Korea
Overview
Korea is a 750-mile-long peninsula located in the easternmost part of the asian continent. Today, the country is split into North and South Korea. The government of South Korea is a centralized democratic republic with the three primary branches of government - executive, legislative and judicial.
Facts and figures
| Population | 51,269,185 |
| Population density (people per sq. km of land area) | 527 |
| GDP per capita in US$ | 31,769.98 (2019) |
| Main industries | Textile Steel Car manufacturing Shipbuilding Electronics |
| Total office stock in sq m / sq f | n/a |
| Total retail stock in sq m / sq f | n/a |
| Total industrial stock in sq m / sq f | n/a |
Economy
South Korea, having ranked as the 12th among the world’s largest economic powers and 4th in Asia, is famous for its spectacular rise from one of the poorest countries in the world to a developed, high income country in just one generation. The main industries include textile, steel, car manufacturing, shipbuilding and electronics.
South Korea is the world's largest producer of semiconductors. The service sector is the largest and fastest economic sector, accounting for 56.8% of GDP and employing 70.2% of the active population, especially department stores, store chains and supermarkets. Tourism is one of the fast-growing sectors, with a rise of 14% in 2019 according to Korean Tourism Organization
Growth
The government of Korea’s policies resulted in real gross domestic product (GDP) growth averaging 7.3% annually between 1960 and 2019. This strong performance was fueled by annual export growth of 16.0% on average from 1961–2019, while savings and investment rose to 34.7% and 29.8% of GDP respectively.
Unique aspects
South Korea is a relatively small country with one of the biggest economies in the world. Despite its limited geographical size, insufficient natural resources and population size, the country has devoted special attention to technology development. South Korea is known to have one of the fastest internet in the world. Reports have shown that the country’s average broadband adoption rate by 26.1 megabits per second.
Key cities
Seoul
South Korea’s capital is Seoul, a huge metropolis where modern skyscrapers, high tech subways and notable attractions are situated. Seoul has an extensive subway system, where notable landmarks are usually a few stops away from each other. There are also a lot of vibrant shopping districts with dining, retail, and nightlife opportunities for visitors of all ages. Seoul is definitely a city brimming with unique culture and modern comforts.
Busan
Busan is a bustling city with approximately 3.5 million residents and is located on the southeastern tip of the Korean peninsula. The size of Busan is 770km² which is only 0.8% of the whole landmass of the Korean Peninsula. Busan is the second largest city in Korea. Its deep harbor and gentle tides have allowed it to grow into the largest container handling port in the country and the fifth largest in the world.
Incheon
Incheon is a city located in the northwestern part of South Korea, bordering Seoul and Gyeonggi to the east. Back in 1883, there were only 4700 people who lived in the city when it became an international port. Now, there are about 3 million people who live in the city making it the third most populous city in South Korea after Seoul and Busan.
Office overview in Korea
Selected business districts for rent or lease of office space
Gwanghwamun, Seoul
Gwanghamun is located in the heart of Seoul and is the country’s top business district on the parameters of annual sales and sales volume per individual. According to a report, places around Gwanghwamun Station have registered the highest sales in a single year.
Yeouido, Seoul
Located on a small island in Han River, Yeouido business district is known for financial occupiers. Yeouido is home to Korea Stock Exchange and other media companies. Recently it has become a centre for overseas companies - many of which have relocated to Seoul IFC development.
Gangnam, Seoul
Gangnam district is home to tech and is known as the Beverly Hills of Seoul. It has the most stable office market due to tight supply and vacancy of 5.1%.
Retail overview in Korea
Selected districts for rent or lease of retail space
Myeongdong, Seoul
Myeongdong is Seoul’s prime shopping and entertainment destination in the downtown area. It houses some of Seoul’s top stores and fashion boutiques. The bustling district of Myeongdong is packed with international fashion brands, luxury department stores and homegrown cosmetics shops.
Gangnam, Seoul
Gangnam district is a well known shopping destination and often attracts wealthy Koreans due to its luxury boutiques and department stores as well as some of the finest cafes and restaurants in the city. COEX mall, Asia’s largest underground shopping mall is located in Gangnam district of Seoul and houses a wide range of stores and brands for all ages.
Itaewon, Seoul
Itaewon is another notable shopping destination in seoul. The area is lined with boutiques and stores especially targeted at the large foreign population in Seoul. Itaewon is Seoul’s most diverse and foreigner friendly district.
Industrial overview in Korea
Selected districts for rent or lease of industrial space
Ulsan Industrial District, South Korea
Ulsan Industrial District has the world’s largest automobile assembly plant that is operated by the Hyundai Motor Company. The district is the corporate base of the multinational Hyundai conglomerate. Since the government designated Ulsan as a special industrial district, this has encouraged the development of major industrial plants and factories. Oil refineries, fertilizer plants, automobile production, and heavy industries were developed in the Ulsan Industrial District.