Korea's warehouses suffer oversupply, rising vacancies

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Korea's warehouses suffer oversupply, rising vacancies - Korea Economic Daily

Quick Summary:

The western area, such as Siheung and Ansan of Gyeonggi Province and Incheon, showed a 20.2% vacancy rate for ambient warehouses and 66.9% for cold storage facilities as of the end of June, respectively, up 8.1 percentage points and 12.4 percentage points for the first six months of this year.

The vacancy rate of ambient warehouses in the area increased by 6.6 percentage points to 16.9% for the first six months of this year and the cold storage facilities vacancy rate rose by 5.7 percentage points to 41.2% over the same period.

Some cold storage warehouses were transformed into ambient storage facilities in the first half to reduce vacancy risks, such as Gwanyang Logistics Center in Anyang and Jinwoo World Logistics Center in Hwaseong, Gyeonggi Province.