Korea Live-Work-Shop Report

CBRE conducted a survey to gauge changes to living, working and shopping habits since the COVID-19 pandemic and their resulting impact on the real estate market. This reports serves as a useful guide for occupiers and investors seeking to formulate real estate strategies for the post-pandemic era. 

Live

• 46% of respondents plan to move in the next two years, indicating stronger demand for residential relocation. Preference for urban centres was more prominent among Korean respondents compared to their global counterparts.
• Respondents in Korea exhibited robust intentions to purchase homes, reflecting solid investment demand and a culture that regards home ownership as a benchmark for measuring economic stability and success in life.
• The pandemic has heightened people’s awareness of health and safety, driving changes in housing selection criteria. Demand for specialised building management services such as safety inspections and sanitisation increased, and eco-friendly residential facilities are also gaining attention.

Work

• While demand for remote work remains high, the impact on overall office demand in Korea is expected to be limited as most workers will continue to go to the office.
• Respondents’ overall satisfaction with the office was low regardless of location, standing at around 20%. In particular, satisfaction with transportation and accessibility was relatively low, while overall satisfaction with business facilities and programmes provided by offices was high.
• Health and wellness-related factors are most likely to lure employees to the office. Office environment, cleaning, and sanitisation generated the strongest interest.

Shop

• While omnichannel activity grows across online and offline channels, the need for physical stores as key sales channels is expected to continue.
• The survey found that a majority of domestic consumers expect their financial situation to remain the same or better in future.
• The pandemic and climate change have heightened consumers' awareness of sustainability and the environment, and eco-friendly consumption is spreading due to stronger purchasing power among shoppers keen to contribute to environmental protection.