A perspective that views real estate not simply as an asset, but as infrastructure that enables industries and companies to evolve. This conviction has remained central throughout the career of Kab-joo Cho, who has played a defining role in the growth of IGIS Asset Management.

At the heart of his philosophy is the belief that corporate growth inevitably creates demand for new types of space—and that meaningful investment opportunities emerge when this demand is translated into investable real assets. It is also the principle that has guided IGIS as it has expanded into new asset classes, connecting the evolving spatial needs of industries with the long-term capital of institutional investors.

As the industrial landscape undergoes rapid transformation, what changes in space is he watching most closely? And what must asset managers prepare in order to convert emerging demand into sustainable investment opportunities? We spoke with Cho to hear his perspective.

Q. You have often emphasized that “when the industrial landscape changes, the definition of space must change with it.” With AI now reshaping the industrial ecosystem, what structural changes are taking place in the built environment?

The technological revolution led by AI is fundamentally changing how companies create value. The way businesses operate, collaborate and improve productivity is evolving rapidly. If the spaces that support these activities remain confined to outdated physical formats, companies will find it increasingly difficult to grow.

In the past, space was assessed largely in terms of physical attributes such as size and location. Today, however, asset value is increasingly determined by the digital technologies, systems and operational capabilities embedded within that space.

Logistics facilities, for example, are being transformed through robotics and AI-driven algorithms. They are no longer simply warehouses for storage, but advanced production infrastructure where forecasting, assembly and rapid fulfilment take place. Offices, similarly, are becoming differentiated strategic hubs that help companies attract talent, support collaboration and enhance creativity through advanced digital infrastructure and high-quality working environments.

Space is therefore no longer just real estate. It is technology-enabled infrastructure that supports corporate survival, productivity and innovation. Rent should not be viewed merely as an operating expense, but as a direct investment in a company’s future competitiveness—and as a critical infrastructure cost.

Q. If space is becoming essential infrastructure for corporate growth, what role should asset managers play in this transition?

Companies entering new industries or expanding existing businesses require spaces that are precisely tailored to their operational needs. Yet developing large-scale facilities such as data centers, advanced logistics assets or hotels directly can tie up significant amounts of capital in fixed assets. Companies cannot operate without the right space, but it is also difficult for them to absorb the entire cost of creating it.

Institutional investors, including pension funds and mutual aid associations, are meanwhile seeking investment opportunities capable of generating stable, long-term returns. They are increasingly interested in structures that allow them to invest in the spaces required by businesses and to participate in the value and income those spaces generate over time.

This is precisely why the role of connecting the space companies need with institutional capital is so important. Companies can pursue their business objectives in the right spaces while easing the burden on their balance sheets, and investors can seek medium- to long-term return opportunities through those assets. Asset managers must serve as a trusted bridge between the two.

Q. What capabilities do you regard as most important for fulfilling this role as a bridge between industry and capital?

First and foremost is risk management. As markets and trends evolve at an increasingly rapid pace, the ability to manage uncertainty and risk throughout the investment and asset management lifecycle is critical to long-term resilience. IGIS has continuously strengthened its risk management framework across the full spectrum of investment decision-making and asset management.

The second capability is forward-looking market insight and research. As industries evolve, the types of space required by companies also change. Asset managers must understand which industries are emerging, what operational requirements they have and what specifications their facilities must provide. Only then can the right space be delivered at the right time.

Just as the growth of AI and information technology has elevated data centers and smart logistics facilities into core infrastructure assets, we must now anticipate what forms of space will be required by the next generation of industries.

Q. The Hanam data center development is widely regarded as a leading example of successfully connecting industry, space and capital.

Data centers are essential infrastructure and a core engine of the AI and digital economy. When IGIS first began developing the Hanam data center, however, the asset class was still relatively unfamiliar in Korea’s capital markets and was widely perceived as carrying considerable investment risk. At the time, there were clear limitations to financing a project of this scale solely with domestic capital.

Global investors with a deeper understanding of overseas markets had already recognized the infrastructure value of data centers. IGIS partnered with these investors, successfully secured the required capital and completed the entire development lifecycle—from site acquisition and permitting through construction, operation and eventual exit.

The experience and expertise gained at Hanam were subsequently applied to the development of the Samsong data center in Goyang. Samsong is an 80MW hyperscale facility that recently received its occupancy permit. Its completion marks IGIS’s second large-scale data center delivery following Hanam, with LG CNS once again serving as the operator after our successful collaboration on the earlier project.

This ability to execute across the full data center development lifecycle—and to demonstrate that capability through consecutive projects—provides a strong foundation for creating broader investment structures in which both domestic and international institutional investors can participate with confidence.

Q. Following the success of data centers, which industries and forms of spatial demand are you focusing on next?

We see significant potential in the new forms of space that will be created by the life sciences sector, spanning biotechnology and healthcare.

Biotechnology and healthcare are highly technology-intensive industries that require substantial capital from the earliest stages of growth. Companies must devote considerable resources to attracting talent and advancing research and development, while at the same time securing highly specialized facilities such as laboratories, research centers and pharmaceutical manufacturing plants.

The challenge is that these facilities are significantly more expensive to develop than conventional offices. For companies in the early stages of growth, tying up large amounts of capital in real estate at the very moment when funding is most needed for R&D and talent acquisition can become a major constraint.

This is precisely where asset managers have a clear role to play. We must proactively create investment structures that allow institutional investors to participate in biotechnology infrastructure with a flexible, sustainable and long-term perspective.

Such structures enable companies to focus their resources on technology development and talent rather than immobilizing capital in fixed assets. At the same time, institutional investors gain the opportunity to participate in the growth of strategically important industries while enhancing the long-term value of their assets.

Our objective is to serve as a sophisticated bridge between biotechnology companies that require specialized space and the long-term capital capable of providing it, and to build productive partnership models such as those emerging in the Songdo biotechnology cluster.

Q. You have also said that “the value of a space is created not by the building itself, but by its users.” How do you view the virtuous cycle between the growth of occupiers and investment performance?

The value of a space increases only when the companies occupying it are able to use that space as a platform for growth. A successful business can sustain its rental obligations, which in turn provides the foundation for stable and durable returns to institutional investors. Whether the asset is an office, logistics facility or hotel, if the business operating within it weakens, the asset’s income base will inevitably come under pressure.

An asset manager should therefore not remain merely a landlord providing physical space. We must continuously listen to the pain points of occupiers, understand the spatial specifications and operational functions required for their businesses to grow, and reflect those needs in the design and management of the asset.

The true value of a building is created not by its appearance, but by the companies and people within it. Accurately translating user needs into the physical and operational qualities of a space is the starting point of a virtuous cycle—one that strengthens asset value for institutional investors and produces sustainable long-term performance.

Q. What significance do large-scale mixed-use developments such as IOTA Seoul hold from the perspective of urban competitiveness?

When we look at global cities such as New York, Tokyo and London, their skylines and infrastructure play a defining role in shaping their overall competitiveness. When global companies consider establishing a presence in a city, they look first at the quality of its infrastructure, access to talent and the availability of competitive work environments that bring the two together.

The Seoripul, The-K Hotel and IOTA Seoul projects are more than real estate developments. They are landmark projects with the potential to elevate Seoul’s skyline, identity and global standing. Carefully designed, large-scale developments can help attract leading international companies to Seoul while providing Korean businesses with world-class working environments.

IOTA Seoul, in particular, is a project that respects the history and identity of the existing site while reinterpreting its functions and value in response to changing industrial demand. It seeks to preserve the symbolic legacy of the hotel, integrate state-of-the-art office space and restore views of Namsan that had previously been obstructed by the existing buildings, returning the natural landscape to the city.

For a city to grow sustainably, physical infrastructure, cultural and experiential content, and people must function in harmony. Innovative spaces and infrastructure can raise the quality and stature of a city, and that transformation can ultimately strengthen the competitiveness of the country as a whole.

Through the productive circulation of capital, IGIS Asset Management aims to provide companies with platforms for growth, create sustainable futures for cities, and serve as an ecosystem builder that brings industry, capital and space together.

Interview Compiled and Edited by Soyeong Park, Brand Communications Manager

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