6月11日，韩国央行（BoK）将基准利率下调0.25个百分点，至历史最低点1.50%。此次降息为2014年8月以来，该国央行的第四次降息。韩国央行称，这是一种先发制人的措施，目的是要避免经济因中东呼吸综合征（MERS）疫情爆发遭受更严重损失。

仕邦魏理仕（CBRE）韩国研究部主管Justin Kim表示：“迄今为止，MERS和降息对韩国商业地产投资市场的影响可谓微乎其微。更低的融资成本将会为投资者创造一个更有利的贷款环境。对于那些核心物业投资者来说，MERS的传播反而使投资变得更具吸引力。但是，预期强劲的投资需求和良好投资机会的短缺形成矛盾，将会降低2015年的投资收益率。”

从房地产的角度来看，MERS爆发有一系列的影响：

• 砖块和砂浆零售受挫，但网络购物有了提升。6月的第一周，信用卡使用下降3％，餐饮销售暴跌36％。同期，韩国主要零售商易买得（E-mart）报告显示，店铺销售按月跌9.8％，但在线收入按月增长45％。另外，电子商务零售商Wemakeprice录得销售量同比暴涨300％的优秀表现。
• 由于大批旅客因MERS取消预定，旅游业首当其冲，而这又将对酒店和零售业形成重大打击。
• 商业地产投资迄今未受影响，更低的融资成本或为投资者创造更有力的环境。

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MERS Outbreak in Korea Impacting Local Retail, Tourism Sectors

The Bank of Korea (BoK) last week lowered base interest rates by a further 25 basis points to a historically low level of 1.50%, the fourth rate reduction since August 2014. The BoK justified the cut as a pre-emptive measure to ward off the economic damage caused by the ongoing outbreak of Middle East Respiratory Syndrome (MERS).

Justin Kim, Head of Research, CBRE Korea, commented: "The effect of MERS and the rate cut on the commercial real estate investment market has been minimal thus far. Lower financing costs will create an even more favorable lending environment for investors. For many core property investors, it means the spread will become more attractive. Strong investment demand coupled with the lack of good investment opportunities is expected to push down yields over the course of 2015."

From a real estate perspective, the MERS outbreak is having a range of impacts:

• Hitting bricks and mortar retail but boosting online shopping. Credit card use fell by 12.3% in the first week of June and F&B sales were down by 36% during the same period. Meanwhile, in the online space, leading domestic retailer E-mart reported a 9.8% m-o-m drop in store sales in the first week of June but its online revenue increased by 45% m-o-m during the same period. Elsewhere, e-commerce retailer Wemakeprice reported a 300% y-o-y surge in sales volume during the first week of June.
• The tourism sector has been hit as thousands have canceled their bookings, which will have an impact on hotels and retail
• The commercial real estate investment market has so far been unaffected and lower financing costs could make the environment more favorable for investors