Korea: Busan

Overview

Busan is a port city located in the southeastern part of South Korea. It is a major city and second only to Seoul in terms of its size.

Facts and figures

Population	3,465,000
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

Busan City serves as a major hub for logistics, information and technology, film, manufacturing and tourism in the Pacific Rim. Busan is fast becoming South Korea’s MICE hub. The city draws an increasing number of visitors thanks to its diverse culture and wealth of convention facilities.

According to Dynamic Busan, the english newspaper of the city, Busan City will invest in digital, marine and environmental future. The city’s 2021 budget includes a number of key projects in the region including the nation’s Digital New Deal Policy. The Digital New Deal is expected to let the country seize a special opportunity to foster future talent and spread technologies necessary for the Fourth Industrial Revolution.

Growth

Since the Korean War, Busan City has repeatedly made remarkable development and has grown into a mecca of maritime logistics with world class super ports. The city’s gross regional domestic product is 69,987 billion korean won and has 2.76 million annual foreign visitors.

Unique aspects

Busan is a city that is known for beaches, ports and hot springs. Officially known as Busan Metropolitan City, it has a population of over 3 million inhabitants. The city is also known as the summer capital of South Korea with Haeundae beach as the largest beach in the country.

Busan is not only famous as a tourist destination but also known as the best conventional city in the world. According to the Union of International Association, Busan ranks 4th in Asia and 7th in the world in terms of international conferences held in the city.

Office overview in Busan

Busan, South Korea - retail space for rent, lease or sale

The main business districts in Busan City are Yeonje-gu, Busanjin-gu, Jung-gu, and Geom Jeong-gu. The lease fee for offices in Busan City is approximately 8,300 Korean Won per sqm on average and return of investment was around 1.58%. The vacancy rates and lease fees in Busan usually holds steady unless there are regional economic conditions that may affect the fluctuation of vacancy rates and fees.

Busan offers many options on office buildings for lease, including the following

Retail overview in Busan

Busan, South Korea - retail space for rent, lease or sale

When it comes to shopping in Busan, the city has numerous open air markets, high profile stores and duty free outlets. Most shopping malls are found in Seomyeon. The Haeundae area has lots of upscale stores and shops occupying its streets.

Another famous retail district in Busan City is Centum. Shinsegae Centum City is a department store and shopping mall which currently holds a Guinness World Record for being the largest department store in the world.

Busan offers many options on office buildings for lease, including the following

Industrial overview in Busan

Busan, South Korea - industrial space for rent, lease or sale

Busan City is the industrial hub of South Korea and handles 90% of shipbuilding and shipbuilding parts production, 45% of automobile production and 40% of manufacturing. The city is the logistics and economic hub of the Southeast region in Korea.