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Office MarketBeat Report

Hena Park • 22/07/2024
Overall Grade A office market vacancy in Q2 rose 0.5 pp q-o-q to record 2.9%. In the face of rent hikes and economic uncertainties, more firms are evidently considering downsizing or relocations. Major submarkets have remained landlord-favorable, although the Magok district is a complete tenant-favorable market, with new prime office supply expected in 2H. With more tenants likely to relocate to Magok for larger spaces, we expect to see a shift in the overall office market.

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