Real estate consultancy RSQUARE sets sights on global expansion

Johnwoo Lee, the CEO of Korean commercial real estate service solution firm RSQUARE, speaks during an interview with Aju Press in southern Seoul on July 30, 2024. AJU PRESS Kim Dong-woo

SEOUL, August 01 (AJU PRESS) - Commercial real estate firm RSQUARE is planning to expand into the global market, starting with Southeast Asia. CEO Johnwoo Lee shared this ambitious vision in an interview with Aju Press on Tuesday, highlighting the firm's unique database-driven services.

Established in 2009, RSQUARE began as a commercial real estate brokerage service provider. It has since broadened its offerings to include real estate information, consulting, design, and construction services, providing a comprehensive one-stop solution that has cemented its reputation in Korea.

The firm's first target for expansion is Viet Nam where the commercial real estate market, valued at .07 billion this year, is projected to grow at an annual rate of 15.42 percent, reaching .05 billion by 2029, according to market researcher Mordor Intelligence. This growth is fueled by increased foreign investment and accelerated economic development.

"Viet Nam is attractive to manufacturers looking for alternatives to China, driving high demand for logistics centers, factories, and regional offices," Lee explained.

RSQUARE currently operates offices in Ho Chi Minh City and Hanoi, catering to multinational businesses and local entrepreneurs seeking office, factory, and residential spaces for expatriates. Unlike Korea where real estate-related information is digitalized and easily accessible, Viet Nam requires a more comprehensive approach to gather and manage such data. "Our staff collect on-site information, such as locations and rent fees to provide a real-time data, which gives us a competitive edge," Lee said.

RSQUARE's services leverage this data for analysis, building management, investment consulting, and asset management.

Lee forecast growth potential, driven by the booming demand for interior design among young Vietnamese entrepreneurs. "We meet global standards, and our interior work is well-received by local and international clients in Viet Nam," he said. 

RSQUARE aims to address the lack of systemized real estate services in Southeast Asia by tackling information asymmetry and opacity. "Our goal is to offer world-class real estate services to clients across Southeast Asia. Singapore and Indonesia are our next target markets," Lee added.

The future looks bright for the firm, particularly after partnering with Samsung Electronics in early July. This collaboration will integrate RSQUARE's real estate solutions with Samsung's AI technologies for IoT services in home appliances, enhancing offerings for customers.

"The partnership will combine our spatial data expertise with the electronics giant's AI solutions, offering superior and innovative services," Lee stressed.