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July 2021 | Q2 2021 Seoul Office Market

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By Judy Jang and Robert Wilkinson

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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Related Experts
Judy Jang | Colliers | Korea

Judy Jang

Director

Research

Korea

+82 2 6325 1918
Email

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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Robert Wilkinson | Colliers | Korea

Robert Wilkinson

Managing Director

Korea

+82 2 6325 1901
+82 10 7209 4609
Email

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.

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