Skip to main content Skip to footer

April 2021 |1Q21 Seoul Office Market (English version)

Download Report
GenericCity01Hero1536x1040

Vacancy is stabilizing due to strong demand for office relocations and the expansion of tech tenants

Insights & recommendations

 

In Q1 2021, private sector relocation decisions postponed from the previous year led to a rise in leasing demand and stabilization in vacancy rates. Tech tenants expanded significantly and were a driver of overall leasing demand.

 

  • With decreasing new supply in the market, we advise occupiers to leverage tenant-favourable market conditions and negotiate longer leases and rent-free periods.
  • As tech tenants continue to prefer the Gangnam submarket where vacancy is the lowest, we recommend that tenants who want better rental conditions and incentives should consider relocating to the CBD or YBD areas instead of the GBD area.

 


GenericCity01SearchCard1024x927

April 2021 |1Q21 Seoul Office Market (English version)

Download Report
Related Experts

Judy Jang

Director

Research

Korea

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.

 

View expert

Robert Wilkinson

Managing Director

Korea

As Managing Director of Colliers International, Rob is responsible for the strategic direction of the Korea business, to lead the growth and diversification initiatives and develop leadership talent. He oversees all service lines as well as shared services including investment sales, office leasing, project management, valuation and advisory, research, marketing and communications, human resources and finance.

Rob is also a member of the Colliers International Asia Leadership team.

View expert