CBRE Korea and Samsung Electronics Sign MOU to Pioneer Future-Oriented Smart Spaces in Commercial Real Estate

-CBRE and Samsung Electronics, two global leaders in the industry, sign MOU to prepare blueprint for future commercial property
-Collaboration between different areas of expertise will focus on identifying joint business opportunities in the future of commercial real estate

June 20, 2024 (Seoul) – CBRE Korea, the world's largest commercial real estate services company, announced on the 20th that it has signed a Memorandum of Understanding (MOU) with Samsung Electronics to establish future-oriented commercial real estate smart space solutions and explore joint business opportunities.

The signing ceremony, held on the 19th, was attended by key officials including Don Lim, Managing Director at CBRE Korea, Andy Park, Executive Director of Advisory & Transaction Services, and representatives from Samsung Electronics.

(From left) Andy Park, Executive Director of Advisory & Transaction Services at CBRE Korea, Don Lim, Managing Director at CBRE Korea, Chioh Oh, Corporate EVP of Samsung Electronics Korea, and Youngsoo Lim, Corporate VP of Samsung Electronics Korea, are taking a commemorative photo after signing a MOU on commercial real estate at CBRE Korea's headquarters in Jongno-gu, Seoul, on June 19, 2024./CBRE KOREA

This landmark agreement merges CBRE's extensive expertise in commercial real estate with Samsung Electronics' cutting-edge space platform technologies and solutions. The collaboration is set to foster the development of user-centric value propositions and innovative business models. It exemplifies the convergence of industry-leading capabilities from distinct sectors to address the evolving demands of the commercial real estate market.

Future-oriented smart space solutions aim to revolutionize traditional commercial real estate by integrating advanced technologies such as AI, 5G, and IoT. These solutions will facilitate the seamless management of environmental technologies and infrastructure, enhance connectivity between devices, and promote productivity through integrated space management. Additionally, the incorporation of smart green technologies will support the creation of eco-friendly, energy-efficient spaces, aligning with global sustainability goals.

Key objectives of the MOU between CBRE Korea and Samsung Electronics include:

• Identifying and pursuing joint business opportunities in future-oriented commercial real estate smart space solutions.
• Providing comprehensive consulting services through the integration of advanced IT technologies in commercial real estate.
• Enhancing mutual interests and fostering cooperation between CBRE Korea and Samsung Electronics.

CBRE Korea's Corporate Coverage team, launched in January this year, specializes in delivering tailored, integrated real estate services through a single channel. Leveraging CBRE's extensive global network and comprehensive service offerings, the team will focus on maximizing real estate asset value and devising strategic space environment configurations. This initiative will involve commercial real estate investments and the implementation of forward-looking space solutions.

Samsung Electronics will contribute its expertise in developing future-oriented smart spaces, utilizing technologies such as integrated solutions, space environment technology cartridges, b.IoT solutions for infrastructure management, and the IoT platform SmartThings, which interconnects various devices.

Don Lim, Managing Director at CBRE Korea, remarked, "As a leader in the commercial real estate market, CBRE is committed to continually evolving our strategies to enhance the value of our clients' assets in a rapidly changing environment. This MOU signifies a pivotal step towards defining the blueprint for future-oriented spaces in commercial real estate through our collaboration with a global technology leader."

Andy Park, Executive Director of Advisory & Transaction Services at CBRE Korea, expressed enthusiasm about the partnership, stating, "Our Corporate Coverage team is uniquely positioned to deliver integrated and strategic services across all facets of commercial real estate. This collaboration with Samsung Electronics will enable us to discover new business opportunities through future-oriented space solutions. We are excited about the synergy created by combining Samsung Electronics' smart space technologies with CBRE's workplace consulting expertise in Korea. Together, we aim to pioneer a new market for future-oriented commercial real estate by providing unparalleled services and competitive solutions."