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October 2020 | 3Q Seoul Office Market

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OPPORTUNITIES FOR TENANTS DUE TO YBD NEW SUPPLY

 

Insights & recommendations

 

  • A tenants’ market is likely to persist into the remainder of 2020 as landlords continue offering attractive terms and incentives to attract and retain tenants.
  • Tenants should use the opportunity created by increased new supply to relocate their premises on favourable terms.
  • Given the tenant-friendly conditions, we recommend tenants located in the YBD take this opportunity to use a blend and extend strategy, negotiating lower rents in exchange for longer leases.

 

Q3 2020 highlights

 

The vacancy rate rose again in Q3 2020 due to large new supply in the YBD. However, the high quality of the new supply, in part, helped push rents slightly higher. The CBD saw
demand from the relocations of major headquarters.

 


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October 2020 | 3Q Seoul Office Market

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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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