2023 Korea Third-Party Logistics Occupier Survey

3PLs remain the largest source of demand in the logistics market, occupying about 40% of total stock. 

Appetite to acquire more space remained solid with 90% of local respondents planning to maintain or expand the size of logistics centres.

With transportation accessibility and rent emerging as the most important factors in choosing where to locate logistics centres, the preference for leasing in the southern region of Greater Seoul is expected to continue.

Cost and market competition were identified as the biggest risk factors. 3PL tenants were found to have the highest burden delivery costs, while concerns about real estate costs, including rent, were observed to be relatively low. 

Although 3PL occupiers are interested in green logistics assets, it appears that there is no premium in making leasing decisions.