CBRE Global Investors (CBRE GI) has reached an agreement to lease its newly built logistics center in Dohwa-dong, Incheon, to Coupang.

The warehouse, completed in December 2023, features two underground and nine above-ground floors, standing 77 meters tall. With a total gross floor area of approximately 250,660 square meters, the facility offers 222,163 square meters  of leasable space—75% of which is ambient and 25% cold storage.

Coupang is expected to occupy approximately 165,290 square of the ambient storage area. The e-commerce giant plans to invest an additional USD 1.71 billion by next year, continuing its aggressive logistics expansion.

Coupang has been strategically increasing its logistics footprint in the western Seoul metropolitan area, particularly in Incheon, Bucheon, and Bupyeong.

Since 2019, the company has registered 41 logistics centers totaling over 1 million square meters in the region, according to Korea’s National Logistics Information Center. This includes 27 facilities in Incheon, 7 in Bucheon, 3 in Ansan, and 4 in Siheung.

The density of Coupang's operations in these locations highlights the region's growing importance as a logistics hub capable of supporting fast last-mile delivery services.

Coupang is also the largest tenant in Brookfield’s 430,000 square meter mega logistics center in Wondang-dong, Seo-gu, Incheon.

Initially leasing 30% of the space, the company has since expanded its share significantly. In addition, Coupang occupies a major portion of the S&K Complex Logistics Center in Seoknam-dong, acquired by Brookfield for USD 175 million in July. That facility spans 148,238 square meters and was completed in June 2023.

Coupang has also signed a long-term lease of over 10 years at another logistics site in Seoknam-dong, previously sold by KKR to IGIS Asset Management.

Industry experts believe Coupang will continue expanding in this area, especially given limited development opportunities in nearby Gimpo and the increasing population in the western metro region.

This article was published in Corebeat on February 22, 2025.