The Korean office of the Chicago-based company sees robust potential in these sectors as industrial giants make significant investments in semiconductors and biotechnologies in cities near Seoul.
"We are working with a number of Korean chaebols," John Pritchard, head of Cushman & Wakefield Korea's industrial tenant representation team, told AJP on Thursday.
Conglomerates like Samsung Electronics and SK hynix are investing billions in semiconductor mega-clusters in Yongin, south of Seoul, Pritchard said.
Domestic and international semiconductor players are strategically positioning themselves near those major customer hubs, expanding real estate portfolios for office space, manufacturing, and research and development facilities, according to the company.
The life sciences sector is also experiencing increased engagement.
"Innovation clusters are emerging across the country, including in Songdo, Osong, and Cheongju," Pritchard noted.
He mentioned companies such as Samsung Biologics and Lotte Biologics are driving investments in biopharmaceutical manufacturing and research and development, with global companies also seeking partnerships in this expanding market.
"The C&W team is engaging with numerous multinational companies looking to establish operations in the Yongin Cluster to benefit from the highly desirable customer groups investing in this location," he said.
"This surge in demand adds complexities to the site selection process as the market becomes increasingly competitive."
The company also assists Korean firms expanding internationally and foreign firms entering the Korean market.
With about 52,000 employees across nearly 400 offices in 60 countries, Cushman & Wakefield reported revenues of $9.5 billion in 2023. Its core services include property management, facilities management, project management, and leasing.
