Oversupply Causes Vacancy Rate at Seoul Class A Logistics Centers to Increase by 10% YoY According to Jones Lang LaSalle (JLL) Korea, as of the third quarter of 2023, the vacancy rate for class A logistics centers in the Seoul metropolitan area with a total floor area of 10,000 pyeong or more was 13.1%, an increase of nearly 10 percentage points compared to the same period last year (4.0%). The western region, which includes the cities of Incheon, Gimpo, and Bucheon, has recently experienced a concentration of supply, resulting in a vacancy rate of 20.1%, while the southern metropolitan area, which includes the cities of Hwaseong, Pyeongtaek, and […]