The Seoul office leasing market remains a landlord-dominant market, marked by record-low vacancy rates and peak rental prices due to the shortage of new office supply within major business districts. While demand for specific business districts is expected to remain strong, there is potential for a moderation in rental growth rates. This is due to the completion of large-scale office spaces in Magok, which are now actively seeking tenants, increasing the likelihood that companies – who previously decided to stay due to relocation costs – may now reconsider relocating.
This report covers the following topics:
- The landlord-dominant Seoul office market
- Tenant profile analysis by major business district
- Outlook for the Seoul office market
