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Office MarketBeat Report

Hena Park • 22/10/2024
Overall Grade A office vacancy in Q3 rose 0.2 pp q-o-q to record 3.1%. The overall average rental level climbed by 0.9% q-o-q. As rent-burdened firms facing lease renewals may choose to downsize or relocate, a shift in the overall vacancy rate is expected. In 2H 2024, new prime office projects are expected to be supplied in the Magok District, and once completed, Magok is expected to emerge as a new business hub in Seoul's West. 

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