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July 2021 | Q2 2021 Seoul Office Market

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Continued Demand in the YBD and Tech Tenants Expanding in the GBD Pushes Down Vacancy Rate

Insights & recommendations

 

Tech tenants such as game companies and e-commerce companies still prefer Grade A offices in the GBD. Their expansion, along with increased demand in the affordable YBD submarket helped push down the vacancy rate almost 2pp QOQ.

  • We recommend tenants in the GBD secure more favorable terms by renewing with long-term lease contracts.
  • As landlords’ incentives decreased due to continued GBD demand, we recommend tenants consider more affordable areas of the YBD or Seongsu-dong for lower rents.
  • The market cycle is gradually changing in 2021 as supply is decreasing. In the next five years, if major occupiers execute their redevelopment and relocation plans, it will provide opportunities for tenants looking for space in the CBD.


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July 2021 | Q2 2021 Seoul Office Market

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