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A GREAT RESHUFFLING OF THE SEOUL OFFICE MARKET IS UNDERWAY

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Seoul office market outlook and major trends

Summary & Recommendations

Decentralization has become a prominent trend in the Seoul office market. The original structure of the market was defined by three industry clusters and the three key submarkets of Gangnam, Yeouido, and the CBD. The market is changing shape as major companies increasingly move between submarkets and as public institutions relocate out of the city. In addition, Covid-19 has prompted more companies to establish shared offices and satellite offices, causing decentralization to accelerate.

 

  • We expect tech tenants to continue to prefer the Gangnam area. We recommend tech tenants to watch for leasing opportunities created by large corporations relocating out of the GBD.
  • Beyond the GBD we recommend tech tenants consider the Pangyo area for expansion and for biotech-industry tenants to consider Magok district as increasingly viable alternatives.
  • In 2021, with new buildings scheduled for completion, we expect a tenant-friendly market to persist in Yeouido. Therefore, tenants should leverage opportunities to save costs, such as rent-free periods for new office tenants.

 


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A GREAT RESHUFFLING OF THE SEOUL OFFICE MARKET IS UNDERWAY

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Judy Jang

Director

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Judy Jang has joined Colliers Korea as Associate Director of Research & Advisory Services in March 2018. 
She is responsible for research outputs and play a major role to drive a more client-oriented research approach to support business win rate.

Judy has over 15 years of experience in real estate business and 6 years in IT industry. Prior to joining Colliers, she has served as a Head of Research for 7 years in Cushman & Wakefield Korea. She also had worked at Golden Bridge Property Management (Vanguarz Asset), Polaris HQ, LAN bird Technology Company, and Alibaba Korea.

 

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