# Seoul’s 2026 prime logistics supply set to halve from 2025 levels

- **Source:** Real Estate Asia
- **Published:** 2026-08-18T23:11:55.000Z
- **Author:** Staff Reporter
- **Original:** https://realestateasia.com/industrial/news/seouls-2026-prime-logistics-supply-set-halve-2025-levels
- **Topics:** Commercial & Industrial, Transactions & Deals, Investment & Capital Markets

## Featured rationale

Sharply reduced supply alongside sustained 3PL, e-commerce and manufacturing demand could keep absorption above completions, supporting occupancy and rental fundamentals despite higher borrowing costs.

## AI summary

Seoul Capital Area logistics additions in 2026 are forecast at around 47% of 2025 levels and just 15% of 2024 levels.

## Original article

Only 68,800pyeong was completed in Q2.

The West submarket led logistics demand across the Seoul Capital Area (SCA) in the second quarter of 2026, recording its strongest net absorption since the first quarter of 2025, according to JLL.

Overall net absorption in the SCA reached approximately 49,600 pyeong in Q2. While the Central and South-east submarkets recorded negative absorption, the North, South and West posted positive figures.

The West accounted for the largest share, with approximately 36,900 pyeong of net absorption. JLL attributed the performance to new occupiers from the third-party logistics (3PL), wholesale and retail, and e-commerce sectors. The South, North, South-east and Central submarkets followed in terms of absorption.

New supply continued to decline, with 68,800 pyeong delivered across the SCA during the quarter. Major additions included Kendall Square Dangmok Logistics Park in the South and Bucheon Samjeong-dong Logistics Center in the West.

Despite the new completions, the overall vacancy rate remained unchanged at 15.5%. JLL said vacancy has remained within a narrow range since Q3 2025. The Central, South and South-east saw modest increases, while vacancy edged down in the West and North.

Net effective rents reached approximately KRW 32,900, up 0.7% quarter-on-quarter and 2.8% year-on-year. All submarkets recorded rental growth except the North, where several logistics centres with elevated vacancy reduced asking rents.

Logistics investment transactions totalled approximately KRW 889.9 billion in Q2. The largest transaction was the KRW 215 billion sale of Seongeun-ri Logistics Center in the South by IGIS Asset Management to ADF Asset Management.

Looking ahead, JLL expects logistics capitalisation rates to widen by 10 basis points by year-end. The consultancy said the Bank of Korea's base rate increase to 2.75% in July could raise borrowing costs for transactions progressing in the second half of 2026 and dampen acquisition activity.

Supply is forecast to fall sharply, with 2026 additions expected to be around 47% of 2025 levels and just 15% of 2024 levels. JLL nevertheless expects sustained demand from 3PL, e-commerce and manufacturing occupiers to keep net absorption above new completions, supporting the market's underlying fundamentals.

## Chinese translation

> Translation model: grok_cli

### 首尔2026年核心物流供应预计较2025年减半

2026年第二季度，西部子市场引领首尔首都圈（SCA）物流需求，录得其自

第二季度仅完工68,800坪。

据仲量联行（JLL）称，2026年第二季度，西部子市场引领首尔首都圈（SCA）物流需求，录得其自2025年第一季度以来最强的净吸纳。

第二季度首尔首都圈整体净吸纳约达49,600坪。中部和东南部子市场录得负吸纳，而北部、南部和西部则录得正值。

西部占比最大，净吸纳约36,900坪。仲量联行将此表现归因于来自第三方物流（3PL）、批发零售及电商行业的新租户。南部、北部、东南部和中部子市场在吸纳方面紧随其后。

新增供应继续下降，本季度首尔首都圈共交付68,800坪。主要新增包括南部的Kendall Square Dangmok物流园，以及西部的富川三亭洞物流中心（Bucheon Samjeong-dong Logistics Center）。

尽管有新增完工，整体空置率仍维持在15.5%不变。仲量联行表示，自2025年第三季度以来，空置率一直处于窄幅区间。中部、南部和东南部出现小幅上升，西部和北部空置率则略有下降。

净有效租金约达32,900韩元，环比上涨0.7%，同比上涨2.8%。除北部因若干空置率偏高的物流中心下调询价租金外，所有子市场均录得租金增长。

第二季度物流投资交易总额约达8,899亿韩元。最大一笔交易是南部成恩里物流中心（Seongeun-ri Logistics Center）以2,150亿韩元由IGIS资产管理出售予ADF资产管理。

展望未来，仲量联行预计物流资本化率将在年底前走阔10个基点。该咨询机构表示，韩国银行7月将基准利率上调至2.75%，可能推高2026年下半年推进中交易的借贷成本，并抑制收购活动。

供应预计将大幅下降，2026年新增量预计约为2025年水平的47%，仅为2024年水平的15%。尽管如此，仲量联行仍预计来自3PL、电商及制造业租户的持续需求，将使净吸纳高于新增完工，从而支撑市场的基本面。