▶ RSQUARE RA: March industrial/warehouse transaction value hits 970.0 billion KRW across 376 cases… displaying a stagnant market trend
▶ Incheon 'Arenas Yeongjong Logistics Center' traded in January remains the only mega-deal over 100 billion KRW in Q1
▶ Research Center: "Market is navigating toward a 'New Equilibrium' stripped of speculative demand"
The industrial and warehouse real estate transaction market, which experienced explosive growth during the COVID-19 pandemic era, is showing signs of cooling down, leading to a prolonged period of stagnation driven primarily by end-user demand.
According to an analysis of actual transaction data from the Ministry of Land, Infrastructure and Transport (MOLIT) by RSQUARE ANALYTICS (RA), the research arm of comprehensive commercial real estate service firm RSQUARE (CEO: Lee Yong-gyun), the transaction volume of the national industrial and warehouse real estate market in March 2026 was tallied at 970.0 billion KRW across 376 cases.
Compared to the previous month’s (February) transaction volume of 972.9 billion KRW and transaction count of 317 cases, there were no statistically significant fluctuations. Unlike the past when the market was highly volatile with trillions of KRW flowing in every month, the market appears to have settled into a calm, breathing phase.
This stabilization trend becomes even more distinct when looking at the long-term trajectory. The number of monthly transactions, which reached as high as 700 to 800 cases per month in 2021, has maintained a box-range average in the 300-case range from the second half of 2024 to the present. The transaction volume is also drawing a gentle parallel line hovering around the 1-trillion-KRW threshold.
This is a direct result of investments in mega-scale logistics centers worth hundreds of billions of KRW entering a wait-and-see phase, heavily impacted by prolonged high interest rates and oversupply burdens. It has been confirmed that the only big deal exceeding 100 billion KRW in the industrial and warehouse market during the first quarter of this year was the Incheon 'Arenas Yeongjong Logistics Center' (in the 430.0-billion-KRW range) transacted in January.
"The national industrial and warehouse market has passed through a period of rapid volatility and is now in a stabilization phase, finding a 'New Equilibrium' centered around end-user demand," diagnosed the RSQUARE Research Center. They added, "Starting from 2025, warehouse vacancy rates turned downward. Actual occupancy-driven purchases of mid-to-small-sized factories and warehouses for real business operations are firmly supporting the market floor, suggesting that this stagnant trend will likely persist for the time being."
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▶ RSQUARE RA: March industrial/warehouse transaction value hits 970.0 billion KRW across 376 cases… displaying a stagnant market trend
▶ Incheon 'Arenas Yeongjong Logistics Center' traded in January remains the only mega-deal over 100 billion KRW in Q1
▶ Research Center: "Market is navigating toward a 'New Equilibrium' stripped of speculative demand"
The industrial and warehouse real estate transaction market, which experienced explosive growth during the COVID-19 pandemic era, is showing signs of cooling down, leading to a prolonged period of stagnation driven primarily by end-user demand.
According to an analysis of actual transaction data from the Ministry of Land, Infrastructure and Transport (MOLIT) by RSQUARE ANALYTICS (RA), the research arm of comprehensive commercial real estate service firm RSQUARE (CEO: Lee Yong-gyun), the transaction volume of the national industrial and warehouse real estate market in March 2026 was tallied at 970.0 billion KRW across 376 cases.
Compared to the previous month’s (February) transaction volume of 972.9 billion KRW and transaction count of 317 cases, there were no statistically significant fluctuations. Unlike the past when the market was highly volatile with trillions of KRW flowing in every month, the market appears to have settled into a calm, breathing phase.
This stabilization trend becomes even more distinct when looking at the long-term trajectory. The number of monthly transactions, which reached as high as 700 to 800 cases per month in 2021, has maintained a box-range average in the 300-case range from the second half of 2024 to the present. The transaction volume is also drawing a gentle parallel line hovering around the 1-trillion-KRW threshold.
This is a direct result of investments in mega-scale logistics centers worth hundreds of billions of KRW entering a wait-and-see phase, heavily impacted by prolonged high interest rates and oversupply burdens. It has been confirmed that the only big deal exceeding 100 billion KRW in the industrial and warehouse market during the first quarter of this year was the Incheon 'Arenas Yeongjong Logistics Center' (in the 430.0-billion-KRW range) transacted in January.
"The national industrial and warehouse market has passed through a period of rapid volatility and is now in a stabilization phase, finding a 'New Equilibrium' centered around end-user demand," diagnosed the RSQUARE Research Center. They added, "Starting from 2025, warehouse vacancy rates turned downward. Actual occupancy-driven purchases of mid-to-small-sized factories and warehouses for real business operations are firmly supporting the market floor, suggesting that this stagnant trend will likely persist for the time being."