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Q1 2020 | Seoul Office Market Report

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Supply Creates Opportunity For Tenants

Insights & recommendations

  • We expect that leasing demand delayed by COVID-19 will materialize in H2 2020, as the pandemic subsides.
  • With seven buildings scheduled for completion in 2020, in all three major districts, vacancy is likely to rise.
  • We recommend tenants seek space for relocation, expansion or consolidation into new headquarters locations on favorable terms.
  • We also recommend tenants restructure leases with landlords to secure more favorable long-term lease terms.

 

Q1 2020 highlights

Despite COVID-19, the demand for CBD offices in Q1 2020 was sustained. Meanwhile, the net absorption in GBD and YBD decreased due to relocations out of the district.


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Q1 2020 | Seoul Office Market Report

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