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Q2 2020 | Seoul Office Market Report

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LARGE TENANT MOVEMENTS DUE TO NEW SUPPLY

 

Insights & recommendations

  • Most employees have already returned to their offices. Despite a few isolated clusters of infection, COVID-19 appears past its peak and under control at the end of Q2 2020.
  • Our expected new supply and WeWork’s restructuring plan probably will be factors in an increased vacancy rate. The office leasing market is likely to be affected by the massive relocations triggered by large supply in the YBD area.
  • We recommend occupiers use flexible workspaces to optimize their footprint and split operations with COVID-19.

 

Q2 2020 highlights

In the CBD, the vacancy rate increased with new supply. Meanwhile, the GBD and YBD vacancy rates decreased as demand from IT industries such as e-commerce and fintech remained healthy.


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Q2 2020 | Seoul Office Market Report

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