Greater Busan is emerging as the second-largest logistics cluster in South Korea, due to its strategic location and stronger infrastructure.
Guide
13 February 2025
Exploring the dynamics of Greater Busan’s logistics market
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Source: JLL Korea, Ministry of Land, Infrastructure and Transport
Unit: sqm
Strong demand is driving the Greater Busan logistics market to expand alongside the SCA logistics market. By the end of 2024, the Greater Busan stock was approximately seven million sqm, representing a 16% increase from the previous year. Of which, Gyeongsangnam-do accounts for 55%, Busan for 38%, and Ulsan for about 7%. Currently, the Greater Busan stock is equivalent to about 20% of the overall SCA stock.
As of 2024, Greater Busan hosts 45 large logistics centres, each over 33,000 sqm (JLL’s definition of Grade A: GFA of over 33,000 sqm). About 30% of these centres are owner-occupied, while 70% are leasable. Specifically, centres built in the 2000s account for about 610,000 sqm, those from the 2010s for 1.25 million sqm, and those from the 2020s for around 1.71 million sqm. Remarkably, completions from 2000 onwards are equivalent to about 92% of the GFA built between 2000 to 2019, indicating a significant surge in new supply in recent years.
Figure 3: No of permit and groundbreaking in Greater Busan Grade A market
