{"id":318989,"date":"2022-05-24T21:35:16","date_gmt":"2022-05-24T13:35:16","guid":{"rendered":"https:\/\/www.mingtiandi.com\/?p=318989"},"modified":"2022-08-15T15:31:56","modified_gmt":"2022-08-15T07:31:56","slug":"esr-lasalle-hines-and-jll-on-korea-sheds-mtd-tv","status":"publish","type":"post","link":"https:\/\/www.mingtiandi.com\/real-estate\/investors-confident-in-south-koreas-logistics-market-despite-headwinds\/","title":{"rendered":"Investors Confident in South Korea\u2019s Logistics Market Despite Headwinds"},"content":{"rendered":"<div class=\"container-lazyload container-vimeo js-lazyload--not-loaded\"><a href=\"https:\/\/player.vimeo.com\/video\/713132480?h=1eb988b31a\" id=\"713132480\" class=\"lazy-load-vimeo preview-lazyload preview-vimeo\" data-video-thumbnail=\"https:\/\/i.vimeocdn.com\/video\/1438002286-d2441b796b5645cf312a5af807a046491c87c8dd28c86439e0e202e73d9c0560-d_295x166\" data-video-title=\"Mingtiandi Asia Logistics Forum 2022: Logistics Investment in South Korea\" title=\"Play video &quot;Mingtiandi Asia Logistics Forum 2022: Logistics Investment in South Korea&quot;\">https:\/\/player.vimeo.com\/video\/713132480?h=1eb988b31a<\/a><noscript>Video can&#8217;t be loaded because JavaScript is disabled: <a href=\"https:\/\/player.vimeo.com\/video\/713132480?h=1eb988b31a\" title=\"Mingtiandi Asia Logistics Forum 2022: Logistics Investment in South Korea\">Mingtiandi Asia Logistics Forum 2022: Logistics Investment in South Korea (https:\/\/player.vimeo.com\/video\/713132480?h=1eb988b31a)<\/a><\/noscript><\/div>\n<p>&nbsp;<br \/>\nSouth Korea\u2019s logistics real estate market is on track for continued growth this year despite challenges from rising construction costs and interest rate hikes, according to a panel of experts speaking at an industry forum on Tuesday, with the country head of LaSalle Investment Management pointing to tougher conditions as creating potential acquisition opportunities.<\/p>\n<p>Steve Hyung Kim, head of Korea for the US fund manager told MTD TV\u2019s Logistics Investment in South Korea panel that his firm expects smaller firms which have entered the market more recently to face hurdles as Russia\u2019s invasion of Ukraine, rising inflation and interest rate hikes disrupt markets.<\/p>\n<p style=\"text-align: center;\"><div style=\"margin-left: auto; margin-right: auto; text-align: center; \" id=\"mingt-2129150711\"><a data-no-instant=\"1\" href=\"https:\/\/info.altusgroup.com\/apac-altus-valuation\/?utm_campaign=23_AA_APAC_VA_Brand_Mingtiandi-Display-Ads_Website&#038;utm_medium=display-digital&#038;utm_source=&#038;utm_content=Website&#038;sfid=7012M000002m8TN\" rel=\"noopener\" class=\"adv-link\" target=\"_blank\" aria-label=\"Altus - Valuation Management 780x250 Banner\"><img decoding=\"async\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/Valuation-management-Mingtiandi-ads-01.png\" alt=\"Altus - Valuation Management 780x250 Banner\"  srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/Valuation-management-Mingtiandi-ads-01.png 1560w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/Valuation-management-Mingtiandi-ads-01-400x128.png 400w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/Valuation-management-Mingtiandi-ads-01-1024x329.png 1024w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/Valuation-management-Mingtiandi-ads-01-1536x493.png 1536w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/Valuation-management-Mingtiandi-ads-01-640x206.png 640w\" sizes=\"(max-width: 1560px) 100vw, 1560px\" width=\"780\" height=\"250\"  style=\"display: inline-block;\" \/><\/a><\/div><\/p>\n<p>\u201cI think this year has got more uncertainties than last year. There&#8217;s a war going on, commodity prices are going up, steel prices are going up, interest rates are going up,\u201d he said. \u201cBut I think in the midst of all that, I think there\u2019s a lot of inexperienced developers in the domestic market here, you\u2019ll see a lot of projects trying to de-lever, you see highly leveraged projects that are not going to complete their business plans \u2013 that presents an acquisition opportunity for us.\u201d<\/p>\n<p>The challenges this year come after trades of income-earning logistics assets in Korea nearly doubled to $5.7 billion last year from just $3.6 billion in 2020, with last year\u2019s total exceeding the annual average from 2015 to 2019 by nearly four times, based on MSCI-RCA data.<\/p>\n<h3>Opportunities in Challenging Times<\/h3>\n<p>Korea\u2019s logistics market has grown significantly from where it was 10 years ago as e-commerce continues to rise and more local and foreign institutional investors enter the industry, according to Hines\u2019 director for Korea investments Harry Lee.<\/p>\n\n\t\t<style type=\"text\/css\">\n\t\t\t#gallery-1 {\n\t\t\t\tmargin: auto;\n\t\t\t}\n\t\t\t#gallery-1 .gallery-item {\n\t\t\t\tfloat: left;\n\t\t\t\tmargin-top: 10px;\n\t\t\t\ttext-align: center;\n\t\t\t\twidth: 25%;\n\t\t\t}\n\t\t\t#gallery-1 img {\n\t\t\t\tborder: 2px solid #cfcfcf;\n\t\t\t}\n\t\t\t#gallery-1 .gallery-caption {\n\t\t\t\tmargin-left: 0;\n\t\t\t}\n\t\t\t\/* see gallery_shortcode() in wp-includes\/media.php *\/\n\t\t<\/style>\n\t\t<div data-carousel-extra='{\"blog_id\":1,\"permalink\":\"https:\\\/\\\/www.mingtiandi.com\\\/real-estate\\\/investors-confident-in-south-koreas-logistics-market-despite-headwinds\\\/\"}' id='gallery-1' class='gallery galleryid-318989 gallery-columns-4 gallery-size-thumbnail'><dl class='gallery-item'>\n\t\t\t<dt class='gallery-icon portrait'>\n\t\t\t\t<a href='https:\/\/www.mingtiandi.com\/attachment\/esr-sp-site-layout-2\/'><img decoding=\"async\" data-attachment-id=\"317087\" data-orig-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2022\/05\/ESR-Kendall-Square-REIT_Sanghwoi-Bae.jpg\" data-orig-size=\"577,578\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;,&quot;keywords&quot;:&quot;Array&quot;}\" data-image-title=\"Sanghwoi Bae, CEO, ESR Kendall Square REIT\" data-image-description=\"\" data-medium-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2022\/05\/ESR-Kendall-Square-REIT_Sanghwoi-Bae-400x400.jpg\" data-large-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2022\/05\/ESR-Kendall-Square-REIT_Sanghwoi-Bae.jpg\" width=\"150\" height=\"150\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2022\/05\/ESR-Kendall-Square-REIT_Sanghwoi-Bae-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"Sanghwoi Bae, CEO, ESR Kendall Square REIT\" aria-describedby=\"gallery-1-317087\" srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2022\/05\/ESR-Kendall-Square-REIT_Sanghwoi-Bae-150x150.jpg 150w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2022\/05\/ESR-Kendall-Square-REIT_Sanghwoi-Bae-400x400.jpg 400w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2022\/05\/ESR-Kendall-Square-REIT_Sanghwoi-Bae-90x90.jpg 90w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2022\/05\/ESR-Kendall-Square-REIT_Sanghwoi-Bae-260x260.jpg 260w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2022\/05\/ESR-Kendall-Square-REIT_Sanghwoi-Bae-420x420.jpg 420w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2022\/05\/ESR-Kendall-Square-REIT_Sanghwoi-Bae-250x250.jpg 250w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2022\/05\/ESR-Kendall-Square-REIT_Sanghwoi-Bae.jpg 577w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/a>\n\t\t\t<\/dt>\n\t\t\t\t<dd class='wp-caption-text gallery-caption' id='gallery-1-317087'>\n\t\t\t\tSanghwoi Bae, CEO, ESR Kendall Square REIT\n\t\t\t\t<\/dd><\/dl><dl class='gallery-item'>\n\t\t\t<dt class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.mingtiandi.com\/real-estate\/events\/join-the-mingtiandi-asia-logistics-forum-2022\/attachment\/steve-kim-lasalle-im\/'><img decoding=\"async\" data-attachment-id=\"312911\" data-orig-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2021\/12\/Steve-Kim-LaSalle-IM-e1686144111183.jpg\" data-orig-size=\"664,559\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;,&quot;keywords&quot;:&quot;Array&quot;}\" data-image-title=\"Steve Hyung Kim, Head of Korea, LaSalle Investment Management\" data-image-description=\"\" data-medium-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2021\/12\/Steve-Kim-LaSalle-IM-e1686144111183-400x337.jpg\" data-large-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2021\/12\/Steve-Kim-LaSalle-IM-e1686144111183.jpg\" width=\"150\" height=\"150\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2021\/12\/Steve-Kim-LaSalle-IM-e1686144111183-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"Steve Hyung Kim, Head of Korea, LaSalle Investment Management\" aria-describedby=\"gallery-1-312911\" srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2021\/12\/Steve-Kim-LaSalle-IM-e1686144111183-150x150.jpg 150w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2021\/12\/Steve-Kim-LaSalle-IM-e1686144111183-90x90.jpg 90w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2021\/12\/Steve-Kim-LaSalle-IM-e1686144111183-260x260.jpg 260w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/a>\n\t\t\t<\/dt>\n\t\t\t\t<dd class='wp-caption-text gallery-caption' id='gallery-1-312911'>\n\t\t\t\tSteve Hyung Kim, head of Korea at LaSalle\n\t\t\t\t<\/dd><\/dl><dl class='gallery-item'>\n\t\t\t<dt class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.mingtiandi.com\/attachment\/harry-lee-hines\/'><img decoding=\"async\" data-attachment-id=\"312483\" data-orig-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2022\/04\/Harry-Lee-Hines.jpeg\" data-orig-size=\"330,330\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;,&quot;keywords&quot;:&quot;Array&quot;}\" data-image-title=\"Harry Lee, Director, Korea Investments, Hines\" data-image-description=\"\" data-medium-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2022\/04\/Harry-Lee-Hines.jpeg\" data-large-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2022\/04\/Harry-Lee-Hines.jpeg\" width=\"150\" height=\"150\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2022\/04\/Harry-Lee-Hines-150x150.jpeg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"Harry Lee, Director, Korea Investments, Hines\" aria-describedby=\"gallery-1-312483\" srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2022\/04\/Harry-Lee-Hines-150x150.jpeg 150w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2022\/04\/Harry-Lee-Hines-90x90.jpeg 90w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2022\/04\/Harry-Lee-Hines-250x250.jpeg 250w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2022\/04\/Harry-Lee-Hines.jpeg 330w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/a>\n\t\t\t<\/dt>\n\t\t\t\t<dd class='wp-caption-text gallery-caption' id='gallery-1-312483'>\n\t\t\t\tHarry Lee, Managing Director, Country Head of South Korea, Hines\n\t\t\t\t<\/dd><\/dl><dl class='gallery-item'>\n\t\t\t<dt class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.mingtiandi.com\/real-estate\/events\/join-the-mingtiandi-asia-logistics-forum-2022\/attachment\/chae-hun-chang-jll-cropped\/'><img decoding=\"async\" data-attachment-id=\"312641\" data-orig-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2021\/12\/Chae-Hun-Chang-JLL-cropped-e1667099900590.jpg\" data-orig-size=\"780,579\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;,&quot;keywords&quot;:&quot;Array&quot;}\" data-image-title=\"Chae Hun Chang, Head of South Korea, JLL\" data-image-description=\"\" data-medium-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2021\/12\/Chae-Hun-Chang-JLL-cropped-e1667099900590-400x297.jpg\" data-large-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2021\/12\/Chae-Hun-Chang-JLL-cropped-e1667099900590.jpg\" width=\"150\" height=\"150\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2021\/12\/Chae-Hun-Chang-JLL-cropped-e1667099900590-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"Chae Hun Chang, Head of South Korea, JLL\" aria-describedby=\"gallery-1-312641\" srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2021\/12\/Chae-Hun-Chang-JLL-cropped-e1667099900590-150x150.jpg 150w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2021\/12\/Chae-Hun-Chang-JLL-cropped-e1667099900590-90x90.jpg 90w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2021\/12\/Chae-Hun-Chang-JLL-cropped-e1667099900590-420x420.jpg 420w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2021\/12\/Chae-Hun-Chang-JLL-cropped-e1667099900590-250x250.jpg 250w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/a>\n\t\t\t<\/dt>\n\t\t\t\t<dd class='wp-caption-text gallery-caption' id='gallery-1-312641'>\n\t\t\t\tChae Hun Chang, Head of South Korea, JLL\n\t\t\t\t<\/dd><\/dl><br style=\"clear: both\" \/>\n\t\t<\/div>\n\n<p>\u201cSo there\u2019s improvement in the depth of the market, transparency and liquidity and we are seeing some material amount of cap rate premium on the top of office (sector), which is unique in global perspectives,\u201d Lee told the MTD TV panel \u2013 which was sponsored by Yardi.<\/p>\n<p>\u201cWe are still positive about this sector in this country and we are going to expand our presence in this sector,\u201d he added, with Hines having already taken on <a href=\"https:\/\/www.mingtiandi.com\/real-estate\/logistics\/hines-developing-cold-chain-project-near-seoul-korea\/\">two cold chain projects in South Korea<\/a>.<\/p>\n<p>Kim said the domestic market\u2019s strong fundamentals and high growth prospects bode well for a ground-up developer and value-add opportunistic investor like LaSalle, especially with rents headed upwards after a period of stagnation.<\/p>\n<p>The pandemic-driven spike in demand for warehouse space pulled vacancy rates down to just 2 percent last year from the 10 percent average in 2019, while average rents for facilities in the Seoul area surged by around 20 percent in 2021 from the year prior.<\/p>\n<p>Speaking at the same panel, Sanghwoi Bae, chief executive officer for the manager of ESR Kendall Square REIT, said he sees the next 24 months as a \u201creshuffling period\u201d for a lot of investors, developers and general contractors with some players likely to stay on the sidelines as they wait for construction prices and leasing rates to settle.<\/p>\n<p style=\"text-align: center;\"><a data-no-instant=\"1\" href=\"https:\/\/www.mingtiandi.com\/real-estate\/events\/oxford-ivanhoe-kic-savills-on-singapore-india-markets\/\" rel=\"noopener\" class=\"adv-link\" target=\"_blank\" aria-label=\"14 NOVEMBER 2023 conrad centennial Singapore\"><img decoding=\"async\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/14-NOVEMBER-2023-conrad-centennial-Singapore.jpg\" alt=\"\"  srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/14-NOVEMBER-2023-conrad-centennial-Singapore.jpg 780w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/14-NOVEMBER-2023-conrad-centennial-Singapore-400x128.jpg 400w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/14-NOVEMBER-2023-conrad-centennial-Singapore-640x205.jpg 640w\" sizes=\"(max-width: 780px) 100vw, 780px\" width=\"780\" height=\"250\"   \/><\/a><\/p>\n<p>Bae said investors with deeper pockets, including foreign firms, have a window of opportunity to acquire assets or set up ventures as some domestic players with more limited resources struggle with more challenging financial conditions.<\/p>\n<p>\u201cIt&#8217;s time to focus on the right location, the right assets and the right tenants,\u201d he said. \u201cI think it&#8217;s a good opportunity for sound equity capital players to seize opportunities with good credit tenants and that would certainly yield positive results within the next year or two, especially given all tendencies are pushing rent growth going forward.\u201d<\/p>\n<p>Geographically, the REIT manager\u2019s boss said his team is also exploring opportunities outside of Greater Seoul, particularly in the port city of Busan, which benefits from a large population and deep e-commerce penetration.<\/p>\n<h3>E-Commerce Drives Market<\/h3>\n<p>Bae linked last year\u2019s jump in warehouse acquisitions to Korea\u2019s burgeoning e-commerce sector. Within ESR Kendall Square REIT\u2019s 18 asset portfolio, e-commerce tenants and third party logistics firms linked to online retail already occupy over 80 percent of the total space with lease terms hovering around 10 to 15 years.<\/p>\n<p>In terms of leasing rates, JLL Korea\u2019s country head Chae Hun Chang said his firm expects \u201csignificant rental growth\u201d in as the market faces limited stock of ambient storage facilities, despite developers\u2019 efforts to produce new supply. However, he cautioned that it may still be too early to tell if the market will see a repeat of the double-digit growth last year.<\/p>\n<p style=\"text-align: center;\"><a data-no-instant=\"1\" href=\"https:\/\/www.mipim-asia.com\/?utm_source=mingtiandi&#038;utm_medium=barter_website&#038;utm_campaign=mipimasia2023\" rel=\"noopener\" class=\"adv-link\" target=\"_blank\" aria-label=\"AR-607487_Mipim Asia_23_Banner Resize 780&#215;250\"><img decoding=\"async\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/AR-607487_Mipim-Asia_23_Banner-Resize-780x250-1.jpg\" alt=\"\"  srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/AR-607487_Mipim-Asia_23_Banner-Resize-780x250-1.jpg 780w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/AR-607487_Mipim-Asia_23_Banner-Resize-780x250-1-400x128.jpg 400w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/AR-607487_Mipim-Asia_23_Banner-Resize-780x250-1-640x205.jpg 640w\" sizes=\"(max-width: 780px) 100vw, 780px\" width=\"780\" height=\"250\"   \/><\/a><\/p>\n<p>\u201cI think for modern, high quality logistics, especially in the dry storage area, we are seeing significant rental growth and I think that that trend will continue even with a lot of new supply coming into the market,\u201d Chang said. \u201cBased on our leasing stats, we find that especially in the Seoul capital area, there&#8217;s a shortage of dry storage.\u201d<\/p>\n<p>\u201cThe low vacancy and the increasing tenant demand will put pressure on rental rates and we will see in dry storage areas steady rental growth going forward,\u201d he added.<\/p>\n<h3>Down to Two Panels<\/h3>\n<p>With the Korea session concluded, Mingtiandi\u2019s Asia Logistics Forum will continue on Thursday, 26 May with a panel of <a href=\"https:\/\/www.mingtiandi.com\/real-estate\/events\/panel-logistics-investment-in-asias-emerging-markets-2022\/\">experts exploring emerging markets in the region<\/a>.<\/p>\n<p>Joining us for that session will be Logos\u2019 head of leasing for Southeast Asia Kieran O\u2019Flynn, CPPIB managing director and head of real estate for India Hari Krishna V, Cushman &amp; Wakefield head of investor services for logistics and industrial in Asia Pacific Dennis Yeo, and BW Industrial chief financial officer Paul Wee.<\/p>\n<p>The final session on Monday, 30 May will take a deep-dive into how <a href=\"https:\/\/www.mingtiandi.com\/real-estate\/events\/panel-e-commerce-and-logistics-innovation-2022\/\">e-commerce is driving innovation in the warehouse sector<\/a> with a spotlight interview with Dr. Michael de Jong-Douglas, group head for customer solutions and partnerships with the logistics division of ESR and Tim Foster, head of supply chain and logistics advisory for Asia Pacific at Cushman &amp; Wakefield.<\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"container-lazyload container-vimeo js-lazyload--not-loaded\">https:\/\/player.vimeo.com\/video\/713132480?h=1eb988b31aVideo can&#8217;t be loaded because JavaScript is disabled: Mingtiandi Asia Logistics Forum 2022: Logistics Investment in South Korea (https:\/\/player.vimeo.com\/video\/713132480?h=1eb988b31a)<\/div>\n<p>&nbsp; South Korea\u2019s logistics real estate market is on track for continued growth this year despite challenges from&#8230;&nbsp;<a href=\"https:\/\/www.mingtiandi.com\/real-estate\/investors-confident-in-south-koreas-logistics-market-despite-headwinds\/\">Read&nbsp;More>><\/a><\/p>\n","protected":false},"author":12201,"featured_media":318997,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[3456],"tags":[5382,8577,3013,5032,1671,2332,8591,8380,8400,2802],"ppma_author":[8848],"authors":[{"term_id":8848,"user_id":12201,"is_guest":0,"slug":"beatrice-laforga","display_name":"Beatrice Laforga","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/d4be689d8f5a82939d685df6ef171fcb?s=96&d=mm&r=g","user_url":"","last_name":"Laforga","first_name":"Beatrice","description":""}],"_links":{"self":[{"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/posts\/318989"}],"collection":[{"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/users\/12201"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/comments?post=318989"}],"version-history":[{"count":0,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/posts\/318989\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/media\/318997"}],"wp:attachment":[{"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/media?parent=318989"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/categories?post=318989"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/tags?post=318989"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/ppma_author?post=318989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}