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[RSQUARE] 2025_2H LOGISTICS Market Report_ENG

LOGISTICS MARKET REAL REPORT 2025 2H Leasing Investment 2025 H2 MARKET REAL REPORT LOGISTICS

Metropolitan Area Leasing

Market for Logistics Centers 1 Leasing Market Supply Status & Outlook Supply & Demand

Trend and Outlook

1 Leasing Market’25.2H SNAPSHOT (py) Vacancy (amb) 51,880 + 19,525 9.5%

Northwest 20,156 + 4,017 27.0%

South 69,413

14.6% + 2.5%p West 40,196

16.5%

Central - 4.7%

Vacancy (Cold) 25.1% + 2.5%p 62.1%

33.9%

45.5%

36.6% +19.0%p Rent (Amb) ₩10K/py 3.0 4.2

3.0 3.8

3.3 Rent (Cold)

₩10K/py 5.7 6.8

5.7 6.7 6.2 + 0.1

₩100M 8,143 + 5,893 3,695 + 3,695 3,700 + 1,767 15,928 + 4,178 Northwest West South Central Gwangju Hanam Gwacheon Yeoju IchonYongin Ansung Goyang Gimpo Paju Yangju Namyangju Bucheon Uijeongbu Seongnam Guri Yeoncheon Dongducheon Pocheon Gapyeong Yangpyeong Pyeongtaek Hwaseong Incheon Uiwang Gunpo Ansan Siheung Osan Dongtan Suwon Suji GIheung Anyang Gwangmyung by Region Cumulative Supply Trend of Centers by

Sub-region in

1,000 1,200 Southeast South Central West Northwest Others Unit 10k py CHECK 1 Continued

Slowdown in

New supply of logistics centers in the Seoul Metropolitan Area, which peaked in 2022–2023, transitioned into a clear slowdown trend through 2024. New supply in the second half of 2025 increased by 1.7% compared to the previous half-year, a level broadly in line with the 1.5% growth recorded in the first half. Compared to the period of concentrated supply, the pace of growth remains exceptionally low. This supply contraction appears to be driven by a sharp decline in new permits and construction starts, amid deteriorating development conditions including heightened market uncertainty and rising construction costs. In particular, with the strengthening of policy regulations such as the amendment to the Gyeonggi-do standard permit criteria ordinance for logistics warehouses, the unfavorable development environment is unlikely to improve in the short term. Accordingly, once the current large-scale assets under construction complete their delivery, overall supply is expected to decline further. New Supply by Region for the Second Half of 2025 (Py) Change in Supply Area (Compared to Previous Cumulative Supply, %) Southeast +51,880 (+1.3%) South +69,413 (+2.9%) Central - West +40,196 (+ 1.7%) Northwest +20,156 (+2.2%) Others +8,652 (+1.6%)

Metropolitan Area Total

+190,297 (+1.7%)

by Region

’18 ’19 ’20 ’21 ’22 ’23 ‘24 ’25 Southeast South Central West Northwest Others Unit 10K py CHECK 1 Slowdown Continues Across All Subregions New supply of logistics centers in the Seoul Metropolitan Area in the second half of 2025 totaled approximately 190,000 py, a 67% decline compared to the same period of the previous year, bringing the annual supply to around 350,000 py. This marks the lowest level recorded in the past eight years and represents an approximately 70% decrease from 2024 (1,190,000 py). At the sub-regional level, the slowdown in new supply was broadly evident across all areas. The Central corridor recorded no new supply for the second consecutive year, while the Northwestern, Western, and Other corridors each saw minimal additions of less than 50,000 py annually. Even in the Southeastern and Southern corridors, which had previously concentrated the bulk of new supply, deliveries were limited to approximately 160,000 py and 80,000 py respectively, underscoring the broad-based nature of the supply contraction across all subregions. Trend of Centers by Sub-region in Completion Logistics Center Usage Region Location GFA (py) 25.4Q Logis HK Sihwa Ambient Western Siheung 26,753 25.4Q Kendall Square Iljuk Logistics Park

Block D

Ambient Southern Anseong 21,430 25.4Q Equalbase Icheon-Baeksa Ambient Southeastern Icheon 12,664 25.4Q Anseong CDC Logistics Center Complex Southern Anseong 12,243 ‘25.3Q Logis Point Sinhaeri Complex Southeastern Yeoju 15,997 ‘25.3Q YES24 Smart Fulfillment Center Ambient Northwestern Paju 15,870 ‘25.3Q Cheongbuk-eup Yeonyeon-ri Warehouse Facility Ambient Southern Pyeongtaek 14,499 Key Logistics Center New Supply Cases in 2H 2025 Marginal Decline in Nominal Rent The vacancy rate for logistics centers in the Seoul Metropolitan Area in the second half of this year declined marginally for both ambient and cold storage facilities, driven by the continued slowdown in new supply. The average vacancy rate for ambient logistics centers fell by 2.4 percentage points from the previous half-year to 13.3%, while the cold storage vacancy rate declined by 2.9 percentage points to 37.3%. The more pronounced decline in cold storage vacancy relative to ambient was not attributable to an expansion in cold storage leasing demand, but rather to a deepening supply contraction driven by supply-demand imbalances, as well as the conversion of cold storage space into ambient use. While variances exist across sub-regions and facility types, nominal rents declined modestly for both ambient and cold storage facilities across the Seoul Metropolitan Area as a whole. The average nominal rent for ambient logistics centers fell by KRW 497 from the previous half-year to KRW 32,714 per py. For cold storage, rents declined primarily in the Central and Western corridors, falling by KRW 1,311 to KRW 60,374 per py. These rental declines appear to reflect a deepening polarization within the market rather than a broad-based downward trend. In a number of cases, less competitive assets significantly reduced asking rents in an effort to resolve prolonged vacancies, which has weighed on the overall average figures.

Vacancy Trend Amb

100.0% Unit %

Vacancy Trend Cold

100.0% Unit % Decline in Average for Ambient &

1. Southeast

The average vacancy rate for ambient logistics centers in the Southeastern corridor recorded a notable decline of 5.6 percentage points from the previous half-year to 9.5%, driven by the continued reduction in new supply. Coupang completed a full-building lease of the Hangang Asset Jeombongdong Logistics Center in Yeoju (approximately 37,000 py), while Hanjin leased the entire ambient space (approximately 11,000 py) at the K-Clavis Samgun-ri Logistics Center, both contributing to vacancy absorption. In addition, the LB Ihwang-ri Logistics Center in Icheon successfully secured a tenant after converting its long-vacant cold storage space to ambient use. In contrast, the average vacancy rate for cold storage facilities rose by 2.5 percentage points from the previous half-year to 25.1%. This increase appears to be driven primarily by tenant departures amid supply-demand instability rather than the impact of new supply. Notably, Team Fresh was confirmed to have vacated the entire cold storage space at both Pacific Brick Icheon Logistics Center 2 and Kiwoom Icheon Anpyeong-ri Logistics Center in Icheon. As the supply-demand imbalance between facility types persisted, the nominal rent for ambient space rose by KRW 188 from the previous half-year to KRW 30,010 per py, while cold storage nominal rent declined by KRW 1,979 to KRW 56,753 per py. The decline in cold storage rents, however, is attributed less to a broad market trend and more to strategic rent reductions implemented by select older and smaller assets in an effort to attract tenants. Decline / Marginal Increase in Widening Nominal Rent Divergence Driven by Demand Polarization

2. South

The average vacancy rate for ambient logistics centers in the Southern corridor rose by 2.5 percentage points from the previous half-year to 14.6%. Key leasing activity in the second half included Musinsa taking over the entire space at Mapletree Iljuk 2 Logistics Center in Anseong following the departure of previous tenant Han Express, successfully resolving the vacancy. However, the departure of LX Pantos from LX Pantos Pyeongtaek Logistics Center (approximately 10,000 py) in Pyeongtaek and Team Fresh from LB Yanggam-myeon Songsan-ri Logistics Center in Hwaseong resulted in a marginal overall increase in the corridor's vacancy rate. The cold storage vacancy rate declined by 4.1 percentage points from the previous half-year to 33.9%. JY Logis, a third-party logistics (3PL) provider, moved into approximately 4,000 py at Dou Development Nam-Anseong Logistics Center in Anseong, absorbing existing vacancy. In addition, Sunwoo CND completed a full cold storage lease at Block B of the Create Asset Management Logistics Center, which had been sold the previous year, contributing to the decline in cold storage vacancy. Nominal rents remained broadly stable compared to the previous half-year, at KRW 30,091 per py for ambient and KRW 57,149 per py for cold storage. For ambient space, the majority of assets maintained or slightly increased their rents, though selective reductions by certain assets seeking to attract tenants kept the overall trend flat. For cold storage, despite a partial decline in vacancy, rates remain elevated at over 30%, indicating that market conditions continue to limit landlords' ability to push rents higher.. Stable / Decline Nominal Rent Remains Broadly Stable

3. West

Remains Stable / Declines on Continued Conversion The ambient vacancy rate in the Western corridor declined by 1.2 percentage points from the previous half-year to 16.5%, despite continued leasing demand, as the impact of newly supplied assets weighed on the overall figure. Coupang leased an additional approximately 10,000 py at Cheongna Logistics Center in Incheon, while both Coupang and SF Express each took up approximately 2,000 py at Arenas Yeongjong Logistics Center, contributing to vacancy absorption. However, the full vacancy delivery of Logis HK Sihwa Logistics Center (approximately 26,000 py) in Siheung limited the overall decline in the ambient vacancy rate. The average vacancy rate for cold storage facilities fell sharply by 17.8 percentage points from the previous half-year to 63.3%, driven by a reduction in supply and improved leasing demand. Weekip partially absorbed the cold storage vacancy at CBRE IM DLC Logistics Center in Incheon, while Cheongna Logistics Center converted one floor of long-vacant cold storage space to ambient use, further contributing to the decline in cold storage vacancy. Nominal rent for ambient space in the Western corridor edged down slightly from the previous half-year to KRW 38,269 per py, while cold storage nominal rent was recorded at KRW 66,928 per py.

4. Northwest

Highest Vacancy Rate in the Seoul

Area Persists

While the large volume of vacant space delivered in 2024 continues to be gradually absorbed, full market stabilization is expected to take some time. The ambient vacancy rate in the Northwestern corridor declined by 3.3 percentage points from the previous half-year to 27.3%, while the cold storage vacancy rate fell by 9.7 percentage points to 62.1%. Both figures remain the highest among the six sub-regions in the Seoul Metropolitan Area for their respective facility types. For ambient space, several 3PL operators moved into approximately 3,000 py at K-One Gimpo Logis Logistics Center in Gimpo, while Starttodayand Coupang fully absorbed the remaining ambient vacancy at Hyundai Investment Asset Management Paju H Logistics in Paju, contributing to the overall decline in ambient vacancy. For cold storage, a 3PL operator leased space at Mastern Logis Point SMART Logistics Center in Gimpo, and the cold storage vacancy at K-Logis Gimpo, held by Koramco Asset Trust, was fully converted to ambient use, contributing to the decline in the overall cold storage vacancy rate. Nominal rent for ambient space was recorded at KRW 42,045 per py (down KRW 705 from the previous half-year), while cold storage nominal rent stood at KRW 68,353 per py (down KRW 2,592). The rental declines in the Northwestern corridor are similarly attributed to strategic rent reductions by select older and less competitive assets seeking to attract tenants. 45,000 50,000 75,000 80,000

5. Central

Edges Up Despite Limited Supply The average vacancy rate for ambient logistics centers in the Central corridor fell by 4.5 percentage points from the previous half-year to 4.7%, recording the most stable vacancy level among all sub-regions. However, the cold storage vacancy rate rose by 19.0 percentage points to 36.6%. Despite the absence of new supply in the Central corridor over the past two years, cold storage vacancy increased as tenant departures were observed across select assets. For ambient space, multiple tenants leased a combined approximately 10,000 py at Korea Integrated Logistics Gunpo Terminal (Old Building) (total floor area: 101,009 py) and Korea Integrated Logistics Gunpo Terminal (New Building) (total floor area: 99,126 py) in Gunpo, driving the decline in ambient vacancy. For cold storage, Team Fresh vacated its space at Pebblestone Dongtan Central Logis Hub in the Central corridor, contributing to the rise in cold storage vacancy. Nominal rent for ambient space in the Central corridor edged down slightly from the previous half-year to KRW 32,925 per py, while cold storage nominal rent remained broadly in line with the previous period at KRW 61,571 per py. Investment 2 Investment Market 2 Investment Market Overall XL L M S Volume ₩100M 32,955 15,423 6,800 9,699 1,033 HoH, ₩100M ▲ 17,021 ▲ 10,673 ▼ 200 ▲ 7,591 ▼ 1,042 Overview Record-High Achieved in 2H 2025 Total transaction volume for logistics centers in the Seoul Metropolitan Area in the second half of 2025 reached KRW 3.3 trillion, with a total traded area of 461,000 py. This represents more than double the transaction volume recorded in the first half of the year and marks the highest level since records began. By sub-region, the Southeastern and Southern corridors, which had seen subdued activity in the first half, led the market rebound with transaction volumes surging by 261.9% and 91.4% respectively. The Western corridor also posted a 35.6% increase from the previous half-year, setting a new all-time high for the sub-region. In contrast, the Northwestern and Other corridors each recorded only two transactions, while the Central corridor saw no transactions throughout 2025. By asset size, transaction values were significantly driven upward by the influx of foreign capital into ultra-large assets. Cheongna Logistics Center, a large-scale mixed-use logistics facility in Incheon (total floor area: 131,000 py), was sold to Create Asset Management — backed by KKR as investor — for approximately KRW 1 trillion. Logis Valley Ansan, a large-scale ambient logistics center in Siheung (total floor area: 72,000 py), was also transferred to Widecreek Asset Management — with M&G participating as investor — for approximately KRW 500 billion, further contributing to the overall increase in transaction value. In contrast, small asset transaction values declined by approximately 50% compared to the previous half-year. Notable small asset transactions included the sale of Mapletree Yeoju Logistics Center in Yeoju, Gyeonggi-do (approximately 3,000 py) for approximately KRW 8 billion, and the transfer of Bodam Logistics Center in Yongin (approximately 3,000 py) to Ourhome for approximately KRW 30.2 billion. Volume Trend by Sub-region

in the Seoul

5,000 10,000 15,000 20,000 Unit ₩100M

Transactions by Size

2 Investment MarketLogistics Center Trend Rising Price/Py Concentrated in Prime Assets and Deepening Value Polarization

Across Assets

The average transaction price per py for logistics centers in the Seoul Metropolitan Area in the second half of 2025 was recorded at KRW 7.15 million. By facility type, ambient assets transacted at KRW 6.17 million per py and mixed-use assets at KRW 7.41 million per py. Cold storage assets were recorded at KRW 5.98 million per py; however, this figure reflects ownership transfers through public auction rather than conventional market transactions, and caution is advised when interpreting this as a market price indicator. In the investment market, prime assets led the price appreciation. Cheongna Logistics Center, which is under long-term lease to Coupang and E-Mart, transacted at KRW 7.91 million per py. MQ Logis Cube Gochon and MQ Logis Cube Namyangju, both transferred to Cube Industrial, achieved prices exceeding KRW 9 million per py despite being ambient assets, pushing up the overall average price level. In contrast, small and older logistics centers transacted at approximately KRW 2–4 million per py on an ambient basis, reflecting a widening valuation gap between prime and older assets. Average Price/Py Trend for Logistics Centers in the Seoul Area* Average Cap Rate Trend for

Transactions in

Metropolitan* *Area Excluding forward purchase and development-purpose transactions 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 100,000 200,000 300,000 400,000 500,000 600,000 0.0 2,000.0 4,000.0 6,000.0 8,000.0 10,000.0 Unit pyUnit ₩K Transacted Area Avg. Price/py 2 Investment MarketLogistics Center Trend ‘25. 2H Major Transactions Logistics Centers Region GFA (py) ₩100M Price/Py ₩10K

Buyer Seller Remarks

Cheongna Logistics Center West 130,152 10,300 791

Brookfield Asset

Logis Valley Ansan West 72,281 5,123 709 Wide Creek Asset CBRE IM Logis Point Yeoju Logistics Southeast 39,624 1,900 480 KORAMCO Asset Mastern Investment

Yeoju Jeombong-dong

Southeast 36,949 2,200 595 ARA Korea Asset Yeoju JB Logistics

Logisco Hwaseong

South 32,631 2,700 827 JR Asset MQ Logis Cube Gimpo Gochon Northwest 23,691 2,167 915 Cube Industrial Logis Valley

DWS Coupang Gwangju

Southeast 19,268 1,186 616 DWS Asset Mirae Asset Logis Point Seoun Logistics South 16,433 1,000 609 Hangil General Mastern Investment SSG Neo 003 Northwest 15,922 1,528 960 CJ Logistics SSG.COM Icheon Maegok DC Logistics Southeast 15,009 940 626 Pacific Asset ESR Kendall Square REITs MQ Logis Cube Namyangju Other 14,911 1,343 901 Cube Industrial Logis Valley Ohouse Logistics Center Southeast 13,560 814 600 ESR Kendall Square REITs Kendall Square Asset Logistics Center Regoin GFA (py) Buyer Seller (Scheduled) Remarks

Shinsegae Pyeongtaek

South 45,261 Pacific Asset Leased to Shinsegae Food and others CBRE IM Dohwa Logistics West 75,390 CBRE IM TBD Leased to Coupang and others

Incheon Hangdong Smart

West 26,691 Koramco Asset Trust TBD Fully leased to Coupang Yeoju JeombongdongLogistics Center Cheongna Logis Valley Ansan Logis Point Yeoju Logisco Hwaseong DWS Coupang Gwangju Logis Point Seoun Logistics SSG Neo 003 Major Transactions (Scheduled) MQ Logis Cube Gimpo Gochon Icheon Maegok DC Logistics Center MQ Logis Cube Namyangju Ohouse Ohouse Research Design Survey Area Seoul Metropolitan Area Survey Frequency Semiannual Survey Method Call Survey Field Research

Lease Flyer

Ministry of Land, Infrastructure, and Transport

Public Data

Survey Items Leasing Market Deposit, rent, maintenance fee, vacant area Transactions Survey Target Leasing Market Logistics centers with GFA of 3,000py+ Logistics centers with GFA of 2,000py+ Definition: Logistics Center Logistics centers with more than 50% of the GFA used for storage purposes. Size Category for Logistics Centers XL L M S GFA 50k py or more 165,289㎡ + GFA 30k py ~ 50k py 99,174㎡~165,289㎡ GFA 10K py ~ 30k py 33,058㎡ ~ 99,174㎡ Less than GFA 10K py Less than 33,508㎡ South

Central West

Northwest_ Other Gwangju, Icheon, Yeoju, Youngin Chuhin-Gu Anseong, Pyeongtaek, Hwaseong Excluding Dongtan Gunpo, Uiwang, Anyang, Gwacheon, Suwon, Osan, Hwaseong, Seongnam Dongtan (Bansong-dong, Sukwoo-dong, Neung-dong, Chunggae-dong, Youngchun-dong, Osan-Dong, Shin-dong, Mok-dong, Sancheok-dong, Jangji-dong, Song-dong)), Yongin (Suji-gu, Giheung-gu), Ansan, Siheung, Gwangmyeong, Incheon Jung-gu, Dong-gu, Michuhol-gu, Seo-gu, Namdong-gu, Yeonsu-gu, Wongjin-gu Goyang, Paju, Gimpo, Bucheon, Incheon Gaeyang-gu, Bupyeong-gu, Ganghwa-gun Other areas in Gyeonggi-do and Seoul Regional Category *The intellectual property rights of the information provided in this report (including graphs, tables, etc.) are owned by RSQUARE. Unauthorized copying and distribution for commercial purposes without prior permission may result in legal sanctions. Real Estate Investment and Development Division, Big Data Consulting Team Sang Jun Lee Director sangjun_lee@rsquare.co.kr A Rum Cho Senior Manager newpeak@rsquare.co.kr Sang Heon Park Manager sh.park@rsquare.co.kr Jin Bae Son Manager larce8934@rsquare.co.kr [이미지 설명]