The Busan-Ulsan-Gyeongnam region accounts for approximately 12.3% of Korea's total logistics center supply, making it the second-largest logistics hub after the Seoul Metropolitan Area. It is an emerging logistics market in which logistics center floor area has roughly doubled over the past decade. With a lighter supply burden than the SMA, the market remained relatively stable through 2023. In 2024, however, new supply equivalent to approximately 18% of cumulative supply was delivered in a concentrated manner, driving up vacancy rates and intensifying leasing competition. Going forward, most of the scheduled supply consists of Build-to-Suit (BTS) assets centered on Busan New Port, so the volume that will actually enter the leasing market is limited, and the market is expected to stabilize gradually.
Anchored by Korea's largest import-export port, Busan sustains solid demand across food, third-party logistics (3PL), and e-commerce, with logistics demand from leading online retailers such as Coupang and Kurly continuing to rise. Backed by the relocation of the Ministry of Oceans and Fisheries (MOF) and HMM, the development of Gadeokdo New Airport, and expanding public-private investment, Busan is poised to emerge as a global logistics hub.
