics centres for rapid delivery rather than for storage.
Following increased demand for fresh delivery, we expect to see tenants prefer cold storage centres in the suburbs, as they are well-located for this purpose.
In order to better meet demand for fulfillment services, we advise developers to focus on building centres that meet these needs of occupiers including prime city center locations and robotic picking and packing.
Development of cold chain and cold storage logistics operation technologyAs demand for cold storage facilities in the Seoul metropolitan area increases, central management systems for efficient and accurate temperature controls are becoming more important. To achieve greater efficiencies and cost reduction, more specialized and sophisticated technologies need to be implemented in logistics centers.
In the future, we expect investors and shippers to increase their interest in energy-saving logistics centres align with their corporate ESG goals. Implodents in cold chain storage technologies should make this possible.
Rising importance of last-mile deliveryLast-mile delivery is becoming more important d m d fo f d v y ‘L -m ’ refers to the final leg of the journey to the customer.
Average rental rates for last-mile facilities is about three times more expensive than that of average logistics centres due to their presence in higher-density areas. We view increase in rent fees for logistics centres that are both suitable to act as last mile and located closer to the city.
To enable operational efficiency, the average size of logistics centres located further from the city centre is more than 10,000 pyeong (approx. 33,000 sqm). On the other hand, last-mile logistics centres in urban areas tend to be less than 2,000 pyeong (approx. 6,600 sqm).
In order to establish efficient last-mile infrastructure, traditional logistics companies that previously focused on small-quantity delivery systems are advised to consider strategic partnerships or M&A with startups that specialize in small-quantity, multi-item online transactions.
Logistics 4.0(4th generation logistics technology) Real estate investors should pay attention to Logistics 4.0 trends, such as AI, self-driving delivery robots, warehouse robots and drone delivery services, in order to secure a diverse pool of tenants (shippers) beyond traditional logistics tenants. We expect tenants to show increasing preference for logistics centres well-equipped for the fourth-generation logistics era.
13.2
18.7
26.7
43.4
0%
10%
20%
30%
40%
50%
60%
70%
0
25
50
2017 2018 2019 2020
Transaction amount Growth rate
Source: Korea Statistical Office, Colliers
Online food market transaction totals(KRW trillions)
About Colliers International
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investmentmanagement company. With operations in 66 countries, our more than 15,000 enterprisingprofessionals work collaboratively to provide expert advice to real estate occupiers, owners andinvestors. For more than 25 years, our experienced leadership with significant insider ownership hasdelivered compound annual investment returns of almost 20% for shareholders. With annualizedrevenues of $3.3 billion ($3.6 billion including affiliates) and $45 billion of assets under management,we maximize the potential of property and accelerate the success of our clients and our people.Learn more at corporate.colliers.com, Twitter or LinkedIn
Copyright © 2021 Colliers International
This document/email has been prepared by Colliers for advertising and general information only.Colliers makes no guarantees, representations or warranties of any kind, expressed or implied,regarding the information including, but not limited to, warranties of content, accuracy and reliability.Any interested party should undertake their own inquiries as to the accuracy of the information.Colliers excludes unequivocally all inferred or implied terms, conditions and warranties arising out ofthis document and excludes all liability for loss and damages arising there from. This publication isthe copyrighted property of Colliers and /or its licensor(s). © 2021. All rights reserved. Thiscommunication is not intended to cause or induce breach of an existing listing agreement.
Robert WilkinsonManaging Director | Korea+82 2 6325 [email protected]
Harold LeeSenior Director | Capital Markets & Investment Services | Korea+82 2 6325 [email protected]
Jay ChoSenior Director | Office & Industrial Services| Korea+82 2 6325 [email protected]
Hyunjune LimDirector | Office & Industrial Services| Korea+82 2 6325 [email protected]
For further information, please contact:
Judy JangAssociate Director | Research Korea+82 2 6325 [email protected]
