Anseong is a transportation hub with four expressways running through it, and logistics areas have been developed around the areas adjacent to the ICs. The supply has doubled in the past three years, and the increase in supply has been evenly distributed among the existing logistics supply areas.
With the boom in the logistics center development, the volume of new logistics centers in Anseong has increased 2-3 times since ’23 and is expected to reach about 180,000 new PY in ’25. However, only 51% of the approved volume is under construction, so the oversupply is expected to gradually stabilize. New developments are expected to be concentrated in Iljuk-myeon and Wongok-myeon. and are expected to be medium to large in sized with 20,000 PY+.
3PL logistics companies occupy the largest area, followed by manufacturing, e-commerce, and distribution. Many 3PL logistics companies such as Yongma Logis, STLS have established bases in the Anseong area, and manufacturing logistics bases such as Samsung Electronics, BMW Korea, e-commerce fulfillment centers for Coupang and Fassto, hub logistics centers for distribution companies such as Daiso and Homeplus are also operating.
The logistics property development market has shown a very mixed picture since 2Q22. Prior to 2Q22, the project progress rate was maintained above 60%, but since 3Q22, it has fallen sharply due to the deteriorating business environment, reaching 17% as of 4Q24. Although there are 4,867k PY of pending projects, we expect the development environment to gradually improve with the reduction of additional approvals and the cancellation of some existing approvals.
The Anseong region, where development began in earnest somewhat later than other regions, is expected to take some time to recover project progress and resolve the oversupply risk, as development projects remain at a level of more than 90% of existing supply as of 4Q24.
