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Seoul MarketBeat

Jinwoo Jung • 14/04/2023
Cushman & Wakefield MarketBeat reports analyze quarterly economic and commercial real estate activity including supply, demand and pricing trends at the market and submarket levels.

Retail: The retail market has revived alongside the general post-COVID recovery as new stores open across Seoul’s major commercial districts. Average high street vacancy recorded 21.4% in Q1 2023, down 4.0 pp y-o-y. Myeongdong district has been rapidly recovering as international tourists have returned, and global brands, including Apple and Five Guys, have been making inroads into Gangnam district.

Office: Overall Grade A office vacancy in Q1 rose 0.2 pp q-o-q to 2.6%. Rent rose 2.6% q-o-q and 9.4% y-o-y, steadily increasing due to inflation and low vacancy. With limited supply this year, the vacancy rate is expected to remain flat, with the current landlord-favorable market expected to continue.

Investment: Office sector investment volume in Seoul and Bundang totaled approximately KRW1.0 trillion in Q1 2023. Following the interest rate hikes commencing in 2022, the Q1 transaction volume was the lowest since 2015. Global financial market jitters have been amplified by the Silicon Valley Bank(SVB) collapse in March; however, SVB’s collapse is expected to have a relatively limited impact on the Korea market.

Learn more by clicking our most recent Seoul MarketBeat reports below.

CURRENT MARKETBEATS

Shopping Retail
MarketBeat • Retail

Retail MarketBeat Report

Cushman & Wakefield's Q1 2023 Seoul Retail MarketBeat report is now available to download. Please click on the link to read our latest report.
Jinwoo Jung • 03/05/2023
Warehouse Internal Rack
MarketBeat • Investment / Capital Markets

Investment MarketBeat Report

Cushman & Wakefield's Q1 2023 Seoul Investment MarketBeat report is now available to download. Please click on the link to read our latest report.
Jinwoo Jung • 17/04/2023
Office Buildings CBD
MarketBeat • Office

Office MarketBeat Report

Cushman & Wakefield's Q1 2023 Seoul Office MarketBeat report is now available to download. Please click on the link to read our latest report.
Jinwoo Jung • 14/04/2023
Warehouse Internal Rack
MarketBeat • Insights

Logistics Marketbeat Report

Cushman & Wakefield MarketBeat reports analyze quarterly economic and commercial real estate activity including supply, demand and pricing trends at the market and submarket levels.
Jinwoo Jung • 25/01/2023

Related Insights

2022-kr-logistics-report-750x456
MarketBeat • Insights

2022 Korea Logistics Report

This report is only available in Korean.
01/04/2022
2022 South Korea Market CRE Outlook Report
Insights

2022 South Korea Market CRE Outlook Report

This report provides an outlook on the office and investment markets in Korea.
Jinwoo Jung • 24/12/2021
Co-working Space Report 2021
Research • Coworking

Co-working Space Report 2021

This report is only available in Korean.
03/06/2021
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