South Korea’s residential and commercial real estate markets have surged, at the same time as other countries faced headwinds during the pandemic.
In recent years, more foreign investors have become attracted to the commercial real estate market thanks to its strong economy, promising demographics, and growing industrial and eCommerce sector.
While most property management companies cater to individual house owners in places like Australia and New Zealand, you’ll mostly find large-sized multinationals that are involved in the commercial real estate market in Korea.
In this article, we review the top property management companies, reviewing their services and history.
1. CBRE Korea
CBRE (Coldwell Banker Richard Ellis) is the biggest real estate company in the world and is headquartered in the US. It’s a leading property management service provider and is active in most Asian markets.
With 20 years of experience in the Korean market, they have more than 90 professionals managing 93 buildings, covering an area of more than 4 million square meters.
The company primarily focuses on retail properties, managing 50 with a total space of around 2.1 million sq.m.
CBRE has 530 offices worldwide and is one of the most reliable service providers in the Korean market. It’s been included on the Fortune 500 list since 2008, ranking number 122 in 2021.
Examples of services offered by CBRE include:
- Capital Advisors
- Construction Management & Advisory
- Institutional Investments
- International Investments
- Leasing & Advisory
- Property Management
- Property Sales
- Valuation & Advisory
South Korea, Seoul, Jongno-gu, Gongpyeong-dong, 100 KR SC
2. Savills Korea
Founded in London in 1855, Savills is one of the oldest real estate companies in the world with approximately 39,000 professionals. The company has the longest property management experience in Korea with 20 years.
Savills primarily manages commercial real estate in Korea, managing around 2.8 million square meters. In Southeast Asian countries they also work with the management of large-sized condominium projects.
Savills is undoubtedly one of the most renowned property management service providers in Asia and manages approximately 138 million square meters of prime commercial, luxury residential, shopping centers, and industrial properties.
Thus, Korea is not Savills’ biggest market, even if it has a strong presence there.
Savills provides the following property management-related services in Korea.
- Business plan development and analysis
- Asset value enhancement plan development and execution
- Building/facility management
- Lease management
- Environmental and energy management
- Financial management
- Pre-acquisition consultancy
- Technical services
In addition to property management, they also help with investment advisory, marketing, project management, industrial services, and research & consultancy.
13F Seoul Finance Centre, Jung-gu, Seoul, 100-768, Korea, 136 Sejong-daero, Seoul, South Korea
3. Cushman & Wakefield Korea
Cushman & Wakefield is another large real estate company, headquartered in the US and with 51,000 employees in around 400 offices and 70 countries. Established in New York in 1917, it’s also one of the oldest companies in the industry.
Not surprisingly, they work primarily with commercial real estate and large-sized projects in the Korean market. The company has won many awards over the years, including
- America’s Best Employers 2019 – Forbes
- America’s Best Employers for Diversity 2019 – Forbes
- Best Place to Work for LGBTQ Equality 2019 – 100% on the Human Rights Campaign’s Corporate Equality Index
For more information I recommend you check their website.
- Tenant Advisory
- Facilities Management
- Project & Development Services
- Property Management
6F Seoul Finance Center, 136, Sejong-daero, Jung-gu, South Korea
KOREIT is a listed real estate trust in Korea and was founded in 1996. The company specializes in real estate developments, property management, and investments.
On the contrary to the other listed companies, KOREIT is a local company with a presence in Korea only.
The company is a subsidiary of Korea Land Corporation (KLC), a government-owned corporation that manages the development of land in cities. KLC also manages the maintenance and management of land and housing.
- Land Development Trust
- Management Trust
- Profit Certificate Trust
- Proxy business & Agency business
- Real Estate Consulting
- REITs(Real Estate Investment Trust)
- ABS(Asset-Backed Securities)
- Property Management
16-19th Fl, 137, Teheran-ro, Gangnam-gu, Seoul, 06132, Korea
5. JLL Korea
Jones Lang LaSalle, generally abbreviated as JLL, is a multinational company with more than 90,000 professionals.
It’s one of the biggest real estate companies in the world that focuses primarily on large-sized and premium clients, focusing on commercial real estate.
Their property management services are best-in-class and focus on optimization with real-time data, engagement with tenants, enhancement of your property value, and creative solutions.
JLL Korea releases reports on the Korean real estate market continuously and you can get access to them through the website.
- Property Management
- Design & Delivery of Projects
- Technological Transformations
32F One IFC, 10 Gukjegeumyung-ro, Yeongdeungpo-gu, Seoul 07326, Korea
6. Hines Korea
Hines was established in Texas, USA, in 1957 and has managed to become a leading property management company in Korea.
They focus on real estate development and investments, but also offer property management services.
Hines has offices in 240 cities and with more than USD 160 billion under management. It currently manages 622 properties with a total area of more than 256 million square feet.
- Acquisitions & Dispositions
- Asset, Property & Facility Management
- Integrated Facilities Management
- Conceptual Construction
Hines Korea Advisors Co., Ltd., Three IFC, Level 43, 10, Gukjegeumyung-ro, Yeongdeungpo-gu, Seoul 07326, Korea
7. Golden Planners Korea
Golden Planners is a local real estate company that has been around since 2002.
Since its inception, the company has become one of the top property management companies and serviced clients such as the Swedish Embassy, Samsung, Cisco, and Koramco.
According to the company, more than 30% of its clients have saved costs and more than 70% are returning to procure their services.
- Property and Facility Management
- Tenant Representative Leasing Service
- Landlord Representation Service
- Retail Service
- Project Advisory
South Korea, Seoul, Gangnam-gu, Yeongdong-daero, 511 Floor #3006, Trade Tower
8. Chestertons South Korea
Chestertons was established as early as 1805 and initially served the upmarket neighborhoods in London. It has expanded much since and has offices in the United Kingdom, Africa, Caribbean, and mainland Europe.
Chestertons has 11 offices in Seoul and provides a wide selection of real estate-related services to local and foreign companies.
With 889 reviews as of the moment I’m writing this article, Chestertons has an average score of 4.9/5.0, which speaks for itself.
The head office is located in Gangnam, the most upscale area in Seoul.
- Consulting & Research
- Investment Advisory
- Property Management & Operations
- Residential Services
- Business Space & Integrated Services
Gangnam-gu, Gil 8, KT & G Daechi Tower 3F Seoul