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Q4 2019 | Seoul Office Market Report

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Stable In 2019 But Huge Supply In 2020

 

Outlook & Recommendations

In 2020, we expect demand for large-scale corporate integrations will continue. Despite significant office leasing demand, we expect the overall Grade A vacancy rate will increase due to new supply. In the YBD submarket, 2020 is scheduled to see the largest quantity of new supply in at least 10 years. Tenants should use increased new supply in 2020 to relocate their preferred office location or specification with abundant choice in the market.

 

Q4 2019 highlights

Large scale leasing demand for headquarters’ relocation drove down CBD vacancy. The net absorption in GBD Grade A buildings turned negative due to the Bae, KIM & LEE LLC’s massive relocation.


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Q4 2019 | Seoul Office Market Report

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