Korean Companies Spend Big on Leasing Market

LOS ANGELES—Colliers International has been aggressively targeting Korean corporations, and is now realizing the success of that strategic move. James Min, an SVP at the firm's Korean corporate solutions desk, has completed nearly $100 million in lease transactions with Korean companies in the last year. The transactions spread from Los Angeles—which has the largest population of Koreans—across the country and to Mexico and Canada.

“The West Coast is the gateway for Asia, and that is why L.A. has one of the biggest Korean populations,” Min tells GlobeSt.com. “That gives Korean companies access to pools of employees that can speak English and Korean. Los Angeles also has a nice port and is a logistics hub. These are really the main drivers of Korean companies to this market.”

Min works with major Korean companies, like Samsung and LG, to find placement for them in North American markets. Because imports from Korea are ample, he sees the highest demand for industrial space, but meets the office needs of companies as well. “I am working with warehouse space and office properties,” says Min. “Most of these companies are importing products from their own company, so many of them greatly rely on warehouse space. That is one of the biggest needs.” Some of these transactions include a lease for a TIAA-CREF- built 830,000-square- foot headquarters in Rancho Cucamonga and a 276,000-square-foot Prologis-built distribution center in Chicago, both for a Korean auto supply company.

With the very tight industrial market here in the US, the competition is steep for foreign entities. Min works with clients to ensure that they can move quickly on a property once it is available for lease. “My recommendation to clients is to prepare a business plan as quickly as possible so that they can move quickly. This gives us a better competitive advantage,” he adds.

Much of Min's success comes from working in sales and operating departments with major Korean firms. This experience, he says, gives him a leg up in the market and in meeting needs for his clients. “The Korean corporation desk is a very unique concept. I have been working exclusively with Korean corporations for years, and I really understand what these companies want and need,” adds Min. “We can make a one-stop service for those companies.”

Min says that the demand from these companies is going to continue to grow throughout North America, especially as Korean imports continue to grow. Los Angeles specifically will see a huge influx of activity, because it is a gateway market for Asia and because of its close proximity to the ports.

LOS ANGELES—Colliers International has been aggressively targeting Korean corporations, and is now realizing the success of that strategic move. James Min, an SVP at the firm's Korean corporate solutions desk, has completed nearly $100 million in lease transactions with Korean companies in the last year. The transactions spread from Los Angeles—which has the largest population of Koreans—across the country and to Mexico and Canada.

“The West Coast is the gateway for Asia, and that is why L.A. has one of the biggest Korean populations,” Min tells GlobeSt.com. “That gives Korean companies access to pools of employees that can speak English and Korean. Los Angeles also has a nice port and is a logistics hub. These are really the main drivers of Korean companies to this market.”

Min works with major Korean companies, like Samsung and LG, to find placement for them in North American markets. Because imports from Korea are ample, he sees the highest demand for industrial space, but meets the office needs of companies as well. “I am working with warehouse space and office properties,” says Min. “Most of these companies are importing products from their own company, so many of them greatly rely on warehouse space. That is one of the biggest needs.” Some of these transactions include a lease for a TIAA-CREF - built 830,000-square- foot headquarters in Rancho Cucamonga and a 276,000-square-foot Prologis -built distribution center in Chicago, both for a Korean auto supply company.

With the very tight industrial market here in the US, the competition is steep for foreign entities. Min works with clients to ensure that they can move quickly on a property once it is available for lease. “My recommendation to clients is to prepare a business plan as quickly as possible so that they can move quickly. This gives us a better competitive advantage,” he adds.

Much of Min's success comes from working in sales and operating departments with major Korean firms. This experience, he says, gives him a leg up in the market and in meeting needs for his clients. “The Korean corporation desk is a very unique concept. I have been working exclusively with Korean corporations for years, and I really understand what these companies want and need,” adds Min. “We can make a one-stop service for those companies.”

Min says that the demand from these companies is going to continue to grow throughout North America, especially as Korean imports continue to grow. Los Angeles specifically will see a huge influx of activity, because it is a gateway market for Asia and because of its close proximity to the ports.